Terra (LUNA) Perpetual Contracts To Be Availed On Binance With 20x Leverage

Terra (LUNA) Perpetual Contracts To Be Availed On Binance With 20x Leverage.

Terra LUNA is experiencing an impressive price surge after Binance announced plans to avail perpetual contracts with the renamed token. Terra is at position 213 in the charts at the time of this writing, with a 58% price increase over the last 24 hours. It trades at $0.00013.

The surge was triggered by an announcement made by the Binance crypto exchange. According to the announcement, perpetual contracts will be launched on Binance Futures with a 20x leverage. The contracts will be BUSD-margined. In essence, the BUSD will be used as collateral and users will be able to use USDT as a margin.

“BUSD perpetual contracts are BUSD-margined futures contracts that use BUSD as collateral. Users will be able to select between 1-20x leverage.”

Binance confirms Terra 2.0 Listing: Binance will list Terra 2.0 (LUNA) in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 2022-05-31 06:00 (UTC).

Exchanges Support Terra LUNA

Besides Binance, other crypto exchanges have expressed willingness to support Terra LUNA after the new blockchain went live on May 27. Following the launch, users who held LUNA before it experienced a price crash were treated to an airdrop of the new tokens as compensation.

The old LUNA tokens were renamed LUNA Classic while the new coins retain the original LUNA name. The new was created after a vote passed by the Terra community last week. While some members opposed the idea during preliminary voting, a majority passed the actual vote after Terra’s founder, Do Kwon, tabled an amended version of the proposal.

After the price crash that saw Terra LUNA drop from over $110 to $0.0001, Binance suspended trading of the crypto. The exchange plans to re-open LUNA deposits and withdrawals on May 31.

other than Binance following exchanges are supporting Terra 2.0 and its airdrop:

Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global.

LUNA Trading Volume Shoots Up

Terra LUNA’s trading volume appears to have experienced a huge boost over the last 24 hours. It now totals around $278.9 million, posting a 315% surge. The tokens market cap has also jumped by 60% to reach $892 million. Meanwhile, the new TerraClassicUSD, which is meant to be a stablecoin, is trading at $0.026.

– Advertisement –