Binance Futures Launches Zcash (ZEC/USDT) Perpetual Contracts With 50x Leverage
As reported by AZCoin News on Feb 03, Binance Futures had launched DASH/USDT perpetual contracts allowing Dash’s altcoin holders to trade on high leverage on their holdings. Today, Binance Futures announced the launch of ZEC/USDT perpetual contract.
In the announcement, the company stated that the Zcash (ZEC/USDT) perpetual contracts will begin trading on 5 Feb 2020 from 08:00 AM (UTC) and users will be able to select the leverage they want ranging from a minimum of 1x up to a maximum of 50x.
#Binance Futures Will Launch $ZEC/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/R83gj10hA2 pic.twitter.com/ccS9gjobHW
— Binance (@binance) February 4, 2020
Binance exchange has started to take a precautionary measure in order to ensure that there would no market manipulation post the launch of the Futures product. The platform would be implementing a “pricing limit of ±1% on the mark price” within the first 15 minutes of post-trading. This move may have been a result of the exchange being drawn to the drastic price rise of certain cryptos, after announcing support for them on its platform.
Zcash can’t shake the perception that it’s centralized
Zcash initially launched in 2016 with a novel funding mechanism — the Founder’s Reward. 20% of the block reward was allocated to the project’s founders to incentivize them to continue building the project.
Zcash’s recent vote to redistribute a fifth of its block reward to development funding reignited centralization criticisms.
The Founder’s Reward was set to expire this November, in line with the Zcash halving. This prompted the community to find new ways to continue funding Zcash development while encouraging decentralization away from the project’s founding team.
Sentiment around the vote was first collected in November 2019, including miner signaling, forum polls, a community advisory panel, and a Zcash holder poll, which resulted in the options for January’s vote.
On Jan. 29, the Zcash community finalized a vote to distribute 20% of the block reward to another development fund, expiring at the next halving in 2024. The fund will amount to 5,400 ZEC per month, or about $360,000 at current prices.
Electric Coin Company (ECC), the company which historically has been responsible for the bulk of the project’s development, will receive 35% of these funds. The Zcash Foundation, a non-profit serving the protocol’s users, will receive 25%. The largest portion is allocated to “Major Grants,” a program administered by the foundation which funds third-party development for Zcash, receiving 45% of the fund.
87% of participants voted in favor of the proposal, which comprised 88 voters from the Zcash forums along with stakeholders from a “community advisory panel.”
As Zcash Foundation Executive Director Josh Cincinnati summarized in his State of the Foundation address:
“Last year, I said ‘it’s critical to reflect on where power — and expertise — sits in the Zcash ecosystem today.’ Last year that power squarely rested with the ECC, this year has demonstrated that some of that power sits with the Foundation as well. In the coming years, I’m hopeful it will shift to others still.
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