An under-the-radar, low-cap Ethereum (ETH) competitor soared more than 61% this week as a wave of exchanges launched perpetual futures contracts for its native assets.
Ark (ARK) is an open-source, typescript-based, layer-1 blockchain protocol that aims to be simple and efficient.
The project’s native token is trading around $0.607, up from $0.375 a week ago. The 219th-ranked crypto asset by market capitalization is also up nearly 11% in the past 24 hours.
The project’s gains materialized this week when three notable exchanges launched ARK perpetual contracts. Binance, the largest crypto exchange in the world by trading volume, rolled out its ARK/USDT perpetual contract on Tuesday with up to 10x leverage.
Also on the same day was Seychelles-based crypto derivatives trading platform Deepcoin launched an ARK/USDT perpetual contract.
And on Friday, also the Seychelles-based crypto exchange KuCoin started offering an ARK/USDT-M perpetual contract. KuCoin’s contract has leverage of up to 20x.
Futures trading is extremely risky, with the potential for big profits and devastating losses. It allows users to enter positions larger than their account balance, and perpetual contracts have no expiration date.
Despite ARK’s share price gains this week, the asset remains 94% lower than its all-time high of $10.22, which it reached in January 2018.
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Featured image: Shutterstock/jovan vitanovski/Sensvector