Binance, the world’s leading cryptocurrency exchange, has expanded its trading portfolio by listing futures contracts for three altcoins: POPCAT (POPCAT), SUN (SUN), and ALPACA Finance (ALPACA). This move diversifies the trading options on Binance Futures.
This has had a particularly big impact on the market prices of these altcoins.
ALPACA Surges Over 70% After Binance Listing
As of today, ALPACA perpetual contracts offering up to 75x leverage have opened for trading at 10:30 UTC. Binance has since introduced additional futures for POPCAT and SUN, which will open for trading at 13:00 UTC and 13:05 UTC, respectively. These listings are integral to Binance’s strategy to enhance user trading experience by offering a variety of high-leverage options.
Perpetual contracts for these altcoins have a maximum funding rate of ±2.00%. It is important to note that Binance may periodically adjust the specifications of these futures contracts based on its assessment of market risk. These adjustments may include changes to funding fees, tick sizes, and margin requirements, ensuring flexibility in response to changing market conditions.
Read more: Binance Review 2024: Is it the right cryptocurrency exchange for you?
The start of trading had an immediate impact on the value of the cryptocurrency. ALPACA experienced a significant surge, initially rising by over 70% and still up by 52%.
In contrast, POPCAT and SUN saw smaller gains. After an initial surge, they experienced a partial rebound.
“The sun is about to shine. To the sun,” said Tron founder Justin Sun when announcing the Binance listing.
Meanwhile, Binance Labs, the venture capital arm of Binance, announced investments in four new cryptocurrency projects that were selected through rigorous evaluations in Season 7 of the Most Valuable Builders (MVB) program on the BNB chain. Despite over 700 applications, only a handful of projects met the rigorous criteria of the initiative.
“In Season 7, 13 outstanding teams were selected for their outstanding talent and innovation in the Web3 space. Four of these teams secured investment from Binance Labs, significantly increasing their potential and influence,” BNB Chain wrote.
The projects receiving investment (Aggregate, Opinion Labs, SideKick, Vooi) cover a wide range of blockchain innovations, including AI data aggregation, opinion marketplaces, social gaming hubs, and cross-chain decentralized exchange aggregators.
Read more: How to Fund Innovation: A Guide to Web3 Grants
The MVB program, a collaborative program between BNB Chain, Binance Labs, and CoinMarketCap (CMC) Labs, is dedicated to supporting high-potential Web3 projects. Participants in the program benefit from an extensive curriculum that includes personalized mentoring and insights from successful founders. They also receive up to $300,000 worth of infrastructure and marketing support.
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