Binance Futures has unveiled its latest offering by launching futures contracts for Rocket Pool’s RPL token, scheduled to commence on September 9, 2024. The cryptocurrency exchange’s announcement led to a significant surge in RPL’s market value.
Launch of Rocket Pool Futures
Starting today at 15:30 Turkish time, Binance Futures will allow trading of USDT-margined RPL contracts with leverage up to 75x. This move aims to cater to users seeking diversified leverage options in their investments. Settlement for the perpetual futures contract will be in USDT with a tick size of 0.01. The contract, featuring a multi-asset mode, will have a capped funding rate of +/- 2 percent, with fees payable every four hours, enabling investors to manage their positions more effectively. Rocket Pool, the underlying asset for these contracts, is a decentralized Ethereum staking pool offering an APR of up to 4.33% for staking ETH. Users can either join through a decentralized network of node operators or run their own nodes with just 16 ETH. Additionally, stakers can earn commission and extra RPL rewards with an APR of up to 6.36% by providing RPL collateral.
RPL Price Reaction
Following Binance’s announcement, RPL saw a sharp price increase, reaching $12.41. It is currently trading at $12.26, marking a 30.20% rise in the past 24 hours. The trading volume also witnessed a substantial uptick, tripling over the same period. According to CoinMarketCap data, RPL trading volume surged by 222.21%, hitting $11.46 million.
Key Takeaways
- Binance Futures introduces RPL futures with up to 75x leverage. - The settlement will be in USDT with funding fees every four hours. - Rocket Pool offers decentralized Ethereum staking with up to 6.36% APR for RPL collateral. - RPL price surged by 30.20% to $12.26 post-announcement. - Trading volume soared by 222.21%, reaching $11.46 million.
The introduction of Rocket Pool futures by Binance Futures signifies a strategic expansion of their leveraged trading options, likely to attract more investors to the platform. The notable surge in RPL’s price and trading volume underscores market enthusiasm and confidence in this new product offering.
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