Binance Will List BTCUP and BTCDOWN on May 14
Binance has announced to launch Binance Leveraged Tokens (BLVT) and simultaneously list the first pair of leveraged tokens.
— Binance (@binance) May 12, 2020
According to announced, Binance will list 2 tokens BTCUP and BTCDOWN, on 2020/05/14 at 10:00 AM (UTC), with BTCUP/USDT and BTCDOWN/USDT trading pairs.
BTCUP and BTCDOWN will only be available to trade via Binance Spot trading’s advanced interface (after the listing time above) and are not yet be available to trade via Binance’s Spot Basic/Classic trading interfaces or mobile trading apps. Binance said.
Binance Leveraged Tokens are tradable assets (off-chain tokens) in the Binance spot market that give users leveraged exposure to the underlying asset. Each leveraged token represents a basket of perpetual contract positions. The price of the tokens tracks the change in notional amount of the perpetual contract positions in the basket and changes in the multiples of leverage level.
BTCUP – allows you to generate leveraged gains when Bitcoin increases in price (LONG).
BTCDOWN – allows you to generate leveraged gains when Bitcoin decreases in price (SHORT).
Binance claimed that its new line of leverage tokens incur smaller fees, tout less risk and give enhanced protection compared with competing products. The tokens span 1.5x–3x leverage and do not house forced rebalancing outside of necessity. This is compared to other products that frequently rebalance their leverage, Binance said.
The exchange noted that it will always host liquidity for these products. “Binance guarantees that Binance Leveraged Tokens are always available for sale or purchase within 10% of the NAV (Net Asset of Value),” the company said.
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