Binance Unveils USTC Perpetual Contract, Triggering a 60% Surge in LUNC Price and 300% Jump in USTC

Crypto News– On Monday, the world’s largest cryptocurrency exchange, Binance, announced the upcoming launch of a USTC perpetual contract, featuring leverage of up to 50x, following a meticulous review. This surprising move coincides with a substantial surge in the prices of TerraClassicUSD (USTC) and Terra Classic (LUNC). Binance has scheduled the launch of USTC perpetual trading for the same day at 12:30 UTC.

Binance Unveils USTC Perpetual Contract, Triggering a 60% Surge in LUNC Price and 300% Jump in USTC

In the official announcement released on November 27, Binance Futures detailed the introduction of the USD-M USTC Perpetual Contract. The trading platform will provide users with up to 50x leverage for USTC perpetual trading, commencing at 12:30 UTC on November 27.

Key details highlighted in the announcement include a funding fee settlement frequency every four hours, with the settlement asset denominated in USDT. The USTCUSDT Perpetual Contract’s maximum funding rate at launch is set at +2.00% / -2.00%. Binance users will have the flexibility to trade the USTCUSDT Perpetual Contract across various margin assets under the Multi-Asset Mode.

Market Dynamics: LUNC Demonstrates a 50%+ Spike, USTC Skyrockets by 300% in Just 24 Hours

Tokens within the Terra ecosystem experienced a substantial surge ahead of the Binance USTC perpetual contract announcement. Traders swiftly reacted to the news, propelling prices even higher.

In the last 24 hours, LUNC saw an impressive surge of nearly 60%, currently trading at $0.00011. The day’s trading range fluctuated between $0.0000787 and $0.0001256. Notably, the trading volume surged by 1120% in the same timeframe, signaling heightened interest among traders.