Binance has announced the launch of futures trading for Solana Name Service (FIDA) tokens with up to 75x leverage. This event has led to a significant increase in the token's price.
Launch of FIDAUSDT Perpetual Contract
Today, September 19 at 12:30 (UTC), Binance announced the launch of the FIDAUSDT Perpetual Contract with up to 75x leverage. This move is part of Binance Futures’ ongoing expansion of trading options aimed at enhancing the user experience.
FIDA Price Surge
Following Binance’s announcement, the Solana Name Service (FIDA) token saw a significant price surge of over 30%, reaching $0.29 with a market cap of over $40 million. Earlier in the day, the token’s price spiked above $0.33. It is important to note that this surge is also related to Solana Name Service's support for Solana’s recent reveal of the Web3 mobile phone, the Seeker.
What is Solana Name Service (FIDA)?
Solana Name Service, previously known as Bonfida, is a key developer on the Solana platform. The project has gained popularity through its numerous innovations, such as creating the new Serum Core engine and the first perpetual swap on Solana. In a rebranding effort on July 15, the project changed its name but maintained its core mission – to be the best blockchain naming service on Solana. The project’s token, FIDA, has a total supply of over 990 million tokens.
The launch of futures trading for the FIDA token marks a significant milestone for both Binance and Solana Name Service, contributing to the token’s substantial price increase and drawing attention to new developments in the Solana ecosystem.
Comments