Singapore-based crypto derivatives exchange Phemex has introduced leveraged trading for Dogecoin and Aave.
New Perpetual Contracts on Phemex
Phemex has listed new perpetual contracts for Dogecoin (DOGE) and Aave (AAVE) against USD. Perpetual contracts act like future contracts but with no expiration date or settlement.
The two pairs, DOGE/USD and AAVE/USD, can be traded with leverage up to 20x starting today.
Dogecoin and Aave landed on Phemex’s radar as a result of their large popularity among traders. As per CoinGecko, Aave and Dogecoin have trading volumes that are each upwards of $1.5 billion.
The leading meme coin–Dogecoin–found a new surge in demand after Reddit’s most influential trading community, WallStreetBets, and Tesla CEO Elon Musk displayed their support for the project.
To keep up with the exploding demand, the Dogecoin team has also released a new core update Dogecoin Core 1.14.3, with performance improvements.
As for Aave, the project allows anyone to take loans and earn interest on their crypto deposits in a non-custodial manner. Aave is currently one of the leading open-source DeFi projects, with about $4.9 billion locked in the protocol.
Disclosure: Phemex is a sponsor of Crypto Briefing. This story was written independently of that relationship.
Phemex Exchange Meets DeFi Bulls, Launches Perpetual Contracts for YFI...
Cryptocurrency and derivatives exchange Phemex has listed seven new perpetual contract trading pairs: ADA/USD, ALGO/USD, COMP/USD, DOT/USD, LEND/USD, YFI/USD, BCH/USD. Each pair is a linear contract quoted and settled in...
Phemex Is Building Crypto’s Fastest Growing Exchange
Phemex launched in November 2019 to provide crypto users with high-speed, reliable financial infrastructure that is on par with trading engines in legacy finance. Crypto exchanges need scalable infrastructures to serve...
Elon Musk Will Give “Full Support” to Dogecoin if Big Holders Sell
Elon Musk is back to talking about Dogecoin. Now, he says that the token supply needs to be more distributed. Musk Keen to Decentralize Dogecoin Elon Musk has posted more...
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the...