Yesterday we implemented the first futures expiry on the Flow cryptocurrency: 50% of the futures on the UTEX user accounts were written off, with the corresponding amount of coins (the futures’ underlying asset) being credited to the user's exchange wallet.
At the same time, trading in the Flow coin began on UTEX. In the upcoming days, we will finish setting up the Flow token withdrawals to third-party wallets.
Delivery of the underlying asset at expiration is mandatory for trading futures on Flow. The expiration of this contract is split into several stages: each time we write off a certain share of futures on user accounts and accrue the Flow crypto on their accounts in a ratio of 1:1.
The next expiration is scheduled for December 21.
Flow is a native currency built on top of the Flow blockchain developed by Dapper Labs, famous for their CryptoKitties game. The Flow network is designed for capacious decentralized applications, primarily games and various NFT services. One of the Dapper Labs partners is the NBA Association, together with which the company has been developing the NBA Top Shot NFT marketplace.