Binance, one of the world’s leading cryptocurrency exchanges, has made several important announcements, including the launch of the MAVUSDT perpetual contract, the expansion of loanable and collateral assets for Flexible Loan and VIP Loan services, and its support for the Komodo (KMD) network upgrade and hard fork. These developments further demonstrate Binance’s commitment to providing innovative trading products and services to its users. Let’s examine the details now.
Binance Futures introduces MAVUSDT contract
Binance Futures will launch the USDⓈ-M MAV perpetual contract on June 29, 2023. It will offer traders the opportunity to trade leveraged with up to 20x leverage. The MAVUSDT contract will be available around the clock, allowing users to trade whenever they want. The underlying asset of this perpetual contract is MAV and is settled in USDT. Binance will periodically adjust features of the contract such as tick size, maximum leverage and margin requirements in response to market risk conditions.
New loan and collateral assets introduced
Binance has expanded the list of loanable assets and collateral assets for its Flexible Loan and VIP Loan services. Users can now use TRU, MDT, SNX, OCEAN, IMX, AUDIO, JOE, and PHB as collateral for Flexible Loan, while collateral can include LAZIO, C98, CKB, TLM, VOXEL, CHESS, TOMO and ERN. For VIP Loan, ERN, VOXEL, ALPHA and CKB are added as loanable assets while SXP, TRU, ALPINE and ZIL are now accepted as collateral
Binance Flexible Loan offers users an isolated, over-collateralized and open-term loan service. Users can complete their loan orders without being tied to a certain loan term by collateralizing the cryptocurrencies in their existing Simple Earn Flexible Products subscriptions. This service provides borrowers with enhanced flexibility while also allowing them to earn Real Time APR awards through Simple Earn Flexible Products. To get started with Binance Flexible Credit, users can explore what the platform has to offer today.
Binance VIP Loan is a dedicated overcollateralized loan service designed for both personal and corporate users. This service offers competitive rates, terms and services, allowing users to unlock greater potential for long-term mutual funds for various objectives such as liquidity, leveraged trading and hedging strategies. With Binance VIP Loan, borrowers can access comprehensive features tailored to their needs.
Komodo network update will be supported
Binance has promised support for Komodo (KMD) network upgrade and hard fork. The upgrade is scheduled to occur at a Komodo block height of 3,484,958, which is estimated to occur at approximately 16:37 on June 30, 2023. During this time, deposits and withdrawals from KMD will be temporarily suspended from 16:00 on 30 June. However, KMD related trading activities will continue unaffected by the network upgrade and hard fork.
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