thecryptobasic.com
Bone ShibaSwap (BONE), the gas token of the Shiba Inu layer-2 network Shibarium, has recorded a 6% jump following the listing of its margin trading on the Gate.io exchange.
The listing, announced by the official X account of the Shiba Inu ecosystem, went live on March 21 with the protocol advocating responsible trading.
Margin trading involves borrowing money from an exchange to buy the asset of choice. Repayments are made at a later date but with higher interests.
Woof! Did someone say BONE appétit? $BONE margin trading is now LIVE on @gate_io Ready to maximize your gains? just remember, trade responsibly! #SHIBARMY https://t.co/85ixB3b2e4
— Shib (@Shibtoken) March 21, 2024
Margin trading is a high-risk venture, as the volatility in the crypto industry makes traders susceptible to losses. The BONE margin trading offering on Gate is no exception.
The BONE Margin Trade Terms
Adding BONE as a borrowable asset on Gate.io comes with similar terms as the other assets already hosted on the platform. Gate.io confirmed that the listing comes with a borrowing rate that is updated every hour.
At the time of writing, the exchange highlighted that the trading or borrowing rate comes in at an hourly 0.000100% and an annual 0.88%. At the moment, there is about 83,323 BONE available to borrow, a sum worth 76,380 USDT.
Accessibility to the product will require Know Your Customer (KYC) verification and the borrowing rate grows as the trader gains an uplift in their VIP Status. At VIP Level 16, the daily and annual rates could be as high as 0.000105% and 0.93% with individual loan caps pegged at 20,000 BONE.
BONE Listing Diversity
Over the past year, Shiba Inu community members and even developers like Shytoshi Kusama have advocated for BONE listing on major platforms like Binance.
From speculations on Huobi listing to OKX accumulation of the token, BONE has proven relevant in both the Shibarium ecosystem and the market in general.
The news of the listing has helped trigger an uptick in the price of BONE which now sits at $0.9185, up mildly by 0.85% in 24 hours and by 6% over the past week.