Congratulations to the FXDX team for achieving the USD 100 mln trading volume last night on their Algorand derivatives/futures platform. FXDX went live on July 20 this year so the 100 mln volume barrier was reached within their first 6 weeks. So nice ramp-up for a Fintech start-up.
FXDX has been able to already achieve some remarkable progress:
– After 1 week live, they already became the largest decentralized trading venue on the Algorand platform
– From a staking / liquidity provider perspective, they became the Algorand decentralized application (Dapp) with the highest APR (annual percentage rate). Liquidity providers currently receive an APR of 437% per year.
– In their first 6 weeks they already have been able to generate more than 144K in fees (of which 70% is going to liquidity providers and 30% to the platform).
Congratulations to Harish, Abhijit, Daniel and James and looking forward to all the upcoming new assets (SOL, BTC, ETH, ADA) and new functionalities (limit orders) that are going to be launched soon.
From the Boosting Alpha side we have a number of resources involved continuously to do code checks, AWS/GCP setup, security checks etcetera.
FXDX aims to provide a safe and fair trading platform for both traders and liquidity providers where traders can take leveraged positions (up to a factor 30) in digital assets. Currently only the native Algorand digital currency (ALGO) is supported but shortly a host of new digital assets will be supported as well.
#fxdx #derivatives #boostingalpha #dex #futures #trading