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Binance Futures launches DOTECO Polkadot Ecosystem Composite Index

Samyuktha Sriram

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Source: Pixabay

Binance Futures is in the news today after it announced the launch of a DOTECO (Polkadot Ecosystem) Composite Index perpetual contract. The DOTECO Composite Index perpetual contract is a USDT-margined Futures contract that uses USDT as collateral.

According to the said announcement by one of the market’s biggest crypto-exchanges, the DOTECO Composite Index is denominated in USDT and users can trade with up to 20x leverage.

The underlying assets of the DOTECO Composite Index perpetual contract include a basket of Polkadot Ecosystem (DOTECO) protocol tokens listed on Binance, including Dock (DOCK), Reef Finance (REEF), Akropolis (AKRO), and Kusama (KSM).

Polkadot projects have been getting a lot of attention lately, especially following DOT’s rally to an all-time high of $17.5 over the weekend. In fact, the cryptocurrency is currently ranked 4th by market cap on CMC, with the crypto trading at $15.9 at the time of writing.

Binance’s decision to support the development of the Polkadot ecosystem dates back to last month when it announced a series of upcoming initiatives for the cause.

Binance’s efforts included a $10 million Polkadot Ecological Fund to support top projects in the ecosystem and a Community Coin vote that would enable users to vote for listing Polkadot-based projects on the popular exchange.

However, it would seem that over a month later, the listing of coins hasn’t been a reflection of a community vote since it is still yet to take place. In fact, based on the summary of responses, a majority of the market’s traders also believe that important Polkadot tokens have not been included in the said index, with one trader commenting,

“I wouldn’t consider $DOCK and $AKRO to be $DOT ecosystem coins let alone put them as part of a trading index.”

Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.