Binance Unveils Toncoin Perpetual Contract Amid Rising Market Enthusiasm

  • Binance, one of the leading cryptocurrency exchanges, seizes the market excitement surrounding Toncoin’s recent growth. 
  • By introducing perpetual contracts for Toncoin on its futures platform, Binance Futures, the exchange strategically taps into the heightened interest generated by the coin’s surge in value.

In an ambitious move, Binance Futures, the futures platform of the renowned cryptocurrency exchange Binance, is set to introduce perpetual contracts featuring Toncoin (TON). The announcement, posted on March 1, reveals Binance’s strategic expansion of its futures offerings, bringing forth the TONUSDT perpetual contract on the same day at 12:30 UTC. This contract comes with an impressive maximum leverage of up to 50x.

It’s noteworthy that Binance currently does not support spot trading for TON. While the platform provides coin price tracking and market information for TON on its website, the introduction of a futures contract marks the primary product available for TON traders.

The decision to launch the TONUSDT perpetual contract appears to align with the recent surge in enthusiasm surrounding TON. This week, the coin has experienced significant growth following an announcement by Pavel Durov, the founder of the Telegram messenger. Durov declared a financial reward system for owners of Telegram channels displaying advertisements, with payments to be made in TON cryptocurrency.

The impact of this announcement was immediate, with TON’s price soaring by an impressive 30%. On February 28, within less than an hour, the coin’s value surged from $2.15 to $2.64. Even after this initial surge, the token continued its upward trajectory, recording a more than 3% increase to reach $2.70 within the next 24 hours following Binance’s revelation.

Despite this positive market response, some users expressed concerns about the potential centralization of the TON ecosystem due to the introduction of the new ads feature. Responding to these worries, Durov addressed the issue by announcing measures to limit Telegram’s share in TON to around 10% of the total supply. Excess assets in TON will be strategically sold to long-term investors, according to Durov’s statement.

Toncoin (TON): A Revived Blockchain Pioneer with a Vision

Toncoin (TON) emerges as a decentralized layer-1 blockchain, originating in 2018 under the name “Telegram Open Network” (TON) as part of the Telegram messaging platform. However, the project experienced a change in direction, with the TON Foundation taking over and rebranding it as “The Open Network.”

The blockchain’s revitalization began in 2020, driven by a dedicated non-commercial support group and an independent community known as the TON Foundation. Formerly named Gram, Toncoin stands as the native cryptocurrency of the TON network.

Designed for simplicity, Toncoin envisioned integration into a user-friendly application for purchasing, sending, and storing funds. The proof-of-stake (PoS) consensus model is employed for scalability and reliability, offering users fast, transparent, and secure payment services with minimal fees. Clients engage in transactions, settle payments, and validate transactions using TON.

The TON developers aspire to create a comprehensive ecosystem featuring decentralized storage, services, a domain name system (DNS equivalent), an anonymous network, and a swift transaction processing platform with affordability at its core.

Distinguished by its flexible architecture and consumer-centric focus, The Open Network sets itself apart with an impressive transaction processing/validation rate, having achieved a record-breaking 55,000 transactions per second (TPS) in a contest in September 2021. The platform’s commitment to rapid growth and environmental sustainability positions Toncoin as a blockchain project with a promising future.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

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