Important points:
Binance launches 75x leverage perpetual contract for PHA and DF tokens. Phala Network (PHA) surged 310% on Binance and Bitget listings. dForce (DF) is up 120% in one month, fueled by new trading options on Binance.
Binance has launched USDT margined perpetual contracts for Phala Network (PHA) and dForce (DF) tokens.
With this move, Binance will offer up to 75x leverage on these contracts and is expected to boost trading activity for both tokens. This new development follows a surge in the prices of both tokens, sparking interest in future market performance.
Phala Network (PHA) is rapidly increasing
Phala Network’s native token, PHA, has seen impressive growth recently. As of December 30th, the token is trading at around $0.522, having soared 310% over the past week. Over the past 24 hours, the price fluctuated between $0.41 and $0.58, contributing to a market cap of $395 million.
The main factor behind this price spike was Phala’s listing on Bitget, which increased its value by 50%. Binance’s new perpetual contract offering is expected to drive further momentum for PHA as it benefits from enhanced trading options on one of the world’s largest crypto exchanges.
dForce (DF) has also seen an increase in market value. The token has increased by 120% over the past month and observed a 15% increase in the past 24 hours. Trading at around $0.099, DF’s price has fluctuated between $0.076 and $0.1277, with a market capitalization of $91 million.
Binance support and market impact
The launch of PHAUSDT and DFUSDT perpetual contracts is seen as a step towards expanding trading options on Binance. These contracts give traders access to up to 75x leverage, providing high-risk, high-return opportunities.
Binance also said that these contracts will be available in multi-asset mode, allowing users to use other assets such as Bitcoin (BTC) as collateral for trades.
The exchange’s decision to introduce these contracts underscores its commitment to providing diverse trading options and its focus on risk management. This also shows Binance’s growing interest in Phala Network and dForce, two projects with strong market potential.
However, Binance has clarified that these new perpetual contracts do not guarantee spot listing of the token and trading specifications are subject to change depending on market conditions.
