The governance token of the Ampleforth protocol, FORTH, surged as much as 15% today after Binance Futures announced the launch of a USDT-margined perpetual contract for the token. The contract is set to go live on April 8 at 08:30 AM UTC, according to an official statement from Binance.
Binance Futures Adds FORTH Perpetual Contract
The newly introduced FORTHUSDT perpetual contract will offer up to 20x leverage and will be available for multi-asset mode trading, enabling users to margin the contract with a variety of supported assets, such as Bitcoin (BTC) and others listed on Binance.
The maximum funding rate at launch will be capped at +2.00% / -2.00%, with funding fee calculations occurring every four hours.
Binance’s move to add support for FORTH derivatives appears to have excited traders and investors alike. Within minutes of the announcement, FORTH spiked from $2.24 to $2.58, just shy of its monthly peak of $2.60.
Strong Bounce From Recent Lows
This sharp price action follows FORTH’s recent plunge to a new all-time low of $1.89 on April 6, making today’s surge even more remarkable. At press time, the token is up 12.4% on the day and is trading around $2.53, according to CoinGecko.
Over the past week, FORTH has shown a modest 3% increase, but remains down over 11% in the last 30 days. Today’s rally, however, signals renewed short-term momentum and market interest.
What Is FORTH?
FORTH is the governance token of the Ampleforth protocol, a unique rebasing crypto project designed to adjust its supply daily in response to demand. Launched in 2022, FORTH enables holders to vote on proposals, delegate votes, and participate in the ecosystem’s development.
Market Outlook
The listing of derivatives on Binance often acts as a catalyst for token activity, as it increases liquidity, enables leveraged trading, and brings more visibility. While the long-term direction of FORTH remains to be seen, today’s reaction illustrates the growing influence of futures markets on crypto asset prices.
