Bitfinex announced the addition of Uniswap (UNI) token to its margin trading platform. It’s another significant step forward for Uniswap that has been on the headlines in the past week. Bitfinex tries to attract the big wave of new UNI users to its platform by offering margin trading for this token.
More Opportunities for UNI Traders
The addition of UNI to the Bitfinex margin trading platform means faster adoption for the token, especially in the trading ecosystem.
Bitfinex platform now supports UNI/USD and UNI/USDt margin trading products.
“From 30/09/20 at 8:00 AM UTC, UNI pairs can be traded with a maximum leverage of 3.3x, initial equity of 30% and a maintenance margin of 15%.,” according to Bitfinex blog post.
Bitfinex also added support for Uniswap token as collateral for margin trading. The option that helps UNI holders make use of their tokens better. The initial haircut for using UNI as collateral in 90%, according to Bitfinex.
Bitfinex added UNI to its platform on September 19th, and users are trading the UNI/USD and UNI/USDt pairs since then.
UNI is the governance token in the Uniswap protocol. The protocol provides “automated liquidity provision on Ethereum.” The new addition to Bitfinex margin trading follows multiple news about the protocol and the token in the past weeks. The $1200 UNI airdrop was one of the most important headlines about the protocol that attracted considerable attention from mainstream users.
Uniswap decentralized protocol is based on Ethereum. The new product, with its fast wave of adoption and growth, has caused significant instances in the Ethereum community. The recent boost in UNI token liquidity has caused an all-time-high record for Ethereum transactions, for example.
The margin trading in Bitfinex helps traders borrow funds to increase leverage. With UNI/USD and UNI/USDt on the platform, traders will have more options. Sometimes the margin trading has more profit than the traditional methods. But Bitfinex, like all of the cryptocurrency exchanges, warns users about all trading methods’ potential risk. After all, the full support for UNI in Bitfinex can help it grow faster in the trading community and attract new users to the main protocol.
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