BNB Use In Binance Futures Ecosystem Similar To Spot Market: Invite-Only Beta Launch Volume Clears $150M
- In just 24 hours, Binance futures trading volume surpasses $150 million in trading volume in USDT
Binance futures has been finally launched but are currently on an invite basis. The 24-hours trading volume of the leading cryptocurrency exchange's futures market surpassed $150 million denominated in USDT.
On Sept. 10, a Reddit user posted the notable performance seen by Binance’s futures market.
Announced in July, the crypto community has been awaiting the launch of this platform that will challenge the dominance of BitMEX, the largest crypto derivatives exchange in the world.
Up until now, Binance has been playing the spot market field and captured the top position. Now, the exchange has entered the futures market, that in its invite-only testnet managed to exceed $150 million USDT in just 24 hours.
In response to this, Binance CEO, Changpeng Zhao talked about its native currency BNB having similar usage in the futures market as of spot market of Binance.
“Buidl product people use. This is with very limited invitation-only beta mode. BNB have similar benefits and usage in this futures ecosystem as in spot markets on binance.”
Concerns with Binance Futures Market
On Sept. 2, initially, the exchange launched two futures testnet platforms viz. Futures A and Futures B, inviting users to participate in a 10,000 BNB trading competition.
But this launch hasn’t been without bumps. Seychelles-registered exchange BitMEX accused Binance of plagiarizing the documents — overview of the Auto Deleveraging system — for its futures testnet launch.
Users also reported technical issues with both of the exchange’s futures platforms.
An early tester took to Twitter to laid down all the issues with both platforms, stating neither of the platforms was ready for the market.
Platform A’s contract size granularity and Platform B’s unwieldy leverage system has been part of the problems.
Users, however, have been satisfied with the exchange's liquidation process with some saying it is even better than that of BitMEX.
The competition in the futures market is slowly rising, but with its huge customer base, Binance can gain an edge over its competitors.
In other news, Binance would stop providing its services to US customers from tomorrow onwards. As such, Binance’s US branch is expected to go live in the coming weeks, as per the exchange's recent announcement.