DF soars 26% after Binance Futures listing on USDT Perpetual Contracts

Binance launches USDT perpetual contracts for the native tokens of dForce and Phala Network on Dec. 30. After the Binance Futures announcement, dForce surged by 26%.

According to the official notice posted on Dec. 30, PHAUSDT will be available for trading on Dec. 30 at 11:30 UTC. Meanwhile DFUSDT will be listed on the same day but 15 minutes after PHAUSDT’s launch, specifically at 11:45 UTC.

Both perpetual contracts will be offered with up to 75x leverage and a tick size of 0.00001. The maximum financing rate for DFUSDT and PHAUSDT perpetual contracts at launch will be +2.00% and -2.00%. The funding fee calculation frequency will occur every four hours.

Moreover, Binance will provide multi-asset trading support for both perpetual tokens.

Shortly after the announcement, the dForce native token went up by as high as 26%, according to data from crypto.news. At the time of writing, DF is trading hands at $0.095. Over the past week, the dForce native token has gone up by more than 30% and 103.71% in the past month.

DF holds a market cap of more than $83.2 million, placing the token in 636th place on the rankings. The dForce native token has a fully diluted valuation that stands at $84 million and a 24 hour trading volume of $157 million.

On the other hand, PHALA only received a slight boost of 10% after its Binance Futures listing. However, the token’s long term performance seems to reflect a better outlook. According to CoinGecko, PHALA has skyrocketed by 327% in the past week and around 212% in the past month.

dForce is a Chinese decentralized finance network known for its permissionless liquidity, offering various infrastructure protocols including decentralized stablecoins, real-world assets and yield tokens. DF is dForce’s utility token that can be staked to govern the network.

The Phala Network is a blockchain platform that operates mainly in providing privacy and secure cloud computing solutions on Web3, powering its system using the PHA utility token.