Binance announces Cardano (ADA), Dogecoin (DOGE) and another altcoin - ELEVENEWS

Binance has announced the withdrawal of two leveraged tokens linked to Cardano (ADA). According to the official statement from the cryptocurrency exchange, the ADAUP and ADADOWN tokens will no longer be traded as of…

Binance has announced the withdrawal of two leveraged tokens linked to Cardano (ADA). According to the official statement from the cryptocurrency exchange, the ADAUP and ADADOWN tokens will no longer be traded as of August 16, 2023. As a result, all trading orders referring to these assets will be automatically removed.

In addition, the CZ company announced news for the Dogecoin (DOGE) community last Tuesday (8): Binance Options will launch the “DOGEUSDT Weekly Options”. These weekly DOGEUSDT options are European style options contracts.

These contracts allow the holder to exercise the right to buy or sell the underlying asset only on the expiration date of the contract. In the case of this service offered to DOGE traders by Binance, they will have to wait until the contract expiration date, every Thursday, to exercise the right to buy or sell Dogecoin at the agreed price.

Another altcoin that also had a novelty on the crypto platform was the Bancor Network (BNT). This is because the Binance Futures team decided to launch a perpetual contract for the token. Scheduled to start on August 10, 2023, the BNTUSDT contract will allow traders to leverage their operations by up to 20 times.

The Bancor Network is a decentralized liquidity protocol that enables the exchange of tokens, eliminating intermediaries and the dreaded slippage in transactions. Its native token plays a key role in this ecosystem. After all, in addition to enabling the exchange of tokens, BNT is used as a form of staking in liquidity pools, allowing asset holders to earn swap fees.

The BNTUSDT perpetual contract is distinguished by being quoted and settled in USDT, the most used stablecoin in the cryptocurrency market . Unlike traditional futures contracts, this type of contract has no expiry date and can be held by traders indefinitely.