FXDX just hit the USD 10 mln trading volume since its launch last week Wednesday. Now daily trading volume is solid above USD 2 mln every day, Already beating all other DEX platforms on Algorand after 1 week. Nice.
At the moment people can only trade in the native Algorand coin ALGO, but soon other ASA’s (Algorand Standard Assets) will be introduced as well.
Anxious to see the trading volume in the first month after launch. Looks like this might end up between USD 50 – 100 mln in volume. Not bad for a first month.
FXDX was started in 2021 as a DeFi/Web3 start-up and got accepted by the Silicon Valley crypto accelerator from Draper University and Algorand Foundation in September 2021. In Q4 2021 they did their pre-sales and started building the ICT platform. In May 2022 they did their IDO (Initial DEX offering) on Lattice Exchange. The TGE (Token Generation Event) is still to be announced.
While FXDX is currently live on Algorand, their vision is to become a multi/cross-chain platform. An Ethereum based version is scheduled for launch later this Summer period.