Bitget Launched LSDETH Margin Trading with stETH: What You Need to Know

04/27/2023 05:07 • AI Insights • 81 views

On April 27th, Bitget officially launched LSDETH margin trading, which now supports the use of stETH as the currency based contract function for margin trading. At the same time, Bitget launched related air drop activities, with a total prize pool of 32 stETHs. The event is open from 18:00 on April 26th to 18:00 on May 3rd (UTC+8). It is reported that the pledge voucher obtained by users after pledging ETH is called LSDETH, and the names of LSDETH issued by different service providers vary. For example, stETH is one of them, with 1stETH=1ETH.

Bitget officially launches LSDETH margin

Introduction

On April 27th, Bitget, a leading cryptocurrency trading platform, announced the launch of their latest feature – LSDETH margin trading. This feature allows users to use stETH as the currency for margin trading, providing more flexibility and convenience in trading.

What is LSDETH Margin Trading?

Margin trading is a common practice in the financial world that has now been adapted for cryptocurrencies. It involves borrowing funds in order to make larger trades and potentially increase profits. With LSDETH margin trading, users can now use stETH as the collateral when borrowing funds for margin trading.

Using stETH for Margin Trading

As mentioned earlier, stETH is now supported as the currency for margin trading on Bitget. This means that users can use stETH as the collateral when borrowing funds for margin trading. Additionally, Bitget has also launched a related airdrop activity, with a total prize pool of 32 stETHs.
To participate in the airdrop activity, users can pledge ETH to obtain the pledge voucher called LSDETH. The names of LSDETH issued by different service providers may vary, and stETH is one of them, with a conversion rate of 1 stETH = 1 ETH.

How to Participate in the Airdrop Activity?

The airdrop activity is open from 18:00 on April 26th to 18:00 on May 3rd (UTC+8). To participate, users simply need to follow these steps:
1. Pledge ETH on Bitget to obtain LSDETH.
2. Trade with LSDETH margin trading function.
3. Users with the highest trading volume during the event period will win the airdrop prizes.

Why Choose LSDETH Margin Trading?

There are several benefits to using LSDETH margin trading on Bitget. Firstly, using stETH as the collateral means that users can make larger trades and potentially increase profits. Additionally, Bitget’s margin trading function provides a safe and reliable trading environment, with advanced risk control technology and real-time monitoring of positions.

Conclusion

Overall, Bitget’s launch of LSDETH margin trading is an exciting development for cryptocurrency traders. The use of stETH as the currency for margin trading provides more flexibility and convenience, and the airdrop activity is a great opportunity for users to earn additional rewards. With Bitget’s reliable and secure trading environment, users can trade with confidence and potentially increase their profits.

FAQs

1. What is margin trading?
Margin trading involves borrowing funds in order to make larger trades and potentially increase profits.
2. Can I use other cryptocurrencies as collateral for margin trading on Bitget?
Currently, stETH is the only supported currency for margin trading on Bitget.
3. Is Bitget a safe and reliable trading platform?
Yes, Bitget provides a safe and secure trading environment, with advanced risk control technology and real-time monitoring of positions.
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