After Earth (LUNA) collapsed from $120 to less than $0.01, global exchange Binance removed the cryptocurrency from its futures trading market.
With the gigantic volatility of LUNA, after the “stablecoin” of the Terra UST ecosystem lost its parity with the dollar, Binance announced that it would be taking some precautions.
One was to completely remove Luna’s futures contract trading with other cryptocurrencies.
Another post on its official blog said that if the price of LUNA/USDT contracts dropped below 0.005 USDT, Binance would remove the pair of contracts from the exchange. At the same time, Binance announced that it will launch LUNA/BUSD perpetual contracts on Thursday afternoon with a tick size of 0.00001.
The exchange, in addition to switching from Tether’s stablecoin to Binance’s stablecoin, uses a smaller tick size, more appropriate for Luna’s now minuscule price. “BUSD margin LUNA futures contracts use BUSD as collateral. Users can select between 1-8x leverage.”
The move comes after the fiasco of Terra, which now, in addition to having a dollar “stablecoin” trading at US$ 0.38 at the time of writing this article, the main token of the ecosystem showed losses of more than 99% and had its blockchain locked for an hour.
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