TON Surges 17% Following Binance Futures Listing Announcement

Binance, one of the leading cryptocurrency exchanges, recently announced the addition of perpetual contracts for the native tokens of the TON blockchain. These contracts will allow leveraged trading of TON tokens with up to 50x leverage. Trading for this financial derivative will commence on March 1st at 15:30 MSK, with settlements conducted in USDT stablecoins. As a result of this announcement, the price of TON surged by 17% to reach $2.86.

Trading of the perpetual contract TONUSDT will be available round the clock, with a tick size of 0.0001 and financing rates ranging from +2% to -2%. Financing calculations will occur every four hours. Binance has cautioned traders that market risk conditions may lead to periodic adjustments in these parameters.

Moreover, the instrument will feature a Multi-Assets mode, enabling users to trade TONUSDT with various margin assets based on applicable constraints. For instance, users can activate the mode to utilize BTC as margin while trading the TONUSDT perpetual contract.

Earlier, Binance announced the listing of the native token of the cross-chain protocol Axelar (AXL) on the spot market, resulting in a 76% surge in the asset's price.

Additionally, Pavel Durov, the founder of Telegram, disclosed that Telegram would start using TON tokens for banner ad placements within channels, with authors receiving 50% of the revenue. However, Telegram intends to limit large volumes of TON on its accounts to prevent centralization of the project. Telegram plans to sell excess tokens to long-term investors at a discount, with lock-up periods ranging from 1 to 4 years.

At the time of reporting, TON ranks 15th in the cryptocurrency rankings with a market capitalization of $9.8 billion, experiencing a 36% increase in its price over the week.