“Trade DEFIUSDT. Trade the trend,” says Binance.

“Long or short the DeFi market, all in one contract,” it further states as the exchange announces the DeFi Composite Perpetual Contract with a leverage of up to 50x. The futures will start trading from August 28th, 7:00 AM (UTC).

That’s right, Binance is offering you 50x leverage to trade the explosive DeFi tokens which have been already surging like crazy.

Binance isn’t the first one to offer a DeFi index trading, except for the 50x leverage, of course. FTX first announced the launch of a DeFi Index perpetual contract, and just this week also introduced Uniswap index futures that cover the top 100 Uniswap pools. FTX also launched a decentralized derivatives platform, Serum.

This week, the exchange also acquired Blockfolio in a $150 million deal to attract retail traders. While the community celebrated the acquisition, “FTX didn't pay for a portfolio tracker they could build in 5 minutes, they paid $150M for your data and bag info.”

Thoughts on the FTX -> Blockfolio acquisition

They'll use it to see what you own, datamine you, and trade against you

They paid for a big name mobile brand not a portfolio tracker

They aren't leaving it as it, I assume trading is coming to Blockfolio in one manner or another

— moon is tweeting (@MoonOverlord) August 26, 2020

Binance’s DeFi index covers 10 DeFi projects that are currently popular in the market. This list comprises some of the hottest tokens that almost completely feed the DeFi appetite of a trader.

With names like Band Protocol (BAND), Compound (COMP), Kava.io (KAVA), Kyber Network (KNC), Aave (LEND), Chainlink (LINK), Maker (MKR), Synthetic Network Token (SNX), and 0x (ZRX), the index is attractive.

However, amidst this is Swipe (SXP), which has more weightage in this index than any other token except for Chainlink, Aave, and 0x.

The community didn’t appreciate that while this list lacks the DeFi darling YFI, it also covers Swipe, arguing it isn’t even a DeFi project. Swipe might not be a DeFi yet, but it is on its way to join the craze as it announced earlier this month that Swipe would be launching a decentralized finance lending/earn application on Binance Smart Chain.

Binance acquired Swipe last month; the latter one also added BNB making it spendable with fiat at over 50 million locations worldwide via the Swipe Visa Debit Card.

Reportedly, when Binance acquired CoinMarketCap, in the biggest ever deal of $400 million, first introduced DeFi project ranking, it published its native token BNB at the top, which has since then been removed.

Binance has constantly been listing new DeFi tokens to capture this hot trend and now advertising its Binance Smart Chain with EVM compatibility, rich & growing ecosystem of assets, cheap transaction fees, high performance, funding, and cross-chain DeFi mechanisms to be the perfect blockchain to launch DeFi projects.

The post Binance Plays Catch Up, Launches DeFi Index Perpetual Contract With Up to 50x Leverage first appeared on BitcoinExchangeGuide.

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