Binance is expanding its support for PEPE and FLOKI, which it recently listed. The leading exchange also shared a new altcoin in new announcements today that it will allow trades with up to 20x leverage.
Binance expands PEPE and FLOKI support
According to the official announcement dated May 9, Binance has opened PEPE and FLOKI to new leveraged trading pairs. In this way, PEPE and FLOKI can be bought/sold in cross margin transactions with certain limits, collateral rate and rates.
Binance has added FLOKI/USDT and PEPE/USDT as new cross-margin pairs. The USDT pair constitutes the main trading volume for both meme coins.
Binance has also added PEPE and FLOKI to its Binance Flexible Loan product line. Flexible Loan is an isolated, over-collateralized, open-term loan product offered by Binance. Users can keep PEPE and FLOKI positions open indefinitely until the digital assets loaned and collateralized and their respective Credit-to-Value (LTV) ratios are exceeded.
Along with PEPE and FLOKI, Binance is adding new coins to Flexible Loan. ALCX, IDEX, IMX, LQTY, PERP, REQ, RPL and WING are other altcoins added to Binance’s lending products.
Binance launches transactions with up to 20x leverage for this altcoin
In another announcement, Binance announced that it will launch the USDⓈ-M RAD perpetual contract with up to 20x leverage. Radicle (RAD) leveraged trades will become active on May 10 at 15:00.
The official announcement includes the following instruction that users should pay attention to:
Depending on market risk conditions, Binance may adjust the RADUSDT Perpetual Contract specifications from time to time, including the confirmation size, maximum leverage, initial margin, and/or maintenance margin requirements.
Bitcoin puts Binance in a difficult position
Recently, the exchange had to pause Bitcoin withdrawals twice due to network congestion. This congestion, coupled with the interruption in withdrawals, made the situation even more difficult. Thus, it forced Binance to activate the Lightning Network.
In the latest development, Binance is taking a proactive step to include Lightning Network, an L2 scaling solution designed to enhance Bitcoin transactions, in light of extreme network congestion. This decision comes after the temporary suspension of withdrawals on May 7 and 8, which caused concern among Binance users.
To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.
Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.
— Binance (@binance) May 8, 2023
The Lightning Network aims to overcome the scalability and transaction speed limitations inherent to the Bitcoin network. At the same time, it acts as a protocol overlaying the Bitcoin Blockchain. Its primary goal is to provide faster and more cost-effective transactions by establishing a network of off-chain payment channels.
cryptocoin.com The BRC-20 token standard, which has become popular recently, has made the Bitcoin network more congested than ever before. These developments ended with a sharp drop in BTC price to $27,310.14.
