The Binance futures exchange has announced that they will be removing coin-margined LUNA perpetual contracts and updating the leverage/ margin tier scheme for USDT -inged Luna Perpetual Contracts.
The Binance futures exchange has announced that it will be delisting coin-margined LUNA perpetual contracts and updating the leverage & margin tiers for USDT – Marginated Luna Perpetual Contract. This comes after many requests from traders on how they can take advantage of this unique trading opportunity with cryptocurrency leveraging up to 20x!
The Terra network’s reserve fund is made up of LUNA tokens, which sustain the network’s stable coin UST. Terra maintains its peg by minting and burning LUNA; to put it another way, UST’s stability is greatly dependent on LUNA’s.
However, because to a dramatic drop in the price of LUNA, UST has fallen off its peg. According to CoinCu statistics, LUNA is now trading at $1.9, down almost 93% in the previous 24 hours. After regaining around the $0.9 level, UST has also dipped below $0.65. Terra’s token has slid off of the top ten list of tokens by market valuation, with a market capitalization of around $1.84 billion. This is one of the largest large-cap token sell-offs we’ve seen this year, and it implies a lot of difficulties and fears about the Terra network and its stablecoins system collapsing.
On 2022-05-12 at 08:00 (UTC), Binance Futures will conduct an automatic settlement for Coin-Margined LUNA Perpetual Contracts and delist the contract from the market.
Users should close any open positions prior to the delisting time in order not have them settled automatically.
“Upbit is keenly monitoring what is happening at the UST,” Upbit said in a statement. A one-to-one commitment to the dollar has yet to be achieved. This could result in LUNA investors suffering unanticipated financial losses.”
The leverage and margin rates for the USDT-Margined LUNA Perpetual Contracts on Binance’s futures exchange will be updated at 08:00 AM (UTC) May 12th. The new tier levels can
On May 12th at 08:00 AM UTC, the leverage and margin rates for LUNA Perpetual Contracts will be updated. The new levels can change as late as 30 minutes before trading begins; any positions that are open when this happens won’t experience an effect from these changes unless they’re closed earlier than expected due to user input (e-mailed batch orders).
The big LUNA price drop today shook South Korean crypto markets. Upbit, the country’s largest digital asset exchange, released a comment on the subject, stating that it is closely monitoring the situation and that a decision on whether or not to continue transaction support would be made after additional investigation. The exchange, on the other hand, is expected to delist LUNA.
Important: Futures trading is risky and the possibility of both significant losses and gains exists. Past performance does not indicate future returns, so it’s important to always be prepared for any scenario in which you might find yourself with more money than before! To learn how to protect yourself from this riskier opportunity (and maybe even make a profit), visit our Responsible Trading resource page on Binance.”