Binance, a cryptocurrency exchange, has revealed that it will introduce a new alternative cryptocurrency for futures trading with leverage of up to 20x, as stated in their announcement.
Binance Futures, the cryptocurrency futures trading platform of Binance, has announced the launch of a new perpetual contract for Hifi Finance (HIFI), a decentralized lending and borrowing protocol.
This HIFIUSDT perpetual contract will become available on September 16, 2023, at 17:30 ET (14:30 UTC).
Users will have the option to leverage their positions by up to 20x. Binance Futures will implement a capped funding rate for the token to ensure market stability.
Before this development, there was a sudden surge in the HIFI altcoin’s price. Furthermore, the token’s price has surged by a remarkable 82% in the last 24 hours, reaching $2.12 at the time of this article. The total market capitalization of the altcoin currently stands at $198 million.
Chart with minute candles showing the recent rise in the HIFI price.
The HIFI token is presently experimenting with an update known as the Liquid NFT Prototype on its platform. This update enables users to borrow and lend NFTs on the platform.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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