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A certain exchange recently announced the addition of multiple trading pairs, including USDE/Korean Won, BTC/USDE, and USDT/USDE combinations, providing users with more flexible trading options.
Ethena's USDe is a noteworthy innovative product in the synthetic stablecoin space. It adopts a delta-neutral structure design—simply put, it involves holding crypto assets as collateral while hedging risk through derivative short positions. For example, locking ETH or BTC as collateral while opening short positions in the derivatives market can offset price fluctuations and maintain the stability of the stablecoin.
The benefit of this mechanism is that it does not rely on traditional fiat reserves and operates entirely on-chain, increasing transparency. For traders, the launch of more trading pairs means more options for deposits, withdrawals, and hedging, and liquidity will be further optimized.
With the trading pairs expanding like this, the tactics of the newcomers have increased...
KRW trading pair? Exchanges are starting to compete over regions
Another stablecoin, come on
Delta hedging sounds great, but how does it work in practice...
Another synthetic stablecoin, feels like it never ends
Can usde liquidity pick up? That's the key
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Another stablecoin, will it survive the bear market this time?
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USDT/USDE pairing... is it meant to create arbitrage opportunities for us or a trap?
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I understand the logic of synthetic tokens, but I don't know when it might blow up.
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On-chain transparency is a good thing, but I'm worried that lack of liquidity might become a burden.
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Having many trading pairs sounds fancy, but the key is whether they can be traded or not.
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Delta neutrality sounds professional, but in reality, it's just betting on hedging without issues.
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Another new stablecoin? Forget it, I only trust USDC.
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Finally, there's a BTC/USDE pair. Will withdrawals be smoother?
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Another pile of trading pairs? I'm already tired of the term liquidity optimization
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Korean won trading pair? Who the hell would use that to trade
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I don't believe synthetic stablecoins without real reserves; it's bound to have issues sooner or later
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BTC/USDE is here, short hedging... feels like another high-risk thing disguised as innovation
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Is this thing more reliable than USDT? Honestly, it's a bit questionable
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High on-chain transparency? Then I still have to watch its short positions, so troublesome
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The more new trading pairs there are, the more I fear they're just here to harvest retail investors
Wait, in these new trading pairs, USDT/USDE... two stablecoins hedging against each other? That's a bit of that vibe.
I'm optimistic about USDe's transparency, but the real test is whether its liquidity can keep up.
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Another new trading pair, will the liquidity be a trap again?
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KRW trading pair? Is the exchange trying to expand into the Asian market?
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I like the fact that it's fully transparent on-chain, much more reliable than those centralized stablecoins.
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BTC/USDE and USDT/USDE launched simultaneously, what does this imply?
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I've heard quite a few delta neutral strategies, but the key is whether they will actually work without issues.
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Hedging risks sounds simple, but the actual operation is much more complicated...
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Another new trading pair, retail investors are about to fall into the trap.