New Listings: BNB, GAL, TON, and GOOGL USDT-margined Perpetual Futures

We are excited to announce that we have listed four new futures contracts on BTCC:

• BNBUSDT Perpetual
• GALUSDT Perpetual
• TONUSDT Perpetual
• GOOGLUSDT Perpetual

You can now trade the above newly-added futures with up to 50x leverage on our app and web. Below is a table showing the contract specifications of this round of product addition.

Tokenized futures are innovative products invented by BTCC, including tokenized stock futures, tokenized commodity futures, etc. Users can buy or sell stocks and commodities on BTCC with USDT without opening accounts on other traditional exchanges to trade stocks and commodities. Find out more about tokenized futures on BTCC.

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BNB (BNB)—The coin that powers the BNB Chain ecosystem

What is BNB?

• BNB is the cryptocurrency issued by the centralised exchange Binance. 
• Initially launched on the Ethereum blockchain in 2017, BNB was migrated to the Binance Smart Chain (now renamed to BNB Chain) in 2019, aiming to facilitate fast, decentralised trading.

What is its usage?

• BNB is the acronym for ‘build and build’. It is a native utility token that can be used in a wide range of applications on the Binance platform.
• BNB holders can use the tokens to pay for goods and services and settle transaction fees on the BNB Chain.
• The wide usage of BNB suggests that the demand for the token can be interpreted as the demand for Binance’s services.

The Auto-Burn programme

• Binance has put in place an Auto-Burn programme to sustain the value of BNB since late 2017.
• The amount of BNB tokens to be burned is based on the price of BNB and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter. 
• As of January 2023, Binance has completed 21 BNB quarterly coin burn events, destroying over 42 million BNB tokens and leaving the circulating supply at 159 million.

Current momentum & future trend

• BNB is having a great start to 2023, surging from the $245 level to the current $287 level. It’s ranked 4th on Coinmarketcap, with a market cap of over $46 billion.
• The increase in BNB’s price is likely driven by the news of Binance’s plan to acquire Gopax, one of the largest exchanges in South Korea.
• However, a recent report shows that Binance users have withdrawn a staggering $12 billion from the exchange in just two months between 4 November 2022 and 4 January 2023.
• As the trader trust issue in Binance continues, do you think BNB will carry on its uptrend this year or will it get volatile? Monitor BNB price with our market widget.

GAL (Galxe)—The world’s leading Web3 credential data network

What is GAL?

• Project Galaxy is the world’s leading Web3 credential data network, and GAL (Galxe) is the Ethereum-based ERC-20 native utility and governance token of the project. 

What is its usage?

• The aims of Project Galaxy are to develop a unified identity system for Web3 platforms and to increase the transparency of credential storage.
• It is to solve the problem of credential data being stored in closed databases controlled by applications, governments, and financial institutions. 
• GAL holders can use their tokens to pay for the usage of Galxe’s credential data, curate credentials, and vote on Galxe DAO’s governance proposals.

Current momentum & future trend

• GAL is currently ranked 270th on Coinmarketcap, with a market cap of $71 million.
• The coin has been in a downtrend since May 2022.
• Benefiting from BTC’s recent rally, GAL has gone up by over 26% as the new year began, and it’s currently trading at the $1.3 level. Go long or short on GAL with up to 50x leverage.

TON (Toncoin)—A scalable and shardable network for ultra-fast transactions

What is TON?

• First developed in 2018 by the Durov brothers, founders of Telegram, TON is a decentralised layer-1 blockchain that the TON Foundation took over in 2020 following the project abandonment by the founders. 
• The project was then renamed from ‘Telegram Open Network’ to ‘The Open Network’ in 2022, receiving support from the TON community since then.

What makes TON unique?

• The Open Network is known for its lightning-fast processing of transactions per second (TPS), achieving a then-world record of 55,000 TPS in a contest in September 2021. 
• However, currently, it can validate and process millions of transactions per second, enabling projects to grow rapidly with no loss of performance.
• Similar to Ethereum, The Open Network is scalable and shardable, meaning it has a layered ‘blockchain within a blockchain’ structure. This structure involves using multiple subnets (shards) on the same blockchain, allowing the platform to increase scalability, reduce latency, and handle more transaction volume.

What is its usage?

• Users can use Toncoin to pay transaction fees, settle payments, and validate transactions on the Toncoin blockchain.

Current momentum & future trend

• TON is currently ranked 25th on Coinmarketcap, with a market cap of over $2.6 billion.
• The coin has been trading between $2.1 and $2.3 since 2023 began.
• According to experts’ prediction, the coin could surge to as high as around $4 by year’s end, as The Open Network is currently developing its TON wallets (both custodial and non-custodial) and Toncoin services (which enable developers to create dApps). 
• At the same time, the TON Foundation has been organising different events for Web3 developers. The upcoming one would be the two-month long virtual hackathon held in collaboration with  DoraHacks, a leading global hacker organisation, to connect hackers to enterprise challenges and entrepreneurial ideas. The event will kick off on 30 January 2023.
• Will TON benefit from the latest development of the TON network and the hackathon? Set up price and volatility alerts to not miss any trading opportunities.

GOOGL—Tokenized Stock Futures

In addition to cryptocurrencies, we’ve also listed GOOGL tokenized stock futures. 

What is GOOGL tokenized stock futures?

• Invented by BTCC, GOOGLUSDT is pegged at a 1:1 ratio with Alphabet Inc Class A’s stock price. 
• 1 GOOGL = 1 Alphabet Inc Class A token = 1 share of the Alphabet Inc Class A stock.
• Users can go long or short on GOOGL with USDT with leverage of up to 50x.

Find out more details about tokenized futures here.

Current momentum & future trend

• Recent news has reported that Verily, a healthcare venture owned by parent company Alphabet, will lay off 15% of its staff in its new year’s restructuring plan.
• This is the first known mass layoff from Alphabet’s subsidiary companies. The stock price is currently at the $91 level. How will it perform in 2023? Monitor GOOGL price with our market widget.

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