Crypto alternate BitMEX has introduced a brand new index that permits merchants to achieve publicity to the highest 10 memecoins.
Crypto derivatives alternate BitMEX has introduced the launch of a brand new basket index, the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which supplies merchants publicity to the highest 10 memecoins by market capitalization because the buying and selling platform seeks to supply new methods for merchants to capitalize on the memecoin frenzy.
The Seychelles-headquartered alternate revealed in a press launch shared with crypto.information that the brand new index is traded in pair in opposition to Tether‘s USDT stablecoin, constructed as a weighted common value of the important thing memecoins, and is “rebalanced month-to-month.”
BitMEX chief govt Stephan Lutz stated the index launch was a response to a “rising urge for food from BitMEX customers to get in on the motion,” including that the brand new product is aimed to simplify buying and selling by providing a single product that eliminates the necessity to navigate by way of an enormous array of memecoins.
“The sheer variety of meme cash could be overwhelming, making it difficult for merchants to seek out their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.”
Stephan Lutz
The alternate hopes that by aggregating a number of memecoins right into a single index product, the contract can present “improved liquidity, enabling merchants to extra simply execute their trades at beneficial costs.” The contract specifics embrace a maker charge of -0.015% and a taker charge of 0.075%.