LUNC Price was up by 60% and USTC by 300% after the Binance USTC Perpetual contract the community had really positive feedback towards this and it is expected to re-peg to $1 soon.
Binance Futures has made a surprising move by launching the USD-M USTC Perpetual Contract with up to 50x leverage, as announced on November 27.
This decision coincided with a significant surge in the prices of TerraClassicUSD (USTC) and Terra Classic (LUNC). The USTC perpetual trading began at 12:30 UTC on the same day.
Table of Contents
Binance USTC Perpetual Contract
The official statement from Binance outlines key details of the USTC perpetual contract, including a funding fee settlement every four hours with USDT as the settlement asset.
Maximum Funding Rate
The maximum funding rate for the USTCUSDT Perpetual Contract at launch is +2.00% / -2.00%.
Multi-Asset Mode
Binance users are allowed to trade this perpetual contract across multiple margin assets using the Multi-Asset Mode.
Additionally, qualified USD-margined futures liquidity providers can benefit from 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.
Feedback from the Community
The announcement stirred positive sentiment within the community, leading to speculation about whether some investors were already aware of it, given the sudden rallies observed in Terra ecosystem tokens.
Price Surge
Prior to Binance’s USTC perpetual contract announcement, LUNC experienced a remarkable 60% price surge in the last 24 hours, currently trading at $0.00011. The 24-hour trading volume spiked by 1120%, indicating heightened interest among traders.
Meanwhile, USTC witnessed an astounding 300% price increase, trading at $0.068, with a significant surge in trading volume as well.
Conclusion
To wrap it up, the Binance USTC perpetual Contract was well received by the community with a 300% increase in the USTC price. The community is positive towards USTC re-pegging to $1 soon.
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