Quarterly futures on the Kyber-Bitcoin trading pair with up to 5x leverage have been launched on Delta Exchange. The contracts will be quoted, margined, and settled in Bitcoin.
Coinbase Listing Prompts Leveraged Trade Offering
Coinbase Pro announced support for Kyber Network Crystal (KNC) four days ago. Following the announcement, the Delta exchange has responded to client demand to trade KNC on leverage. March Futures for KNC already opened. There has been a lot of interest in KNC since the news of the listing, according to CEO Pankaj Balani:
“Some traders are bullish and are looking to long with leverage, while others are interested in shorting KNC into the listing euphoria. This 2-way demand convinced us to launch KNC futures, which will help in better price discovery of KNC.”
The contracts are quarterly futures. The next series will be launched on the BTC and altcoin futures trading platform in the second week of March for a June expiry. Delta currently offers Futures and Perpetual Swaps on Bitcoin (BTC) and over 30 leading altcoins, with up to 100x leveraged positions available.
Kyber Network a Growing Force in DeFi
Kyber Network is an on-chain liquidity protocol that allows token holders to contribute liquidity to its reserves. The network offers the DeFi sector multiple reserve types, with all of them existing as a smart contract controlled by whoever deployed it.
The Kyber Network Crystal, an ERC-20 token, plays a central role in Kyber Network, connecting all participants in the ecosystem, including both liquidity contributors and the many different entities that leverage the liquidity network.
The tokens surged 17% after the Coinbase announcement. The network, the 11th largest player in DeFi according to DeFi Pulse, enjoyed a significant January, hitting all-time highs in number of unique addresses, first time addresses, total trades, and largest USD and ETH volumes.