In this article, you will learn what is Binance Bluebird index. The leading cryptocurrency exchange Binance recently launched the Bluebird Index. Bluebird is a crypto index that tracks the performance of tokens $BNB, Dogecoin ($DOGE) and a lesser known cryptocurrency called Mask Network ($MASK), which allows leverage times up to 25 times.
What is Binance Bluebird Index?
The Binance Bluebird Index is a cryptocurrency index that tracks the performance of the top 50 DeFi (Decentralized Finance) tokens on the Binance Smart Chain (BSC). The index is named after Bluebird, which is the Binance Smart Chain's official mascot.
The Bluebird Index was created by Binance in 2021 to provide users with an easy way to track the performance of DeFi tokens on the Binance Smart Chain. The index is weighted by market capitalization, and the tokens included in the index are reviewed and updated quarterly to ensure that the index remains relevant and accurate.
Investors can use the Bluebird Index to gain exposure to the DeFi market on the Binance Smart Chain without having to buy and manage individual tokens. The index is available for trading on Binance and can be traded against other cryptocurrencies or fiat currencies.
How Does Binance Bluebird Index Work?
Coming back to the Binance Bluebird Index, the modus operandi is pretty direct. Firstly, you can trade it as a perpetual Futures contract. Secondly, unlike the COIN-M Futures, where we use relevant crypto denominations, the Binance Bluebird Index uses the USD -M Index, with the market denominated in USDT.
You can even use it as a crypto index to see the growth across the three current constituents. To access it, you simply need to search for the symbol BLUEBIRDUSDT on the USD-M index page.
To trade the Binance Bluebird Index, you must first log into Binance. Once there, here are the Steps to follow:
Step 1: Head over to the “Derivatives” counter and select the “USD-M Futures.”
Step 2: Once there, select the BLUEBIRD USDT from the symbols page to start trading.
Step 3: You can move funds (USDT) from your Spot wallet to the USD-M wallet for trading.
Step 4: You can set a limit order and place the order. As mentioned, the minimum order value was to be 0.6 BLUEBIRD or 5.640 USDT.
You can either Buy/Long BLUEBIRD or Sell/Short BLUEBIRD. Once the order is placed, you can see them in the Open Orders tab.
And that's how trading the Binance Bluebird Index works.
Bottom Line
Amid the speculations involving payment integrations, NFT marketplaces, and Twitter scaling, the Binance Bluebird Index comes with a lot of hopes. This article is about what is Binance Bluebird Index.
