You can’t miss it! 👇
Five promotions to celebrate the launch of cross-margin mode
The cross-margin mode on spot accounts was officially launched. With the “Auto-Borrow & Repay” feature, the new mode will vastly enhance our users’ trading experience. To celebrate the debut of cross-margin trading on Poloniex and to give back to users, we are launching the “Five Promotions to Celebrate the Launch of Cross-Margin Mode” campaign. Click here to get a chance of sharing the 100,000 USDT prize pool!
Invite & earn 80% commission, Only on Futures Championship
From now on, if you invite your friends and family to sign up for the Futures Championship, you will earn an 80% commission, which is the highest in the industry. The Poloniex Futures Championship officially started on December 10, which allows participants to have the chance of winning a new iPhone, Tesla, and Maserati.
Last Saturday, 54 lucky draw winners claimed ≈ 19 USDT per person with the lucky number “1”, which indicated the single-digit value of the closing price of the Poloniex BTC perpetual contract on that day.
The championship consists of five contests, including a Daily Lucky Draw, which anyone can qualify for as long as they have traded ≥100 USDT in futures daily. If you hit the leaderboard in our Top Performer contest throughout the 20-day championship, you will get the chance of winning.
Alongside the 5 changes and benefits on Poloniex Futures, you will increase the odds of winning the prizes.
What are you waiting for? Click here to act now!
Market Watch!
BTC trades above $17,000, SBF arrested in Bahamas
The biggest news this week is Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was arrested in the Bahamas on Monday local time after U.S. prosecutors filed criminal charges. But, Bitcoin (BTC) is still trading above $17,000 at the time of writing. Ethereum (ETH), the second-biggest cryptocurrency, is at $1,272 by press time. As for the 24H Gainers on Poloniex, they are ARG / USDT, VOLT / USDT, POL / USDT, DASH / BTC, OP / USDT and ZEC / USDT.
So, what happened lately?
Poloniex Adds Cross-Margin Mode for Spot Trading
Poloniex launched the cross-margin mode for spot trading to further enhance users’ trading experience in an ever changing market.
With up to 3x leverage, Poloniex’s cross-margin mode enhances users’ capital and financing flexibility. It features a unified spot and cross-margin account so that users don’t need to transfer assets to a different margin account. This makes the operation more convenient.
Poloniex’s cross-margin mode also comes with auto-borrow and repay functions. After the user enables “auto-borrow” on the trade page, they can initiate a loan when trading, transferring, or withdrawing tokens.
The user’s maximum borrowable amount will be determined according to the overall margin level of the user’s spot account. As for the “repay” capability, every time a user trades, transfers or deposits a token, the asset will be used to automatically repay the loan while avoiding additional interest burdens on the user.
Currently, Poloniex supports USDT, BTC, ETH, and TRX as margin assets, and will support more in the future.
Ethereum’s next hard fork target March 2023
Ethereum has tentatively set March 2023 for its next hard fork, dubbed the Shanghai hard fork, which will allow withdrawing staked ETH (aka stETH) and its related applicable rewards.
Although The Merge, which changed the network from Proof of Work to Proof of Stake, was completed on September 15 2022, stETH is currently locked, according to CoinTelegraph.
The token itself was created by the decentralized finance protocol Lido, with close to 3.5 million stETH in circulation. On a side note, it’s expected that the Ethereum Improvement Protocol (EIP) 4844 will be upgraded next May or June with the introduction of proto-danksharding to the network to lower the transaction fees on layer-2 solutions. This will not affect ETH gas fees.
Do Kwon in Serbia — South Korean authorities
Terraform Labs co-founder Do Kwon is in Serbia, according to South Korean prosecutors, but the two countries have no extradition treaty.
After the imposition of Luna and TerraUSD in May, South Korean prosecutors launched their investigation related to fraud and market manipulation as investors filed a complaint against Kwon.
In September, Interpol issued a “red notice”, which directs law enforcement authorities worldwide to locate and provisionally arrest Kwon. This, upon request by South Korean authorities. However, Kwon has denied any wrongdoing.
Kwon’s whereabouts come a week after a Seoul court dismissed an arrest warrant for Daniel Shin, another founder of Terraform.
New Listings on Poloniex
Here’s what we’ve listed recently:
New Coins
⚽️Fan tokens
Peruvian National Football Team Fan Token (FPFT)
Brazil National Football Team Fan Token (BFT)
Spain National Football Team Fan Token (SNFT)
Futures
Polopedia
We just launched our cross margin mode for spot trading, and along with it released our primer on just what that means and how you can use the new trading mode on Poloniex!
Cross margin mode for spot trading on Poloniex
Crypto Glossary
Cross margining is the process of offsetting positions when the margin is excessive to prevent liquidation. Starting from December 9, Poloniex allows Spot Account users to use the cross-margin mode to automatically sell the collateral assets to repay the borrowings in case the risk level is too high to trigger liquidation. The advantages of cross-margin trading is to increase a firm’s or individual’s liquidity and financing flexibility and it’s a strong risk management tool in volatile markets. Click here to learn more!
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Volt Inu Christmas Offering: Complete Tasks for a Share of 41,000,000,000 VOLT! (12/12–12/19/22)
Volt Inu Christmas Offering: Complete Tasks for a Share of 41,000,000,000 VOLT!
Five Promotions to Celebrate the Launch of Cross Margin Mode! (12/9–12/29/22)
Five Promotions to Celebrate the Launch of Cross Margin Mode!
Trade Dominica’s National Token and share 50,000 USDT! (12/7–12/14/22)
Trade Dominica's National Token and share 50,000 USDT!
$11,000 Giveaway to Celebrate the Listing of Bitcicoin (BITCI)! (12/7–12/15/22)
$11,000 Giveaway to Celebrate the Listing of Bitcicoin (BITCI)!
Poloniex Futures Championship: Join to Win a Maserati & $1,000,000 Rewards! (12/10–12/30/22)
Poloniex - Crypto Asset Exchange
Poloniex FIFA World Cup Carnival: Trade Fan Tokens to Split $100,000! (10/24–12/19/22)
Poloniex - Crypto Asset Exchange
The community megaphone📢
Highlights from the community
Poloniex Exchange on Twitter: "@Poloniex took part in the BIT IN RIO 2022🥳Many crypto influencers, companies and experts shared their insights on the industry during this event.Thanks @criptofacil for inviting us🤝 https://t.co/GX10guGQf6 / Twitter"
@Poloniex took part in the BIT IN RIO 2022🥳Many crypto influencers, companies and experts shared their insights on the industry during this event.Thanks @criptofacil for inviting us🤝 https://t.co/GX10guGQf6
Poloniex Exchange on Twitter: "We've asked @OpenAI's new chatbot, ChatGPT, about Poloniex and Futures Championship!🤖#ChatGPT suggests using Poloniex and says you should definitely participate in the Futures Championship! Don't miss the chance to win a Maserati!🏎️🎁🎄https://t.co/JFdz0oxmE6 pic.twitter.com/pc2iJsWbDZ / Twitter"
We've asked @OpenAI's new chatbot, ChatGPT, about Poloniex and Futures Championship!🤖#ChatGPT suggests using Poloniex and says you should definitely participate in the Futures Championship! Don't miss the chance to win a Maserati!🏎️🎁🎄https://t.co/JFdz0oxmE6 pic.twitter.com/pc2iJsWbDZ
Poloniex Exchange on Twitter: "Poloniex ranks 11th among exchanges on @coingecko!🥳Thanks to our users for their constant support🤗 We will continue to work hard to provide you the best experience!❤️ pic.twitter.com/pLEA6XK8Hh / Twitter"
Poloniex ranks 11th among exchanges on @coingecko!🥳Thanks to our users for their constant support🤗 We will continue to work hard to provide you the best experience!❤️ pic.twitter.com/pLEA6XK8Hh
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏
Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
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