Binance Futures Adds Support for These Two Cryptos; Price Rally Incoming?

Highlights:

• Binance will add futures support for SLERF and SCRT with up to 75X leverage.
• The exchange seeks to increase its offerings and grow web3 adoption amid bullish sentiments.
• Users anticipate more price growth as SLERF jumps over 50%. 

Binance Exchange has announced support for SLERF and SCRT perpetual contracts in a bid to grow its futures offerings. The contracts on both crypto will allow users up to 75X leverage. This will enhance user experience targeting traders and increase web3 adoption. The diversity of the crypto ecosystem has seen products for institutional and retail investors as appetite continues to soar. Binance seeks to grow its standings among crypto exchanges.

Binance Announce Four Hours Funding Fee Settlement

In a Nov 21 release, Binance informed the community of updates to its offerings. Both products will see SLERF/USDT and SCRT/USDT listed with specific features for users. The settlement for assets will be USDT-based with a tick size of 0.0001, while capped funding will range at +2% and -2%. 

#Binance Futures will launch the USDⓈ-Margined $SLERF and $SCRT Perpetual Contracts at

🗓️ Nov 21 2024, 11:30 (UTC)

Read more ➡️ https://t.co/GecoGLHRrQ pic.twitter.com/rmxeUNOyYy

— Binance Futures (@BinanceFutures) November 21, 2024

Furthermore, settlement frequency for the products will be every four hours with a 75X leverage. Per the release, Binance can adjust the above specifications periodically, citing market conditions and associated risks. These new listings will be available to multi-assets mode which gives users access to trade the perp contracts across margin assets.

Binance team wrote: 

“Dear, Binancians, To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the SLERFUSDT and SCRTUSDT Perpetual Contracts at 2024-11-21 11:30 (UTC) with up to 75x leverage.”

Initial community reaction across social media spaces turned out positive with growing optimism in the market. Citing previous announcements, users lauded the move to bring more adoption to their favorite assets. 

What’s Next for SLERF and SCRT?

Following the announcement, SLERF spiked 55% as bulls set sights on the positions after the move. This will increase the asset’s transaction volume among others. At press time, SLERF’s trading volume stands at $308 million, over 200% growth in the last 24 hours. The asset exchanges hands at $0.3851 after bullish trading. On the other hand, SCRT posted a slight 2% gains to trade at $0.3445. 

Traditionally, Binance listings are accompanied by bullish reactions from the community based on new exposure levels. Recently, the largest exchange by trading volume announced support for ACT, NEIRO, and PNUT. Earlier this month, listings were also announced for POPCAT and MEW, with assets marking gains.