Contracts for the Gram cryptocurrency appeared on the XENA exchange before the official launch of the Telegram Open Network. From February 28, only a limited circle of users of the platform could trade in altcoin derivatives. Since March 12, they have become available to all customers of the site.
Unlike futures, open-ended contracts have no expiration date, they also support large leverage (up to 100x) and have built-in mechanisms that should protect traders from volatility and accidental liquidation of positions. These derivatives are an agreement to purchase a Gram token at a predetermined rate.
Representatives of the trading platform said that this event is a significant step towards the liquidity of GRAM, since investors of the blockgram project Telegram TON will be able to trade contracts until the actual release of GRAM tokens to the exchanges.
“This is a significant step for the entire cryptocurrency market. The GRAM Token is important to the community and therefore has significant potential in the form of a derivative contract. This is the first case on the cryptocurrency market when contracts are used not only for speculative operations for profit, but also for hedging risks, ”said Anton Kravchenko, CEO of Xena Exchange.
Even before the opening, Xena Exchange contracts were seriously criticized by representatives of the Russian Association of Cryptoindustry and Blockchain (RACIB). Valery Petrov, vice president of the market development and regulation organization, said that speculators are interested in this initiative and they want to make money on those who "do not know much about the intricacies of stock trading."