Renowned AI-powered cryptocurrency trading platform, OceanEX, has become the first exchange to launch a perpetual contract based on the VeChain platform.
OceanEx blog post reads: “We’re excited to announce that we officially launched VET/USDT perpetual contract trading. OceanEx becomes the first digital asset trading platform that provides VET perpetual contracts worldwide.”
Besides, the exchange revealed its aim of diversifying and deepening its newly launched perpetual contract markets. As well as empowering the VeChain ecosystem.
VET/USDT perpetual contract
Based on reports, the VET/USDT perpetual contract will use VET cryptocurrency as its basis. Concurrently, USDT functions as the quote currency.
Besides, the margin and profit & loss will also get denominated in VET.
To ensure fair prices, OceanEx decided to adopt the price weights of Binance and Huobi (its VET price index).
At the moment, OceanEx’s perpetual contract only supports the web version. The exchange plans to add corresponding applications later.
Concerning VET/USDT perpetual contract trading, users get the opportunity to select up to 5x leverage. Accordingly, the exchange revealed it’ll gradually increase leverage. It also said it has plans to promote a series of tailored VET contract platform events soon.
Before now, the OceanEx platform launched a perpetual contract, supporting BTC/USDT, ETH/USDT, and EOS/USDT trading pairs. Thus, showing its “USDT standard” contract exchange.
Steps for VET/USDT perpetual contract trading
The exchange also gave a breakdown on how to go about the perpetual contract trading.
The first step entails selecting the VET/USDT trading pair in the section designed for trading. The next step involves the transfer of funds from the personal spot trading account to a perpetual contract account.
Afterward, choose leverage up to 5x (it gets increased subsequently).
Notably, the perpetual contract is a derivative product. Thus, it’s slightly similar to futures. But, the product takes the form of a margin-based spot market that trades close to the underlying reference Index Price.
To remind, VeChain signed a partnership agreement with the Anhui Tea Industry Association on December 17, 2019. It gives the company the opportunity to use VeChainThor technology to boost the tea industry in the region.
On a darker note, recently, VeChain Foundation became victim to a crypto heist. VeChain revealed that a hacker broke into the VeChain Foundation’s buyback address. Consequently, getting access to 1.1 billion tokens.