Binance Futures, Binance's cryptocurrency futures trading platform, announced that it will launch a new perpetual contract for Hifi Finance (HIFI), a decentralized protocol for lending and borrowing.
The HIFIUSDT perpetual contract will be available on September 16, 2023 at 17:30 ET (14:30 UTC)
The new product will allow users to leverage their positions up to 20x. Binance Futures will impose a capped funding rate for the token in order to maintain market stability.
Prior to the development, there was a sudden rise in the HIFI altcoin price. In addition, the price of the token has experienced a huge increase of 82% in the last 24 hours, reaching its level of $ 2.12 at the time of writing this article. The total market value of the altcoin is at the level of 198 million dollars at the time of writing this article.
The HIFI token is currently testing an update called Liquid NFT Prototype on its platform, and with this update, NFTs can also be borrowed and lent on the platform.
*This is not investment advice.