Singapore-based crypto derivatives exchange Phemex has introduced leveraged trading for Dogecoin and Aave.
New Perpetual Contracts on Phemex
Phemex has listed new perpetual contracts for Dogecoin (DOGE) and Aave (AAVE) against USD. Perpetual contracts act like future contracts but with no expiration date or settlement.
The two pairs, DOGE/USD and AAVE/USD, can be traded with leverage up to 20x starting today.
Dogecoin and Aave landed on Phemex’s radar as a result of their large popularity among traders. As per CoinGecko, Aave and Dogecoin have trading volumes that are each upwards of $1.5 billion.
The leading meme coin–Dogecoin–found a new surge in demand after Reddit’s most influential trading community, WallStreetBets, and Tesla CEO Elon Musk displayed their support for the project.
To keep up with the exploding demand, the Dogecoin team has also released a new core update Dogecoin Core 1.14.3, with performance improvements.
As for Aave, the project allows anyone to take loans and earn interest on their crypto deposits in a non-custodial manner. Aave is currently one of the leading open-source DeFi projects, with about $4.9 billion locked in the protocol.
Disclosure: Phemex is a sponsor of Crypto Briefing. This story was written independently of that relationship.