The expansion of cryptocurrency utilities has been a core aim for a lot of organizations involved in the world of digital assets, mainly by integrating features that are similar to those available in the mainstream financial ecosystem.
The latest update from popular Chinese cryptocurrency exchange, OKEx, indicated that it has opened its doors to a futures trading upgrade which will be available for Litecoin [LTC], Bitcoin Cash [BCH] and XRP. The cryptocurrency exchange’s tweet read,
“The tiered maintenance margin ratio system is now available for LTC, BCH, XRP futures markets. The new risk management system will effectively minimize the risks of margin call losses & enhance the user experience of futures trading, which allows users to select 1-50x leverage.”
The organization claims that the upgrade will provide higher leverage levels for users, a feature that investors have been clamoring for a long time. The feature of margin trading has become a trend that a lot of exchanges have been trying to capitalize on, with Binance becoming the last popular exchange to embrace it. Binance had confirmed this news recently through CEO Changpeng Zhao, who during an AMA stated,
“I think most people have already seen the margin flagged added in our API so as we are working on marketing system that look that’s rolling out actually very very soon”
Futures trading has been an important aspect in cryptocurrency transactions and even though OKEx has not added its latest upgrade for Bitcoin, BTC futures were buoyed with the rise of Chicago Mercantile Exchange [CME]. The latest report from CryptoCompare’s monthly exchange showed that CME saw a significant spike of 263 percent in their average trading volumes, just in the month of April. Some experts have speculated that this ascendance in futures trading is what has forced many exchanges to take a keen look towards that sector of cryptocurrency trading.
OKEx was also in the news recently after a recent post from the exchange hinted at potential Lightning Network integration. The exchange’s Twitter handle tweeted,
“It’s about time to light up the market.”
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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit
Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.
.@Binance Chain Galileo Upgrade Announcement
The Binance Chain testnet is expected to have a scheduled hard fork upgrade at block height 24,020,000, around 2019/06/26 7:00 AM (UTC). Binance Chain Mainnet will also be undergoing an upgrade at a later date.https://t.co/0d46tN1qDx pic.twitter.com/FGsMs9WcTe
— Binance DEX (@Binance_DEX) June 26, 2019
The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.
The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.
The testnet changes will be followed by changes on the mainnet. The blog added,
“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”
Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.
While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.
A Twitter user, @rallyqt, commented,
“- Galileo upgrade
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”
“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”
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