A new margin trading listing announcement has been released by Bitfinex cryptocurrencies exchange ecosystem today. LINK and DOT, the native assets of Chainlink decentralized oracles network and Polkadot cross-chain interoperability protocol, are added to its margin trading toolkit.
Bitfinex margin products suite welcomes Chainlink (LINK) and Polkadot (DOT)
According to the official announcement, four new trading pairs, LINK/USD, LINK/USDT, DOT/USD and DOT/USDT have gone live on Bitfinex starting from Aug. 25 at 9:00 a.m. UTC.
Margin trading for $LINK and $DOT pairs is now available on Bitfinex!@Chainlink and @Polkadot pairs can be traded with a maximum leverage of 3.3x, an initial equity of 30% and a maintenance margin of 15%.— Bitfinex (@bitfinex) August 25, 2020
Discover more at ⬇️https://t.co/0luuCtjYjx pic.twitter.com/DKG0SUZFDd
The Bitfinex team revealed that the maximum leverage indicator is set at 3.3x for both assets. Also, an initial equity of 30% and a maintenance margin of 15% are implemented as margin trading conditions.
One more margin instrument is available for LINK and DOT holders onboarded by Bitfinex. LINK and DOT can also be held as collateral for margin trading with an initial haircut of 90 percent.
However, the Bitfinex team highlighted that the last indicator is subject to further adjustments:
LINK and DOT can also be held as collateral for margin trading with an initial haircut of 90%. The haircut can change over time based on developments in the respective markets.
Paolo Ardoino recommends LINK margin trading to the most famous Bitfinex whale
Paolo Ardoino, CTO of Bitfinex and Tether, announced the introduction of the LINK and DOT trading pairs. Also, he mocked the prominent Bitfinex whale who goes by J0E007 on Twitter.
@J0E007 you better start warming up for $LINK margin trading...< 24h to go
As covered by CryptoComes previously, the mysterious J0E007 claimed that interest by "real" traders in interacting with Chainlink (LINK) is nonexistent.
Mr. Ardoino hinted at the possibility of LINK margin trading launching immediately after it had been added to the spot trading suite.