Cryptocurrency exchange Binance unveiled the upcoming launch of the SYSUSDT Perpetual Contract on Binance Futures, providing traders with up to 50x leverage. The contract is scheduled to go live at 12:30 UTC today.

The SYSUSDT is based on Syscoin (SYS) as the underlying asset and uses USDT for settlement. The tick size is set at 0.0001. At launch, the maximum funding rate for the contract will be +2.00% / -2.00%, with funding fees settled every 4 hours.

Additionally, the multi-assets mode will be available, enabling individuals to trade the SYSUSDT contract utilizing different margin assets, subject to the relevant adjustments.

Binance Futures represents a derivatives trading platform where traders have an option to speculate on the future price movements of cryptocurrencies through the purchasing and selling of futures contracts.

What Is Syscoin And SYS Token?

Syscoin is a Bitcoin Layer 2, which is merge-mined with Bitcoin and provides a modular Proof-of-Work (PoW) blockchain, integrating rollups with Bitcoin’s PoW network. It offers a data availability (DA) layer essential for rollups and Ethereum Virtual Machine (EVM) or AltVM layers to connect with Bitcoin securely and efficiently.

In its basis, Syscoin represents a layer combining two blockchains. It encompasses its native UTXO, which delivers DA as well as finality. Complementing the UTXO is an EVM, known as Network-Enhanced Virtual Machine (NEVM), that is merge-mined with the UTXO and utilizes its finality advantages.

SYS represents Syscoin’s native token. Its token economics follows Ethereum’s EIP-1559 proposal but does not implement a maximum supply cap. This token supply is determined by emissions and the deflationary burning of transaction fees.

As of the writing time, SYS is trading at $0.1489, reflecting a 34.13% increase over the past 24 hours, based on data from CoinMarketCap.

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