Top-tier Bitfinex crypto trading platform has tweeted that today, Sept. 30, it launched margin trading with the recently launched ERC20-based UNI token of the Uniswap decentralized exchange.
This follows the recent listing of UNI by Bitfinex.
Among other major tokens listed recently by the exchange is LINK and ADA.
Bitfinex kicks off UNI margin trading
In a recently published blog post, Bitfinex stated that pairs with Uniswap, where UNI trades against USD and USDT, have been added to the list of margin trading assets on the platform.
Bitfinex offers a maximum leverage of 3.3x for UNI pairs and an initial liquidity of 30 percent with a maintenance margin equaling 15 percent.
Traders can now borrow extra funds to increase their leverage and potentially earn larger profits, as well as running a high risk, in this case.
Bitfinex CTO Paulo Ardoino believes that pushing UNI into the margin trading field may drive "a proper price discovery."
In finance until you can't go both long/short on a product, you won't have a proper price discovery. $UNI
Uniswap recovers DeFi leader status
Recently, U.Today reported that the Uniswap protocol reached a significant milestone and had a total of $1.47 bln locked in it. Thus, Uniswap surpassed the volume of value locked in Aave: $1.37 bln.
The recent launch of native token UNI by Uniswap made ETH miner fees surge to new highs, thus arousing more indignation and criticism from the crypto community.