Coming Soon: Pre-IEO BLAST Futures Contract
Coming Soon: Pre-IEO BLAST Futures Contract
BLAST is coming to BitMEX, via our new, pre-IEO, linear futures listing – BLASTUSDTZ24. It’s Tether-margined and offers up to 2x leverage.
Trading is expected to begin from 27 November 2023 at 09:00 UTC. For a deeper look at our new Blast listing, and more on the BLAST Token, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for verified users- you can register here.
About BLAST, the SafeBLAST Token
SafeBLAST (BLAST) is a Utility token with Deflationary functions. As a utility token, it can be used for direct payment on goods and services. As a deflationary token, it is an Autonomous yield and Liquidity generation protocol. Every time someone transfers, buys or sells BLAST tokens on PancakeSwap, the total supply will go down.
Every transaction will also create a passive effortless reward distribution for all token HODLers on the BNB Blockchain, which is where PancakeSwap transactions will take place.
There is NO buy or sell tax on centralised exchanges or Uniswap, which is why there is NO reward distribution either. Distribution is only to the wallets on Binance Chain (BNB Chain).
Liquidity will also be generated and locked automatically to support the ecosystem on PancakeSwap. As the circulating supply becomes limited, supply and demand will play a big role in the value growth, which is a win-win for BLAST holders.
BLAST Linear Futures Contract Specs
BLASTUSDTZ24 will be a linear futures contract, margined in USDT (ERC-20). It will work similarly to a regular futures contract, but with some key differences (as detailed below).
BLAST contract details:
Symbol: BLASTUSDTZ24
Expiry Date: 27 December, 2024
Margin currency: USDT
Contract Size: 1 BLAST
Lot Size: 10
Minimum Trade Amount: 10 BLAST
Underlying: .BBLASTT
Max Leverage: 2x
Maker Fee: –0.0175%
Taker Fee: 0.25%
Base Initial Margin: 50.00%
Base Maintenance Margin: 25.0%
Key differences between our BLAST listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BBLASTT30M
Auto Deleveraging: Enabled
This new listing is a highly volatile and speculative contract. Because of this, we’ve changed a few items:
We are using Last Price marking because there is not yet an observable price for BLAST.
To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
The .BBLASTT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the MEME token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of .BBLASTT will be set to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.
As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
You will be able to trade the BLASTUSDTZ24 contract here, or refer to the full contract specs here.
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