Bitfinex exchange has stepped up its support for the Uniswap token (UNI) to now include margin trading. This follows the recent listing of the DeFi token on the exchange a few days ago. Following the margin trading support, cryptocurrency traders can choose to increase their leverage with borrowed funds.
Notably, the Uniswap token is one of the top DeFi tokens that gained quick support on centralized exchanges after launch.
Uniswap margin trading on Bitfinex exchange
The Hong Kong-based leading digital currency exchange, Bitfinex, disclosed the development in a blog post on Wednesday. Cryptocurrency traders can now access Uniswap margin trading on the platform via the token’s trading pairs against the US dollar (UNI/USD), and the largest stablecoin, Tether (UNI/USDt).
Bitfinex exchange noted that the trading pairs come with 3.3x maximum margin leverage, 15 percent maintenance margin, and 30 percent initial equity.
Margin trading, basically, allows digital currency to increase the leverage on their trades with borrowed funds. Although this provides traders with an option to gain significant profits in accordance with their stake, it’s to be noted that margin trading comes with a higher risk than regular trading.
The announcement from Bitfinex exchange comes soon after it joined the likes of Binance to list the token which only launched on September 16.
Uniswap token was such a big deal
Being the largest decentralized exchange (DEX), with more than $2 billion assets value locked, the introduction of the Uniswap token was such big news that it was favored by major cryptocurrency exchanges with a quick listing. The largest centralized exchange, Binance, was the first platform that supported the Uniswap token, as Cryptopolitan reported.
Uniswap refueled the buzz in the DeFi market following its massive airdrop of the tokens to the users. On September 18, the token surged to its highest point at $8.40 according to CoinGecko, a cryptocurrency price tracking platform. As of yesterday and today, the token has been fluctuating around $4 to $4.40 price point.