MARGINX, WORLD’S FIRST COMMUNITY-BASED DECENTRALIZED EXCHANGE, LAUNCHES ON FUNCTION X BLOCKCHAIN
GEORGE TOWN, Cayman Islands, 8 November 2022 /PRNewswire/ — MarginX, the world’s first community-based decentralized exchange (DEX), is launching on the Function X blockchain today. It runs on a first-of-its-kind multi-chain and off-chain infrastructure that allows investors to trade with near-zero gas fees, ultra-high throughput and liquidity, and full ownership and transparency.
During the beta test in August this year, the DEX accumulated a total transaction volume of more than 45 billion USDT. Currently, with a small group of invited users, the number of transactions on MarginX continues to steadily climb over 48 million, with the most up-to-date figures found on Function X StarScan (https://starscan.io/).
“Today marks a milestone for not only MarginX, but the DeFi ecosystem, as we push forward the notion of true decentralization, upholding the values of community and ownership through our unique DEX infrastructure,” said Dr. Danny Lim, core contributor to MarginX. “We are excited to build on the Function X blockchain, as it provides us with the multi-chain architecture and EVM compatibility that sets the right DeFi environment for MarginX and its future DeFi protocols.”
MarginX: A truly decentralized DEX for the community
As the world’s first community-based DEX, MarginX is committed to being a contributor-driven, fully decentralized blockchain infrastructure. To elaborate further, DEX can be defined by the following key features:
1. Super low transaction fees
MarginX runs on a multi-chain, cross-chain and para-chain infrastructure that allows the platform to handle a throughput of 2,000-20,000 transactions per block, while reducing congestion in the blockchain – thus maintaining gas fees as low as 0.003 USDT per transaction. fees as low as 0.04%.
2. Users control their assets
Funds are traded through non-custodial wallets, and all transactions take place on-chain so that they are secure, verifiable and transparent. Currently, MarginX supports f(x)Wallet and is designed to support all decentralized wallets (ie MetaMask, Trust Wallet) through WalletConnect in the near future.
3. Full visibility and access
All transactions are executed on-chain and recorded on the blockchain. These include not only order matching, creation and cancellation, but also financing interest settlement, liquidation and management. Anyone can track and scrutinize these records, forming a fair system of checks and balances.
4. Connect TradFi and DeFi
MarginX lays the foundation on which other DeFi products can be built, including equity-based derivatives or traditional financial assets. DEX allows anyone to design and build their own DeFi products on the blockchain, providing tools that bridge the gap between old and new traders in the financial world.
5. By the community, for the community
At MarginX, every stakeholder, be it a developer, community leader or a trader, has a say through its governance framework. The MarginX tool NFT system also determines each user’s voting rights, trading discounts and referral fees, which builds a sense of community and offers users an additional and perpetual source of returns.
Additionally, in never-before-seen DEX style, MarginX offers a paper trading platform (https://demo.marginx.io) which runs parallel to the live trading platform. This is to allow new users to learn easily using test tokens, to trade safely in the real world.
“Our goal is to get people to think of MarginX as more than just a DEX – it’s an entire infrastructure on which DeFi protocols can be built,” said Dr. Shin Liang Chin, core contributor to MarginX. “The sky’s the limit when it comes to future partnerships and developments, and we’re excited to be at the forefront of such a direction for the industry. We hope to make finance more accessible, more transparent and safer for everyone through the use of blockchain technologies. “
Currently, MarginX facilitates trading with cryptocurrency-based perpetual contracts for BTC, ETH and FX. Consistent with the values of community and ownership, MarginX will not involve any ICO, IEO, token sales or NFT salesto level the playing field for everyone.
For more information, please see our media kit (https://bit.ly/mxmedia) or our website (https://marginx.io).
About MarginX
MarginX is the world’s first community-based decentralized exchange built on the Function X network, and runs via a multi-chain and on-chain infrastructure. It aims to bridge the traditional financial markets and cryptocurrency world by offering a platform where investors can buy, sell and create derivative products of any financial asset, and where all stakeholders have a say in the platform’s future.
SOURCE MarginX
