Binance announced that it has opened contracts for Terra (LUNA) with 20x leverage. After the news, the price of LUNA and LUNC rose by more than 30% in a short time.
Terra (LUNA) leveraged on Binance
Terra LUNA is experiencing an impressive price surge after Binance announced that it plans to leverage perpetual contracts with the renamed token. At the time of writing, Terra Classic LUNC ranks 213th with a 40% price increase in the last 24 hours and is trading at $0.0001366.
Terra LUNA 2.0 was up more than 30%. It is trading at $8.39 at the time of writing.
The increase was triggered by an announcement by the Binance crypto exchange. Per the announcement, perpetual contracts with 20x leverage will be launched on Binance Futures. Contracts will be with BUSD margin. In summary, BUSD will be used as collateral and users will be able to use USDT as margin. Official announcement:
BUSD perpetual contracts are BUSD margin futures contracts that use BUSD as collateral. Users will be able to choose between 1-20x leverage.
By the way, Binance had announced that Terra 2.0 would be listed in the Binance Innovation Zone, as we have reported as Kriptokoin.com.
Binance Supports Terra LUNA
Besides Binance, other crypto exchanges have expressed their willingness to support Terra LUNA after the release of the new Blockchain on May 27. Following the launch, users who held LUNA before it experienced a price drop were given an airdrop of the new tokens as compensation. The old LUNA tokens are renamed LUNA Classic, while the new tokens keep the original LUNA name.
The new token was created after a vote passed by the Terra community last week. While some members opposed the idea during the pre-vote, the majority accepted the de facto vote after Terra’s founder Do Kwon presented a modified version of the proposal.
Apart from Binance, the following exchanges support Terra 2.0 and the network’s airdrop:
- Kraken
- Huobi Global
- Bitrue, Bybit
- HitBTC
- Okcoin
- OKX Gateio KuCoin
- LBank
- Cryptocom
- FTX
- Bitfinex
- Bitget
- MECX Global
LUNA trading volume up
Terra LUNA’s trading volume has seen a huge increase in the last 24 hours. It has now registered a total of $278.9 million, an increase of 315%. The token market cap also increased by 60% to reach $892 million. Meanwhile, the new TerraClassicUSD is trading at $0.026.
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