Binance Announces Support for Phala Network (PHA) and dForce (DF)

In a recent development, crypto exchange Binance announced support for Phala Network (PHA) soon following its massive 260% rally over the past week.

Crypto exchange Binance recently announced that it will soon be listing Phala Network (PHA) following its massive 260% rally over the past week. This announcement comes as the exchange is planning a strategic expansion of trading options for the PHA token.

On Monday, December 30, Binance announced the launch of USDT-margined perpetual contracts for Phala Network (PHA), offering up to 75x leverage for high-risk, high-reward trading opportunities. The crypto trading platform will also support these contracts in Multi-Assets Mode, allowing users to use multiple assets, such as BTC, as margin for trading.

Phala Network is gaining popularity as the execution layer for Web3 AI, enabling artificial intelligence to interact with blockchain platforms and breaking down barriers for the first billion users joining Web3.

Phala Network (PHA) Price Surges 7.37%

After the Binance listing, the PHA price surged by another 7.37% and is currently trading at $0.4619, extending its weekly gains to 275%. The daily trading volume also jumped by 20% to $475 million. Furthermore, according to CoinGlass data, the open interest for Phala Network increased by 9.94% to $16.83 million.

In a recent development, Phala Network is collaborating with an AI agent framework ai16z to launch the 2.0 version of its network. Phala combines privacy-first cloud computing with AI to create secure agents capable of handling sensitive tasks. The integration of AI and Trusted Execution Environments (TEE) has been gaining attention.

Moreover, ai16z is supporting Phala Network’s TEE functionality, which will drive increased adoption among AI agents. Analysts suggest that the network could reach its previous all-time high of $1.40 within the next few months. The next consecutive targets for PHA price are 50 cents and 70 cents, breaking past which we can see a rally past $1.0.

Binance Adds Support for dForce (DF)

In addition to Phala Network, crypto exchange Binance also announced support for dForce (DF) with a similar 75x leverage for the asset. Over the past month, the DF price has also surged by 120% moving closer to 10 cents.

dForce (DF) saw a significant increase of 120% over the past month and a 15% rise in the last 24 hours. The token was priced at $0.099, with fluctuations ranging from $0.076 to $0.1277. It currently holds a market capitalization of $91 million and a trading volume of $159 million.