OKX Launches USELESS/USDT and NEWT/USDT Perpetual Futures on July 25

OKX, a leading global cryptocurrency exchange, has announced the launch of two new perpetual futures contracts for the digital assets USELESS/USDT and NEWT/USDT, set to debut on July 25, 2023, at 10:00 UTC and 10:15 UTC, respectively [1]. This move expands OKX’s derivatives offerings, reflecting its commitment to fostering innovation in the crypto market. Perpetual futures, distinct from traditional futures, allow traders to hold positions indefinitely without expiry dates, relying on a funding rate mechanism to align perpetual prices with spot markets. These contracts also offer leverage, enabling traders to amplify gains while managing risks through margin requirements [1].

The introduction of USELESS and NEWT perpetual futures highlights the growing interest in alternative cryptocurrencies with evolving utility models. Useless Coin (USELESS), initially a meme coin, has transitioned to a utility-focused project with decentralized applications (dApps) for passive income and community engagement. Its tokenomics include burn mechanisms and reflections to incentivize long-term holders. Newton Protocol (NEWT), on the other hand, aims to build a decentralized infrastructure supporting digital identity solutions, supply chain traceability, and DeFi applications, emphasizing real-world adoption [1].

The strategic timing of the launch underscores the potential for volatility in newly listed assets. Traders are advised to approach these opportunities with caution, given the inherent risks of leveraged trading and liquidity fluctuations. Key strategies include rigorous due diligence on the underlying projects, starting with smaller positions, and monitoring funding rates to assess profitability. Technical analysis and awareness of market sentiment—driven by project updates and community activity—are also critical for navigating price movements [1].

OKX’s role as a trusted exchange is pivotal in facilitating these innovations. The platform’s advanced tools, robust security, and high liquidity position it as a reliable hub for traders seeking exposure to emerging assets. By listing USELESS and NEWT, OKX not only diversifies its product suite but also amplifies the visibility of projects transitioning from speculative to utility-driven models. This aligns with broader trends in the crypto ecosystem, where platforms increasingly act as gateways for retail and institutional participants to access nascent technologies [1].

The decision to introduce these perpetual futures reflects OKX’s alignment with market demand for diversified derivatives. While the leveraged nature of perpetual contracts offers opportunities, it also necessitates disciplined risk management. Traders must weigh the potential for amplified returns against the risks of liquidation, particularly in fast-moving markets. The absence of expiry dates further complicates position management, requiring continuous monitoring of funding rates and margin levels [1].

As the crypto derivatives market matures, OKX’s expansion into new assets underscores the sector’s capacity for innovation. The launch of USELESS/USDT and NEWT/USDT perpetual futures exemplifies how exchanges are adapting to the evolving needs of traders, balancing accessibility with the complexities of decentralized finance. This development also signals confidence in the long-term viability of projects like Useless Coin and Newton Protocol, which aim to bridge the gap between speculative interest and tangible applications [1].

Source: [1] [title1Unlocking Potential: OKX Unveils Exciting New Perpetual Futures] [url1https://coinmarketcap.com/community/articles/688341ae2fb07463b9e43784/]