Bitget, a crypto exchange, has recently announced the inclusion of liquid staking derivatives as a margin option for BGB-margined futures, making it the first centralized exchange to bring such a product to the market.
Bitget Margined Futures is a product designed for cryptocurrency enthusiasts that supports various futures trading pairs, accepting multiple currencies as margin.
By introducing Liquid Staking Derivatives (LSD) as collateral, traders can now access the liquidity of staking assets without withdrawing them.
Bitget currently supports stETH as collateral and is planning to expand support for other assets to back LSD in the future.
According to Gracie Chen, the Managing Director of Bitget, the introduction of LSD as a margin option will give users more flexibility and diverse trading strategies, fueling further innovation and growth in the cryptocurrency derivatives market.
Using LSD as margin will provide increased flexibility and diversification, allowing users to manage risk more effectively and potentially offering a more efficient way to use staking assets for trading.
This can be beneficial for traders who want to expand their trading strategies beyond holding cryptocurrencies.
Furthermore, by earning staking rewards while providing liquidity for trading, LSDs can potentially increase the liquidity of staking assets, creating a more dynamic trading ecosystem and potentially increasing the overall value of staking assets.
Bitget’s move to include LSD as a margin option is a cutting-edge feature that adds to its many innovative products, further solidifying its position as a leading crypto derivatives trading platform.
Bitget is currently one of the top 5 derivatives trading platforms, according to Coingecko.
This week, Bitget also updated the BGB burning mechanism and listed the token on Bitfinex, further expanding its reach in the crypto market.