Binance Introduces Perpetual Contracts for Phala Network (PHA) and dForce (DF)

KeyTakeaways:

Binance launches 75x leveraged perpetual contracts for PHA and DF tokens.  Phala Network (PHA) saw a 310% surge, driven by Binance and Bitget listings.  dForce (DF) gained 120% in a month, supported by Binance’s new trading options.

Binance has launched USDT-margined perpetual contracts for Phala Network (PHA) and dForce (DF) tokens. 

This move is expected to enhance the trading activity of both tokens, with Binance offering leverage up to 75x for these contracts. This new development follows a surge in the prices of both tokens, sparking interest in their future market performance.

Phala Network (PHA) Sees Impressive Surge

Phala Network’s native token, PHA, has recently experienced remarkable growth. As of Dec. 30, the token saw a 310% surge in the past week, trading at around $0.522. Its price has fluctuated between $0.41 and $0.58 in the last 24 hours, contributing to its $395 million market cap. 

A key factor in this price spike was Phala’s listing on Bitget, leading to a 50% increase in value. Binance’s new offering of perpetual contracts is expected to drive further momentum for PHA, as it now benefits from enhanced trading options on one of the world’s largest crypto exchanges.

dForce (DF) has also seen a rise in its market value. The token gained 120% over the past month, with a 15% increase observed in the last 24 hours. Trading at around $0.099, DF’s price has fluctuated between $0.076 and $0.1277, and it boasts a market cap of $91 million. 

Binance’s Support and Market Impact

The launch of the PHAUSDT and DFUSDT perpetual contracts is seen as a step in Binance’s expansion of trading options. These contracts allow traders to access leverage of up to 75x, providing high-risk, high-reward opportunities.

Binance has also stated that these contracts will be available in Multi-Assets Mode, enabling users to use other assets, such as Bitcoin (BTC), as collateral for trades.

The exchange’s decision to introduce these contracts highlights its commitment to offering diverse trading options and its focus on risk management. It also indicates Binance’s growing interest in Phala Network and dForce, two projects with strong market potential. 

However, Binance has clarified that these new perpetual contracts do not guarantee token spot listings, and trading specifications could change based on market conditions.