Binance announced support for Phala Network (PHA), launching USDT-margined perpetual contracts with up to 75x leverage.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
In a recent development, crypto exchange Binance announced support for Phala Network (PHA) soon following its massive 260% rally over the past week. This announcement comes as the exchange plans for a strategic expansion of trading options for the PHA token.
On Monday, December 30, Binance made the announcement of launching USDT-margined perpetual contracts for Phala Network (PHA), offering up to 75x leverage for high-risk, high-reward trading opportunities. The crypto trading platform will also support these contracts in Multi-Assets Mode, allowing users to use multiple assets, such as BTC, as margin for trading.
The popularity of Phala Network is on the rise as the execution layer for Web3 AI. This allows artificial intelligence to interact with blockchain platforms while breaking down barriers for the first billion users joining Web3.
Following the Binance listing, the PHA price is up by another 7.37% trading at $0.4619 while extending its weekly gains to 275%. The daily trading volume has also jumped by 20% to $475 million. Also, per the CoinGlass data, the open interest for Phala Network is up 9.94% to $16.83 million.
In a recent development, Phala Network has joined hands with an AI agent framework ai16z with the goal of launching the 2.0 version of its network. Phala combines privacy-first cloud computing with AI to create secure agents capable of handling sensitive tasks. The integration of AI and Trusted Execution Environments (TEE) has been gaining traction.
Moreover, with ai16z supporting Phala Network’s TEE functionality will drive increased adoption among AI agents. Analysts suggest that the network could potentially reach its previous all-time high of $1.40 within the next few months. The next consecutive targets for PHA price are 50 cents and 70 cents breaking past which we can see a rally past $1.0.
Along with the Phala Network, crypto exchange Binance also announced support for dForce (DF) with a similar 75x leverage for the asset. Over the past month, the DF price has also surged by 120% moving closer to 10 cents.
dForce (DF) saw notable growth, experiencing a 120% increase over the past month and a 15% rise in the last 24 hours. The token was priced at $0.099, with fluctuations ranging from $0.076 to $0.1277. It currently holds a market capitalization of $91 million and a trading volume of $159 million.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
