The cryptocurrency landscape is experiencing a dynamic week as new entrants continue to emerge in the markets. Back in 2021, one could easily count the number of L2 solutions, with smart contract networks achieving significant gains. However, in the current scenario, even the hyped projects from the peak periods seem to be forgotten. This indicates a strong competitive environment. Binance is now launching futures trading for a new player.
Introducing Stable (STABLE)
Binance recently announced that it will activate the STABLEUSDT pair in futures trading. The listing was completed today. Pre-market futures are expected to exhibit strong volatility, and Binance permits leverage of up to 5x for this pair.
Stable is a public stablecoin network project supported by Bitfinex and USDT0. It can be considered a different version of Plasma. It is launched as an EVM-compatible layer1 and will have a total supply of 100 billion.
Futures Contracts and Market Expectations
Pre-market futures contracts will eventually evolve into perpetual futures contracts, and spot trading pairs are likely to be activated as well. The supply is 10 billion, and according to Polymarket data, there is a 26% probability for a $4 billion FDV (Fully Diluted Valuation).
Based on the FDV/Supply calculation, we see a potential price of 0.04 USD. Futures trading might witness prices around 0.04 dollars based on FDV estimates. However, when this target is adjusted to $1 billion (with the Polymarket ratio also increasing accordingly), a target price of 0.01 dollars emerges.
The listing just took place a few minutes ago, and the price lingering at 0.06 dollars is significantly beyond the FDV target. In the coming hours, it appears that the gap in the price chart will widen further.
