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Binance Futures launches DOTECO Polkadot Ecosystem Composite Index
Written by Written by Samyuktha Sriram
Reviewed by Reviewed by Samyuktha Sriram
Updated January 20, 2021

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.”

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Samyuktha Sriram

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.

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