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DOTECO USDT composite index perpetual contract was launched by Binance Futures, a USDT margined contract using USDT as collateral. Here, the users could select 1-20x leverage.
Binance, on February 2, 2021, announced the delisting of the DOTECO USDT contract, which will be done on February 19, 2021, at 9:00 (UTC) after conducting an automatic settlement. Notably, delisting is a process where the listed asset is removed from exchange & this delisting generally results when the operations of a project do not meet the requirements of a listing. There could be several factors that conclude to carry out the delisting, including cessation in operations of the project, split or reverse split with a new coin or a hard fork.
DOTECO Composite Index Perpetual Contract consists of a basket of Polkadot Ecosystem protocol tokens whose index price was denominated in USDT and calculated using the weighted averages of the tokens' real-time price. The composite price index is a combination of different instruments meant to measure overall market performance over a given time. This composite index comprises four Polkadot Ecosystem protocols, namely, Dock (DOCK), Reef Finance (REEF), Akropolis (AKRO), Kusama (KSM).
Do you know what exactly happens during delisting and how does it affect the asset? After the asset's delisting, all its trading pairs are removed, and the trading is halted. An official announcement is always released before the trading cessation, and the users can trade until the final cessation. The marked price of the delisted asset will be calculated during the last hour, February 19, as the average price index every second over the last hour, which means a total of 3600 mark price. Notably, the users will not be allowed to open any asset position and can only close the position. If you choose to hold the position until the cessation, it will be settled automatically, but the trading fees will be charged.
It is advisable to close all your open positions at DOTECO USDT Margined contract, if any, before February 19 to avoid the automatic settlement of the position.