Breaking: Binance Announces USTC Perpetual Contract, LUNC Price Up 60% and USTC 300%
Terra Luna Classic (LUNC) and USTC prices surged massively as Binance Futures launched the USTC USD-M Perpetual Contract with 50x leverage.
The world's largest crypto exchange Binance on Monday said it will launch USTC perpetual contracts offering up to 50x leverage after careful review. The move surprisingly comes amidst a massive surge in TerraClassicUSD (USTC) and Terra Classic (LUNC) prices as Binance plans to launch USTC perpetual trading today at 12:30 UTC.
Binance Launches USTC Perpetual Trading
According to the official announcement by Binance on November 27, Binance Futures will launch the USD-M USTC Perpetual Contract. Binance is offering up to 50x leverage for USTC perpetual trading, which will launch at 12:30 UTC on November 27.
The funding fee settlement frequency is every four hours and the settlement asset is USDT. Additionally, the maximum funding rate of the USTCUSDT Perpetual Contract at launch is +2.00% / -2.00%, as per the announcement. Binance will allow its users to trade USTCUSDT Perpetual Contracts across multiple margin assets in Multi-Asset Mode.
“Eligible USDⓢ-margined futures liquidity providers will be eligible to enjoy a 0.005% maker fee rebate on USTCUSDT Perpetual Contract trades for approximately 14 to 15 days.”
The announcement further increased community sentiment, while also speculating whether this was already known to some investors as Terra ecosystem tokens experienced a sudden rally.
