Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry. BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…
Tag: FairX
Coinbase Launches First Crypto Derivatives Product for Retail Traders
Coinbase Derivatives Exchange, formerly FairX, is preparing to launch its first listed crypto derivatives product on June 27. Coinbase announced on June 24, noting that the product is dubbed Nano Bitcoin Futures (BIT). The exchange has lowered the barrier to entry by setting the size of eachBIT contract to 0.01 Bitcoin (BTC). According to the announcement, BIT futures will be available for trading through several intermediaries. These include brokerage firms like EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5, and Tradovate.…
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