1 month ago
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Binance Futures has announced the addition of the SYSUSDT Perpetual Contract on its platform on August 19, sending SYS token 50% upwards.
Binance Futures has recently announced its latest addition to the platform: the SYSUSDT Perpetual Contract, set to launch on August 19, 2024, at 12:30 UTC. With up to 50x leverage available, this new contract has sparked the Syscoin (SYS) price to surge over 50% in the past 24 hours, reflecting heightened trading activity.
The SYSUSDT Perpetual Contract offers traders the opportunity to engage in leveraged trading, with a maximum funding rate at launch of +2.00% / -2.00%. The funding fee, which is settled every four hours, is designed to keep the contract price aligned with the spot market.
The tick size is set at 0.0001, providing precise price movement tracking. While the initial specifications offer up to 50x leverage, Binance Futures has indicated that these parameters, including funding fees, tick size, and margin requirements, may be adjusted based on market conditions to manage risk effectively.
One of the key features of this new contract is its compatibility with Binance’s Multi-Assets Mode. This allows users to trade the SYSUSDT contract using various margin assets, such as Bitcoin (BTC), which can offer greater flexibility and risk management options.
About Syscoin
Launched in 2014, Syscoin has built a strong community and continues to innovate with its Proof of Data Availability (PODA) technology, which enhances network security and reduces settlement costs. It integrates bitcoin mining to offer a robust solution for securing modular Ethereum Virtual Machine (EVM) contracts.
SYS currently boasts a market capitalization of $116.8 million, placing it 287th among the largest cryptocurrencies by market cap. The cryptocurrency achieved an all-time high of $1.31 in January 2022.
Market Reaction
The market has responded positively to Binance’s announcement, with the SYS token recording a price spike within an hour. Currently trading around $0.1467, the crypto token is up by over 100% in the past seven days. Following the announcement, the token’s trading volume also surged by 300%, reaching $95 million at the time of writing.
However, while the current uptrend is promising, it is important to approach this with caution. Notably, Binance Futures announced similar listings for SuperRare (RARE) and Synapse (SYN) tokens on August 15 and 16, respectively. These cryptocurrencies saw similar initial surges in price and trading volume, only to fade shortly thereafter.
Currently, RARE is trading around $0.2468, down by 23% in the past 24 hours. Similarly, SYN has also recorded a 10% drop on Monday, according to CoinMarketCap. This suggests that while the SYS token is currently benefiting traders, the sustainability of this upward trend remains uncertain.
