Main Takeaways
In November 2024, we reviewed and processed 2,044 product and feature suggestions from our user community via the Feature Request & Feedback Board.
Last month, we received a wide range of feedback on various products, with a particular focus on Binance Futures, Copy Trading, Binance Square, and Loans.
Follow our official social channels for weekly updates on Binance’s newest product features with #BinanceBuild, posted every Wednesday and Friday.
This is a general announcement. Products and services mentioned here may not be available in your region.
Welcome to the latest issue of our #BinanceBuild recap, your go-to source for the latest updates in the Binance ecosystem. Though major feature updates are central to our progress, the subtle enhancements inspired by your suggestions from our Feature Request & Feedback Board are equally crucial in shaping our growth. Let's dive in.
Binance Futures: Introducing BFUSD
Binance Futures is our cryptocurrency derivatives trading platform that enables traders to leverage positions and capitalize on market fluctuations. Users can adjust leverage to manage risk or increase profits in volatile conditions.
In response to popular demand and to enhance our futures offerings, we've introduced a new margin asset, BFUSD, complementing existing options like USDT, USDC, and FDUSD. Here’s what it’s all about.
A Yield-Bearing Margin Asset
BFUSD is a reward-earning asset designed exclusively for Binance Futures users. It serves as a powerful tool that enables traders to earn rewards while using it as a margin asset for futures trading. Simply holding BFUSD in your Binance USDⓈ-M Futures wallet qualifies you for daily USDT rewards, and using it for futures trading can lead to even greater rewards.
Determining BFUSD Rewards
Rewards from holding BFUSD or using it as margin collateral come from our investment and hedging strategies, primarily delta hedging and Ethereum (ETH) staking.
Delta hedging involves balancing cryptocurrencies like BTC and ETH between the spot and futures markets to collect funding fees through offsetting trading positions. Meanwhile, the ETH staking strategy uses funds from BFUSD sales to purchase and stake ETH, with the staking rewards funding the rewards given to BFUSD holders.
Daily Reward Rates are calculated based on Binance’s earnings from these hedging and staking activities and vary accordingly.
Binance Copy Trading: Mimic Seasoned Traders
Copy Trading allows you to automatically replicate the trades of experienced Lead Traders, simplifying trading to just selecting a trader to follow and making it more accessible. Users gain insights and improve skills, while Lead Traders monetize their expertise and generate passive income, maintaining control over their investments.
Comparing Lead Traders
To assist you in selecting the right Lead Trader, we've launched a new comparison tool. Simply visit the spot or futures copy trading page and tap the “VS” icon to begin comparing Lead Traders.
Once you access the comparison tool, you can choose up to 4 Lead Traders to compare at the same time. The tool will present various stats and data points, such as Sharpe ratio, PnL, ROI, profit-sharing margins, AUM, number of existing copiers, win rate, and more, to help you make a quicker, more informed decision.
Access to Enhanced Token Information
Trading strategies can be intricate, each unique to a trader and relying on various factors such as K-line indicators, token unlock schedules, candlestick patterns, and more. To support traders seeking detailed information about specific tokens, the Coin Info tab is available. This tool, accessible under the ‘Info’ tab next to your price action chart, allows you to delve deeper into token data and information.
Volume Metrics
We've enhanced the Coin Info tab with two highly requested metrics based on user feedback: token volume and volume-to-market cap data.
Token volume indicates the total amount of a token traded across CEXs and DEXs in the past 24 hours, indicating liquidity and market interest. The volume-to-market cap ratio shows trading activity relative to the token's market value, helping assess liquidity and volatility. Generally, a higher ratio indicates greater liquidity for the cryptocurrency.
Binance Square: A Bespoke Social Networking and Content Platform
Our users and communities have been essential to our growth from the beginning. That's why we interact with the global community daily, always listening to their needs. Binance Square is a key platform for this engagement.
Here are three recent updates we've introduced to the platform to enhance your social experience.
Reposting Comments
We've introduced repost functionality to help you amplify your reach and message seamlessly. When commenting on a post, selecting the "Also Repost" option creates a new post that quotes the original content. This new post is then distributed within the community, encouraging greater engagement from other crypto enthusiasts and helping you gain traction.
Complete Tasks, Unlock Rewards
Binance Square users can now earn points by completing simple daily tasks, available exclusively on the mobile app. Simply visit the Creator Center and click on the Check-in icon. Earn Binance Points by completing the listed daily tasks and accumulate even more points by taking on time-limited Bonus Tasks.
Redeem your accumulated points for rewards at the Rewards Hub, featuring trading fee rebate vouchers, exclusive Binance Swag, and much more.
Hot Topics at Your Fingertips
Your Square post editor now features a new Hot Topics tab, designed to serve as creative inspiration. Creators can stay informed about the most popular discussions within the community, incorporate relevant topics, and share their insights on these trending subjects.
Binance Loans: Leverage Liquidity
Binance Loans enables users to borrow cryptocurrencies or stablecoins using their digital assets as collateral. It offers flexible terms, competitive interest rates, and supports a wide range of assets, catering to both beginners and experienced crypto users.
The three loan products available are Flexible Loans, Fixed Rate Loans, and VIP Loans.
Refreshed Binance Loan Webpage
In response to user feedback, we’ve updated the Binance Loan webpage to merge Flexible Loans, VIP Loans, and Fixed Rate Loans into a single page. This enhancement allows users to seamlessly and quickly switch between loan types using different tabs, improving the overall user experience.
Other Notable Features Released in November
Binance Square Screen Sharing: We’ve added screen sharing functionality for Binance Square Audio Live, allowing hosts to share their screen with listeners during live sessions for a more engaging experience.
One-Click Swap: Enable users to swap spot assets and transfer them to their UM wallet with a single click. This feature streamlines the process of adding collateral.
Further Reading
Binance Build October 2024: Key Enhancements Driven by User Feedback
Binance Research: Key Trends in Crypto – December 2024
The Long Game of Crypto: Strategic Allocation to Digital Assets
Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
