TLDR
- BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract.
- The index tracks the highest 10 memecoins by market capitalization.
- It gives merchants publicity to a number of memecoins via a single contract.
- The index is rebalanced month-to-month to replicate the best-performing memecoins.
- The contract gives up to 25x leverage and is USDT-margined.
BitMEX, a number one cryptocurrency derivatives trade, has launched a novel product to capitalize on the rising reputation of memecoins.
On Thursday, July 4, the trade launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, providing merchants a singular approach to acquire publicity to the highest 10 memecoins out there via a single instrument.
Introducing the BitMEX Meme Basket Index Perp – the S&P500 for crypto memecoins. It’s your gateway to get publicity to all the highest meme cash directly, like $PEPE, $SHIB, $WIF, $DOGE, and $BONK.
Be part of our $500 Giveaway:
1. Comply with @BitMEX, Like & RT
2. Tag 3 mates + @BitMEX
3.… pic.twitter.com/S3IK9rhGyc— BitMEX (@BitMEX) July 4, 2024
This new product is designed to simplify memecoin buying and selling by offering a complete contract that capabilities equally to the S&P 500 index, however for crypto memecoins.
The BitMEX memecoin basket index is constructed as a weighted common price of the highest 10 memecoins by market capitalization, with the constituents rebalanced month-to-month to make sure it continues to trace the best-performing memecoins on this unstable sector.
BitMEX CEO Stephan Lutz defined the rationale behind the brand new providing:
“The MEMEMEXTUSDT perpetual swap allows traders to easily diversify their exposure across the top memecoins and capitalize on the latest market trends – all while managing risks effectively.”
This strategy addresses the challenges confronted by merchants in navigating the customarily overwhelming and quickly altering memecoin panorama.
The MEMEMEXTUSDT contract is a USDT-margined linear perpetual swap that gives up to 25x leverage. Its specs embody a maker charge of -0.015% and a taker charge of 0.075%, with a base preliminary margin of 4.00% and a base upkeep margin of two.00%. Every contract represents 0.0001 MEMEMEXT, with quite a bit measurement of 1000.
One of many key benefits of this basket index is its potential to enhance liquidity. By consolidating a number of memecoins right into a single index, BitMEX goals to allow merchants to execute their trades at extra favorable costs. This function could possibly be significantly engaging to retail merchants who’re cautious in regards to the excessive volatility typically related to particular person memecoins.
The launch of this product comes at a time when memecoins have seen vital development and curiosity from the crypto neighborhood.
The present memecoin market cap stands at roughly $42.5 billion, with the highest 10 memecoins accounting for over $35 billion of this complete. Well-liked memecoins like Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk are amongst these included within the index.
To rejoice the launch, BitMEX is providing a prize pool of up to $10,000 in USDT to merchants who make the most of the MEMEMEXTUSDT contract.
The trade has set up three reward classes, together with one for the primary 400 merchants who obtain a minimal of $50,000 in buying and selling quantity, one other for the highest 10 merchants in a high 50 leaderboard, and a 3rd for verified customers who deposit not less than $1,000 and commerce a minimal of $10,000.
This new product launch is a part of BitMEX’s ongoing technique to increase its vary of buying and selling merchandise and cater to evolving market calls for. It follows different latest initiatives by the trade, such because the introduction of BitMEX Choices and a Bitcoin perpetual swap providing up to 250x leverage.