BiKi Exchange announces new USDL Spot Trading pairs & Hybrid Contracts
Following continued successful collaboration with LGCY Network as their main exchange partner, BiKi Exchange proudly announces the launch of USDL based hybrid contracts as well as Spot Trading pairs LINK/USDL and DOT/USDL.
1. USDL spot trading pairs on DOT (Polkadot) and LINK (Chainlink)
In recognition of the continued growth on the LGCY/USDT, LGCY/USDL and USDT:USDL pairs, and continued community engagement BiKi Exchange is proud to announce the launch of both LINK (Chainlink) and DOT (Polkadot) pairs for the USDL token.
This addition to the exchange provides our BiKi and LGCY community with increasing use case and adoption for USDL.
Listing LINK/USDL — scheduled 2nd February 15.00 GMT+8
Listing DOT/USDL — scheduled 9th February 15.00 GMT+8
2. USDL Hybrid Contracts
Hybrid Contract is the next-generation contract product based on BiKi Perpetual Contract.
Targeting launch in March 2021, BiKi Exchange users will be able to use the USDL token as margin to trade BTCUSDT mainstream perpetual contracts, and the profit & loss will be settled in USDL.
For example, BiKi Exchange users can trade the BTC/USDT perpetual contract using USDL token as the margin, so in the event of a profit, users earn USDL token and lose USDL token if there is a loss.
Ethan Ng, CEO of Biki Exchange said;
“We are proud to be working closely with the LGCY Network team and based on community engagement we are pleased to launch the LINK & DOT spot trading pairs and USDL based Hybrid Contracts which will offer our valued users a greater range of trading options.”
Justin Waia’i, Project Manager, LGCY Network said;
“BiKi Exchange are playing an instrumental role in driving adoption of our USDL token, in addition to the ongoing strategic support they are playing to help support the vision of LGCY Network in these early developmental stages.”
Hybrid Contract Trading Features
1. BiKi Exchange will enable USDL to be used as margin
BTCUSDT USDL Hybrid Contract will allow users to use USDL as the margin to go long or short on BTCUSDT hybrid contract and settle the profits or losses in USDL.
2. No delivery dates
It is similar to Perpetual Contract except for the margin and it requires no delivery time and you can hold the positions permanently.
3. Supports leverage multiple up to 125 times
Hybrid Contract supports leverage up to 125 times for both isolated margin and cross margin modes. Under isolated margin mode, users can change the position size by adjusting the leverage multiple. Cross margin mode does not support leverage modification and leverage is set to the maximum by default.
4. Index Price, Fair and Just
In order to maintain the fairness of the market, BTCUSDT is the default contract for trading BiKi Hybrid Contract. When users use other tokens as margin for opening and closing position, the index price of BTC maintains the same weighting algorithm as the Perpetual Contract by tracking the prices of mainstream exchanges so that the market price will be anchored to the spot market price and exclude the risk of market manipulation.
Hybrid Contract vs Other Contracts
Other Explanatory Notes:
1. The tokens available for Hybrid Contract will be adjusted from time to time according to market demand and feedback. Profit & loss are settled in the token margin which is non-binding of the token’s own legal currency if any.
2. The funding rate is not the platform’s income but a mechanism to ensure that the price is always anchored and stable with the spot market price where it is calculated in every 8 hours and settled directly between the traders with long or short positions in order to make sure that the transaction price for hybrid contract remain stable.
3. Hybrid Contract adopts an automatic “reduce position” mechanism which will ensure that the interests of trading users are not affected by users in the opposite direction under extreme market conditions, resulting in additional losses. However, the “double fund protection”scheme adopted by BiKi will give priority to share protection for users who needs to reduce their position in order to minimize their risks.
For more information about BiKi Hybrid Contract: