The 24-hour trading volume of major cryptocurrency exchange Binance’s futures markets has exceeded $150 million denominated in Tether (USDT).
On Sept. 10, a Reddit user published their findings on Binance’s futures markets performance. Over the past 24 hours of trading, the figures reached notable volumes in the Bitcoin (BTC)/USDT pairing, bringing the daily trading volume to over $151 million in USDT.
Closed testing mode
Binance initially launched two futures testnet platforms named Futures A and Futures B on Sept. 2, inviting users to participate in a 10,000 Binance Coin (BNB) trading competition. During the competition, Binance said it would provide all participants with 100,000 USDT tokens in simulated funds on both Binance futures platforms, for testing purposes only.
Following the platform’s launch, the team at Seychelles-registered crypto exchange BitMEX accused Binance of plagiarizing BitMEX documents as part of its futures testnet launch. BitMEX’ post included screenshots of Binance’s overview of the Auto Deleveraging system for its new futures contracts, in which the text is practically identical to that of BitMEX.
Binance comes in for criticism
Subsequently, on Sept. 6, Binance took some heat as the Twitter account known as doublejump said both the options currently under consideration by Binance lacked essential features. The account summarized:
“Platform A is unusable because of its contract size granularity, but does have a nice interface and decent specifications otherwise. Platform B is not documented well and has an unwieldy leverage system.”
In response, a Binance spokesperson told Cointelegraph that “minimum contract size granularity is actually 0.001, @doublejump […] accidentally thought it was 1 BTC,” and added:
“Need to correct this point. Platform A does allow transactions below 1 BTC (in lots of 0.001 BTC) but the web UI has some major input validation issues, probably causing issues with my European localized system which does not use a period to separate decimals.”
Per the exchange’s recent announcement, Binance’s United States branch Binance.US is expected to launch in coming weeks.
Binance Unveils Phase Four of Its Lending Products
Binance, the leading digital currency exchange in the world in terms of trading volume, is all set to unveil the phase four of its Lending Products. The exchange made an official announcement detailing the launch date, time and format in an official blog post dated September 16, 2019.
As per the announcement, the Binance Lending Products’ 4th phase will be launched on September 18, 2019, at 6 am of the UTC zone. With this launch, Binance will make lending products with the fixed-term of 14 days’ available to users.
Users must note that the subscription period will begin from 6 am (UTC) on September 18, 2019, and run till September 19, 2019, 0:00 am. The duration of interest calculation is slated to start from September 18, 2019, 6 am and end on October 2, 2019, at 6 am (UTC).
The time of interest payouts is immediately after the loan term maturity, whereas the format of the subscription is on a first-come-first-serve basis, revealed the blog post.
According to the announcement, the digital assets to be included in the fourth phase are Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Ethereum Classic (ETC).
While the annual interest rate for BNB is 10 per cent with a lot size of 10 BNB and individual cap of 500 BNB, Bitcoin is available at 3 per cent annual rate of interest with the individual cap of 20 BTC and a lot size of 0.01 BTC. ETH and ETC are available for 6 per cent and 7 per cent annual rate of interest with the individual cap of 150 ETH and 1,000 ETC, respectively. Their lot sizes are 1 ETH and 1 ETC. USDT, on the other hand, has an annual interest rate of 10 per cent with 100 USDT lot size. The individual cap of USDT is 5,000,000.
Binance has also provided the total subscription cap, as well as interest at maturity per lot, for each of these digital assets in its official announcement to make it easier for users.
CZ Provokes Unintended Panic Following An ‘Attacker’ On New Futures Platform
“A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that.”
Just above is a tweet recently posted by the CEO of Binance, Changpeng Zhao in dispelling the concerns that a bad actor had just attacked the freshly-launched bitcoin futures platform.
This month alone has seen Binance form one of the two major BTC futures offerings to hit the market in September. The other being the Bakkt platform due on 23rd September, comes from the institutional trading platform, Bakkt.
The above quote was just the first in a series of tweets from the Binance CEO who initially warned that the platform’s futures were under attack from one of its own market makers.
“The attacker is a well-known account that trades with @binance,” CZ said. He continued, saying they “started their own futures exchange a few months ago. This was the 2nd attempt they tried. Shame!”
The attacker had reportedly crushed under the BTC/USD order book from $10,324 to $10,024, in what CZ said was the second such attempt at an attack.
The futures platform was launched in an invite-only setup mode following a user testing period earlier in the month. Two platforms were initially available with users voting for their preferred choice.
Aside from the criticism’s of both options’ technical characteristics, uptake was brisk with open interest reaching $150 million last week.
We still don’t know who specifically CZ is talking about but a few hours after the accusations came forward from the CEO, it was confirmed that everything was a big misunderstanding.
“Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now.”
Binance CEO: Bitcoin Futures Platform ‘SAFU’ After Attack False Alarm
The CEO of cryptocurrency exchange Binance has dispelled fears a bad actor had attacked its newly-launched Bitcoin futures platform.
Technical error crashed Bitcoin price
In a series of tweets on Sept. 16, Changpeng Zhao, also known as CZ, initially warned that the exchange’s futures were under attack from one of its own market makers.
The perpetrator allegedly crashed the BTC/USD order book from $10,324 to $10,024, in what Zhao said was the second such attempt at an attack.
Binance launched its futures platform in invite-only mode following a user testing period earlier this month. Two platforms were originally available, with users voting for their preferred choice.
As Cointelegraph reported, despite criticism of both options’ technical characteristics, uptake was brisk, with open interest reaching $150 million last week.
CZ: Only “attacker” lost money
In the event, the attack turned out to be a false alarm, originating from a technical error on the market marker side.
The entity remains unknown, Zhao only revealing it was also an operator of Bitcoin futures. Due to Binance’s own settings, meanwhile, the $300 dip did not liquidate other traders’ positions; only the accidental attacker lost funds.
“NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that,” he confirmed.
Binance forms one of two major Bitcoin futures offerings to hit the market this month. The other, due on Sept. 23, comes from institutional trading platform Bakkt.