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hot_img Binance launches Kuaishou, Meituan, SK Hynix double long, Samsung double long TradFi perpetual contracts

On August 11, the Binance contract platform launched four U-based perpetual contract trading pairs, including Kuaishou (KUAISHOUUSDT), Meituan (MEITUANUSDT), as well as the Southern Eastern SK Hynix Daily Leverage (2X) product (CSOPSKHYNIX2LUSDT) and the Southern Eastern Samsung Electronics Daily Leverage (2X) product (CSOPSAMSUNG2LUSDT). The Kuaishou and Meituan contracts support a maximum leverage of 20 times, while the two Korean semiconductor ETF products support a maximum leverage of 10 times, with a funding rate cap of ±2%, settled every eight hours, supporting a multi-asset model.Among them, CSOPSKHYNIX2LUSDT tracks the Southern Eastern SK Hynix Daily Leverage (2X) product listed on the Hong Kong Stock Exchange (code 7709), and CSOPSAMSUNG2LUSDT tracks the Southern Eastern Samsung Electronics Daily Leverage (2X) product (code 7747), corresponding to the two major storage chip giants SK Hynix and Samsung Electronics with double long exposure. This is Binance's further expansion in the field of traditional asset perpetual contracts, bringing Hong Kong stocks and Korean tech stock leverage products into the crypto derivatives market. Binance reminds users that digital asset prices are highly volatile, and contract trading carries high risks; investors must bear the related risks themselves.

AC: DeFi no longer exists; only on-chain finance remains

The founder of the DeFi platform Flying Tulip and creator of the Fantom Network, Andre Cronje, stated that most DeFi protocols are no longer truly decentralized, with only a few niche areas still qualifying as DeFi. He believes that DeFi has evolved into "on-chain finance" or "open finance."He pointed out that true DeFi should possess characteristics such as decentralization, immutability, and the absence of intermediaries, while the intermediaries in most current protocols have become companies, taking on the roles of decision-makers and risk committees typical of traditional financial institutions. Cronje stated that this does not mean that true DeFi no longer exists, as some protocols are still innovating.Data from DefiLlama shows that the total value locked in DeFi has dropped from $167 billion at the beginning of October 2022 to $75 billion at the time of the original publication, a decline of more than half.The European Central Bank (ECB) analyzed Aave, MakerDAO, Ampleforth, and Uniswap in a working paper released in March, finding that based on snapshots of holdings from November 2022 and May 2023, the top 100 addresses holding governance tokens in these protocols control over 80% of the token supply. The ECB thus questioned the degree of decentralization of the relevant DAOs and whether they should continue to be regarded as "fully decentralized" services not subject to the Markets in Crypto-Assets Regulation (MiCA). (Cointelegraph)
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