Binance Futures To Launch FIL/USD Coin-Margined Perpetual Contract Despite Ongoing Controversies

Binance Futures is all set to launch a FIL/USD coin-margined perpetual contract with trading starting from the 20th of October at 7:00 AM (UTC). According to the official blog post, the FIL/USD coin-margined perpetual contract is a futures contract that uses FIL as collateral. Herein, the users will be able to choose between 1-50x leverage.

The platform also revealed that it will list leveraged tokens: FILUP and FILDOWN, with FILUP/USDT and FILDOWN/USDT trading pairs at the same time. Here, FILUP allows users to generate leveraged gains when FIL increases in value while FILDOWN allows users to generate leveraged gains when the token’s price goes down.

Binance Leveraged Tokens are essentially tradable or off-chain tokens in the exchange’s spot market. It offers users leveraged exposure to the underlying asset wherein each leveraged token represents a basket of perpetual contract positions.

It is important to note that the last controversies of Filecoin have not influenced Binance to expand its offerings using FIL token. Coingape had previously reported that miners on the network went on a strike because of the project’s rewarding system which aims to release earned tokens months after the operation putting a strain on the miner’s operations.

Curious case of FIL token

If the price of FIL against USD is taken into consideration, it can be noted that the token saw a meteoric rise since its launch three years ago. However, when the trading for the token actually began post mainnet launch, interestingly, FIL was being traded at different price levels on different exchanges. Shortly thereafter, its value saw massive fluctuation between a range of $10 and $268. The trading volume, at the same time, was found to be nearly $66.

Declining Social Volume

According to the crypto-analytic platform, Santiment, FIL’s social volume has also declined over the past week. A closer look at the trend observed in the above chart indicated that the social volume fell in tandem with the token’s price does not demonstrate an optimistic outlook. The falling crowd interest could be a negative sign for the coin, however, these factors have failed to deter prominent exchange’s view of the asset.