Crypto News: Binance, a leading name in the cryptocurrency exchange landscape, has unveiled crucial modifications to its BLZU perpetual contract.
Binance Makes Major Adjustments to BLZU Contract Amid BLZ Token Surge
Effective from 11:00 UTC on August 14, 2023, the changes pertain to the leverage and funding rate settlement frequency. Given these shifts, all existing positions prior to the announcement will be affected.
As a consequence, users are urged to acquaint themselves with the updated leverage and margin ladder, a pivotal move to stave off possible forced liquidations.
Shorter Settlement Frequency and Stellar BLZ Token Performance
Binance has also recalibrated the BLZU perpetual contract’s funding rate settlement interval, slicing it in half. What was previously an 8-hour cycle will now be a 4-hour one. This change, too, is slated to go live from 11:00 UTC on August 14, 2023. The BLZ token futures are stealing the limelight with a record-breaking 24-hour trading volume that tops $2.5 billion.
This meteoric trading activity is matched by a staggering open interest, crossing the $88 million mark, cementing new historical peaks. The spike in BLZ token interest is further evidenced by both Binance and Bitget reporting a whopping annualized negative fee rate of 2,700% for the token.
BLZ Token’s Role and Its Market Dynamics
The BLZ token, acting as the cornerstone of the Bluzelle platform, facilitates specialized database storage for decentralized applications (dApps). A testament to its soaring popularity, the token’s value catapulted by a robust 42% within a day, catalyzing a significant short squeeze in the market.
Given the impending changes, stakeholders in the BLZU perpetual contract should remain alert, recalibrating their investment tactics in alignment with the evolving scenario.
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