Among the collapsing Terra network’s cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto exchange Binance continues deactivating related buying and selling services.
Binance’s derivatives arm Binance Futures has delisted gold coin-margined LUNA perpetual contracts, the firm formally announced on Thursday.
“Users are encouraged to close any open positions before the delisting time for you to avoid automatic settlement,” the statement through the platform reads.
Binance Futures has additionally began performing automatic settlements around the contracts, lowering the leverage tiers and updating margin tiers for gold coin-margined LUNA perpetual contracts.
As a result, the 8x leverage tier has become the max leverage tier on Binance for LUNA perpetual contracts, replacing the sooner maximum available leverage of 21-25x. 11-20x leverage is reduced to 7x, while 6-10x leverage is substituted for a 6x leverage tier, based on the updated data.
Based on the announcement, existing positions opened up prior to the update won’t be affected.
“Binance reserves the authority to further alter the max leverage and margin tiers for USDT-margined LUNA perpetual contracts without further notice,” the firm added.
Related: Why did Terra LUNA and UST crash? Find available Report
The most recent buying and selling updates on Binance Futures come right after Binance suspended withdrawals for LUNA and UST on Tuesday among an enormous selloff of tokens around the Terra network, using the UST stablecoin losing its peg towards the U . s . States dollar and crashing to $.67.
Initially made to hold its 1:1 peg using the U.S. dollar, the UST stablecoin crashed to as little as $.30 on May 11, while its sister token LUNA lost greater than 99% of their value during the time of writing. The occasions caused immediate shock for that wider cryptocurrency market, using the total market cap plummeting about $600 billion.
By design, UST is definitely an algorithmic stablecoin with different system of swaps between LUNA and UST in addition to LUNA token burns to keep the stablecoin’s 1:1 ratio.
Related: Terra to lose $1.4B UST and stake 240M LUNA to ‘stop the bleeding’
As opposed to the UST stablecoin, major stablecoins like Tether (USDT) and USD Gold coin (USDC) are fiat-backed stablecoins, meaning they derive from equivalent cash reserves to keep their value.