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Informazioni sui Binance Leveraged Token

Binance
2021-03-03 10:02
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I Binance Leveraged Tokens (BLVT) sono asset negoziabili sul mercato spot di Binance che offrono di aprire esposizioni con leva degli asset sottostanti. Diversamente dal trading con leva, puoi goderti guadagni maggiori offerti da un prodotto con leva finanziaria dover gestire collaterali, mantenere il margine di mantenimento, o preoccuparsi del rischio di liquidazione.
La prima coppia di BLVT è BTCUP e BTCDOWN. BTCUP mira a generare guadagni con effetto leva quando il prezzo di Bitcoin sale, mentre BTCDOWN mira a generare guadagni con effetto leva quando il prezzo di Bitcoin scende
Prima di iniziare con i BLVT, è necessario accettare e dare consenso ai termini e condizioni elencati in Binance Leveraged Token Risk Disclosure.
Informazioni sui Leveraged Token
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Ogni BLVT rappresenta un insieme di posizioni aperte sul mercato dei futures perpetui. Per esempio, un insieme di token BTCUP può consistere in 123.456,78 contratti futures BTCUSDT.
Il valore d'asset netto (NAV) si riferisce al prezzo di un leveraged token. Il prezzo dei leveraged token tiene traccia della variazione dell'importo nozionale delle posizioni dei contratti perpetui nel paniere e delle variazioni dei multipli del livello di leva finanziaria.
Unlike conventional leveraged token, Binance Leveraged Tokens do not maintain a constant leverage. Instead, Binance Leveraged Tokens maintain a constant target leverage range between 1.25x and 4x. This would maximize profitability on upswings, and minimize losses to avoid liquidation.
The true target leverage level is constantly changing and hidden from outside observation. The target leverage of the rebalance is not shown to observers or algorithms and unpredictable to reduce the vulnerability of front-running tactics. At all times, the token info page will always show the “realized” target leverage post rebalancing event.
Real leverage ratio is the actual leverage ratio held by the algorithm. Real leverage ratio changes when the ratio of futures position (notional value) to fund size.
Real Leverage Ratio = Futures Position (notional value in USDT) / Fund Size
Notes:
Futures position (notional value) = Number of contracts x Price of BTCUSDT futures
Fund size = Number of tokens issued x NAV
For example, the token information of BTCUP is as follows:
  • Number of tokens issued = 10,000 BTCUP
  • NAV = 10,000 USDT
  • Basket = 18,000 BTCUSDT futures
  • Price of BTCUSDT = 10,000 USDT (the exact number is not disclosed to avoid frontrunning)
The fund size of BTCUP would be $100 million (10,000 BTCUP * 10,000 USDT). BTCUP would have a total futures position of $180 million in the basket. The real leverage ratio would be 1.8x ($180 million/$100 million).
Target leverage ratio is decided by the algorithm in case of a rebalancing event. It will always be between 1.25-4x, but the exact number will be confidential. The target leverage ratio on the token info page will be the realized target leverage post-rebalancing event. If the real leverage ratio is out of target leverage range, Binance Leveraged Tokens will rebalance to make sure the real leverage ratio is within the target leverage range.
For example, BTCUP’s initial real leverage ratio is 1.8x. When the BTCUSDT perpetual futures price moves up by another 50%, the real leverage ratio will decrease. If the real leverage ratio decreases to 1.25x and below, the algorithm will decide a new target leverage ratio and rebalance mechanism will be triggered. If the algorithm decides to bring the real leverage ratio to 1.75x (target leverage range), the algorithm will increase futures positions based on the new targeted leverage ratio predetermined by the algorithm.
Since Binance Leveraged Tokens are not forced to maintain a constant leverage, Binance Leveraged Tokens rebalance on an as-needed basis only such as during extreme market movements only. For more information, please refer to About Rebalance.
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