KuCoin announces USDT-Margined Polkadot, EOS Perpetual Futures
In an official announcement earlier today, popular exchange KuCoin revealed that it will be launching USDT-Margined Polkadot (DOT) and EOS (EOS) Perpetual Futures at 16:00:00 on 12 October 2020 (UTC+8), supporting 1-50x leverage.
Polkadot, an open-source project founded by the Web3 Foundation, is a sharded protocol that enables blockchain networks to operate together. After its launch in August 2020, its price rose by 200% in 8 days, with DOT currently the 8th largest cryptocurrency by market cap.
EOS, a platform that’s designed to allow developers to build decentralized apps, is the 14th largest cryptocurrency by market cap and has been trending lately following the announcement of Google Cloud joining the EOS network.
The addition of these tokens comes after KuCoin’s 24 September announcement that confirmed the listing of USDT-Margined Chainlink (LINK) Perpetual Futures.
KuCoin’s listing of these tokens has quickly gained popularity and these crypto-assets are certainly in demand, something that does not come as a surprise to many users. However, what does raise some questions is the timing of this listing.
Just two weeks ago, KuCoin was the target of a major hack, following which, it halted all activities on the exchange, including deposits and withdrawals. While the exchange has since been working towards resuming services fully, only 70 out of the 210 cryptocurrencies have had withdrawal services renewed.
The pace of normality returning to KuCoin juxtaposed against the exchange announcing new listings did not meet great reactions.
We have been told that Kucoin is currently working on 5 new listings and various marketing campaigns.
We naturally replied that surely returning current user funds is more important than listing new tokens. We were told they must also focus on “regular operations”.
— Jag Singh (@JagSinghVid) October 9, 2020
In fact, some like $VI founder Jag Singh have alleged that less popular altcoins are not given the same priority as some others. According to him, KuCoin is yet to present a resolution or clarity on when withdrawal services will resume and when user funds will be returned.