By Tobi Loba
BaseFEX exchange has announced the launch of a new Ethereum Classic (ETC) against the Tether (USDT) Perpetual Contract.
The report of the new development was published on the official website of the exchange on 13th February 2020 but recently corroborated by Ethereum Classic.
According to the report, the exchange will attach up to 20x leverage to the new ETC/USDT trading pair. The leverage also fully supports USDT deposits and withdrawals. The contract size is reportedly 10 ETC per contract.
Going by the report, the trading pair has already gained industry-leading liquidity as soon as the launch went to effect.
What makes this contract superior to any other ETC perpetual contracts on other exchanges is the fact that its spread maintained around 0.02%.
Ethereum Classic (ETC) Corroborates the New Development
Ethereum Classic, the seventeenth-largest cryptocurrency by market capitalization corroborated the new and elating development via its official Twitter handle moments ago.
Ethereum Classic shared this, “BaseFEX recently launched ETC/USDT (Ethereum Classic/USDT) trading pair with up to 20x leverage and support for USDT deposits and withdrawals. The contract size is 10 ETC per contract. BaseFEX Launches New ETCUSDT Perpetual Contract.”
#BaseFEX recently launched #ETC/#USDT (#EthereumClassic) trading pair with up to 20x leverage and support for $USDT deposits and withdrawals. The contract size is 10 $ETC per contract.@BaseFEX Launches New ETCUSDT Perpetual Contract
Read moar below. https://t.co/SJGje1ENCn pic.twitter.com/RwHl0WFPe3
— Ethereum Classic (@eth_classic) February 17, 2020
Ethereum Classic Labs (ETCLAB) Partners with The Fantom Foundation
According to a report, Ethereum Classic Labs (ETCLAB) has sealed a partnership with The Fantom Foundation, the non-profit organization behind Fantom, the open-source and modular platform for DLT products, in order to bring crypto-agnostic Decentralized Finance (DeFi) features to the Fantom ecosystem.
Particularly, Fantom will make use of Xar Network, a DeFi-Oriented public blockchain invented using Fanton’s Lachesis and TxFlow consensus.
The CMO of The Fantom Foundation, Michael Chen shared this, “We’re collaborating with the ETClabs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem,”
As part of the partnership, users are liable to leverage the Ethereum Classic (ETC) as collateral to mint a stablecoin on the Fantom platform.