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BitMEX Delves Deeper Into DeFi With New Futures Listings
BitMEX is soon to offer futures contracts for DeFi project yearn.finance (YFI), Polkadot (DOT) and Binance coin (BNB).
Updated Sep 14, 2021, 10:22 a.m. Published Oct 23, 2020, 9:43 a.m.
BitMEX's latest futures listings bring another decentralized finance (DeFi) product to the cryptocurrency derivatives space.
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- According to a company blog post Friday, the Seychelles-based exchange said it was adding DeFi token to its quanto futures contracts.
- and Binance coin contracts are also on the way.
- All three contracts will be paired against the dollar-linked tether stablecoin.
- Currently live on BitMEX's testnet, the products are slated to start trading on Oct. 30 at 04:00 UTC.
- Yearn.finance is currently the ninth largest DeFi protocol, with $458 million locked up in liquidity, according to DeFi Pulse.
- It sets out to be the gateway to a range of yield-generating products.
- Meanwhile, DOT is the native token of Polkadot, a protocol for connecting decentralized applications and services, and BNB powers the ecosystem of cryptocurrency exchange Binance.
- "These three contracts aim to provide our users with quality coverage of highly liquid products," BitMEX said.
- The exchange rarely lists new contracts: last month it announced upcoming listings for Chainlink and Tezos futures, the first additions for two years.
- BitMEX was recently charged by U.S. authorities for allegedly facilitating unregistered trading.
- It's since undergone a major leadership shakeup and brought in its first chief compliance officer.
- This week, the company brought forward a mandate for all customers to verify their identities by Nov. 5, three months earlier than planned.
See also: BitMEX Accelerates Mandatory ID Verification After Charges of Lax Anti-Money Laundering Controls
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‘DeFi is dead’: Maple Finance’s CEO says onchain markets will swallow Wall Street
The Maple Finance CEO says institutions will stop distinguishing between DeFi and TradFi as private credit moves onchain, and stablecoins process $50 trillion in payments.
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- Maple Finance CEO Sid Powell argues “DeFi is dead” as a separate category, predicting all capital market activity will eventually settle on blockchains.
- Tokenized private credit, not tokenized treasuries, will be the main growth engine for onchain finance, with DeFi market cap on track to reach $1 trillion.
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