Binance has stirred the crypto community with its latest move involving the Bitcoin staking protocol, Babylon (BABY).
The exchange announced that it would soon introduce BABYUSDT perpetual contract trading, attracting significant interest from investors looking to capitalize on new opportunities.
According to the announcement, Binance’s Futures division will add the BABYUSDT perpetual contract to its list of offerings, allowing users to trade with leverage of up to 5x. Babylon itself is a Bitcoin staking protocol that enables users to stake their BTC and earn rewards in return.
Binance explained that the addition of the BABYUSDT contract aligns with its strategy to broaden trading options and solidify its presence in global markets. The decision underscores the platform’s ongoing efforts to cater to diverse investor needs by offering access to innovative trading instruments.
The exchange also clarified that it would use the ‘Mark Price’ methodology during the pre-market futures trading phase of the BABYUSDT contract. This method ensures that the price calculation reflects actual market conditions. Binance plans to transition pre-market perpetual futures to standard perpetual contracts once a stable index price becomes available from the spot market, and the end of the pre-market trading phase will be announced separately.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/binance-launches-new-perpetual-contract-trading-heres-what-to-expect/