Binance Launches Polkadot Powered DOTECO Futures Contract

Binance Launches Polkadot Powered DOTECO Futures Contract

By Novasky | CryptoEd | 20 Jan 2021


Polkadot adoption is going pretty strong in 2021. Many new projects are picking up polkadot for their contracts and defi projects. This time Binance, the largest crypto exchange has decided to jump in with the new project with polkadot behind it. 

Last month Binance announced it's support for the Polkadot ecosystem. 

 

Keeping their word for the support, Binance today announced the DOTECO, a project that futures contract that uses USDT as a collateral. 

What is DOTECO? 

DOTECO is a composite index that is denominated in USD. Here the USDT will be used as a collateral. It allows the users to trade upto 20x the leverage in the contract. 

Tokens that will be included in this platform includes - DOT, Kusama, REEF, Dock and Akropolis. 

 

 

Considering Binance has decided to put up 10 million worth of funds into the top Polkadot projects, it'd be interesting to see what other good improvements we are going to see on the blockchain.

Good times ahead for the Polkadot network considering big exchanges are now using it as a platform for staking, futures contracts and swap projects. 

 


Novasky
Novasky

Crypto Blogger and Open Source Developer.


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