BitMEX plans to offer futures contracts for DeFi projects Yearn.finance (YFI), Polkadot (DOT), and Binance Coin (BNB).
The Seychelles-based BitMEX exchange said via its blog post on Friday that it plans to launch three new Altcoin/USDT underlying quanto futures contracts. Yearn.finance (YFI) – an Ethereum-based token governing the Yearn.finance platform — will be the first DeFi token to be added and then later Binance Coin (BNB) as well as Polkadots (DOT) native token.
Through the new quanto futures contract, BitMEX traders will comfortably hedge their risk exposure to BNB (Binance Chains native coin, which powers the Binance ecosystem). Popularity has been increasing amongst Polkadot developers this year prior to the anticipated launch of PolkaBTC in 2021.
In the post, BitMEX said:
These three contracts aim to provide our users with quality coverage of highly liquid products.
By October 30th at 4:00 UTC, trading will begin since, at that time, the exchange would have finished adding all these three altcoins.
Fixed Bitcoin Multiplier Necessary
Ownership of a fixed asset of the token being traded like Tethers USDT is a requirement for traders under traditionally margined contracts. However, these new BitMEX contracts are unique since traders are able to post margin in Bitcoin (BTC), and any profits or losses made whenever the contract price changes will be informed of Bitcoin.
As with all quanto products, these contracts have a fixed Bitcoin multiplier regardless of the underlyi ...
- Binance Coin
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