Binance Futures has announced the launch of GRASSUSDT, DRIFTUSDT, and SWELLUSDT perpetual contracts with up to 75x leverage. These contracts have gone live, offering traders additional exposure to Solana’s GRASS token, as well as DRIFT and SWELL. Following this announcement, GRASS token increased by 14%, with increased interest and trading volume as users took advantage of the new futures offerings on the platform. In other news, Binance Labs, the exchange’s investment arm, announced that it has invested in a new crypto project. Here are the details
Binance launches perpetual futures for GRASS, DRIFT, and SWELL
Binance Futures recently announced three new USD-collateralized perpetual contracts for Solana’s GRASS, DRIFT, and SWELL tokens. These contracts provide up to 75x leverage, offering traders increased exposure to these tokens. The contracts went live yesterday evening. The new perpetual contracts are designed to attract more users to Binance Futures by expanding the list of trading options. The listing includes a capped funding rate of +2.00/-2.00% and a funding fee payment frequency of once every four hours, making it a structured option for highly leveraged traders. With this addition, Binance is improving the trading experience of users and expanding its range of crypto derivatives.
Following the announcement of the GRASSUSDT perpetual contract, Solana’s GRASS token witnessed a 14 percent price increase, adding to its 170 percent weekly increase. This increase is attributed to increased interest and trading volume as users use the 75x leverage on Binance Futures. By offering a leveraged direct trading option for GRASS, Solana has positioned the exchange token for greater interest among its community. Furthermore, the recent surge highlights how perpetual contracts can impact token demand by attracting traders looking for high exposure. The listing of GRASSUSDT on Binance Futures has provided more options for GRASS traders and strengthened Solana’s GRASS position in the market.
Alternative support for altcoins has also arrived
The launch of GRASSUSDT, DRIFTUSDT, and SWELLUSDT perpetual contracts comes with Binance’s Multi-Asset Mode support. This feature allows users to trade these contracts using a range of margin assets, including BTC. Multi-Asset Mode offers additional flexibility by allowing traders to manage margin across multiple currencies across their portfolio. This reduces risk in volatile market conditions. With 24/7 trading, Solana’s GRASS and other newly listed tokens offer traders constant opportunities to explore leveraged trading.
With these offerings, Solana’s GRASS is set to gain momentum as investors take advantage of perpetual contracts. Additionally, Binance has added XRP and Dogecoin (DOGE) to its Smart Arbitrage offerings, sparking market speculation about potential price increases for these tokens. The launch includes a promotional campaign with a total reward of 45,000 USDT that will run until November 21. Users can earn up to 20.95% APR, with additional bonuses for those who hold their Smart Arbitrage portfolios for more than 72 hours.
BinanceLabs invests in BIO Protocol
In other news, Binance Labs is aiming to transform scientific funding and development through blockchain technology by investing in BIO Protocol in the decentralized science (DeSci) sector. The move represents the first investment in DeSci, Binance Labs’ $10 billion venture arm that aims to diversify its portfolio into new and impactful areas. In its statement, Binance Labs compared BIO Protocol to a blockchain-based Y Combinator. This platform aims to transform early-stage science by decentralizing funding and ownership. Unlike traditional systems, BIO Protocol relies on crowdfunding and decentralized ownership to fund scientific projects.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
