THELOGICALINDIAN - Innovative acquired articles advance the Hong Kongbased barter up the rankings
Cryptocurrency barter FTX has become the fifth better barter by aggregate on the aback of presidential action tokens and advantage coins. Assets like TRUMP and XRPBEAR affairs accept entered the fray.
FTX Pushed to the Front
FTX is now the fifth better barter by adapted trading aggregate in the world, according to the company’s Vice President Brian Lee.
FTX has positioned itself aloof beneath BitMEX with $1.1 billion both in appear and adapted trading volume. Huobi Global ranked the first, with $6.9 billion in adapted volume, while OKEx, Binance, and BitMEX saw a $6.5, $4.2, and $3.7 billion volume, respectively.
While the barter doesn’t alike rank amid the top 30 on best added abstracts aggregators, FTX claims that its avant-garde screening alignment allows it to clarify through what it deems “fake volume” from exchanges, advancing as abutting as accessible to the accurate trading volume, it claims.
The abstracts accession was done by the Alameda Research, a quantitative cryptocurrency trading close that owns FTX, and is declared in detail in the company’s volume report.
The exchange’s attack into crypto distinction comes aloof canicule afterwards its built-in token, FTT, saw a major surge. The $200 actor bazaar cap bread has apparent its amount acceleration 35% back the alpha of the year, best acceptable due to the acceptance of the company’s presidential action tokens.
TRUMP Coins and Leveraged Tokens See Success
Introduced in January, FTX’s President 2020 coins acquiesce users to bet on the accessible U.S. presidential election. The barter currently lists six coins, anniversary one apery one of the presidential candidates: Donald Trump, Joe Biden, Bernie Sanders, Michael Bloomberg, Elizabeth Warren, and Pete Buttigieg.
The TRUMP, BIDEN, BERNIE, BLOOMBERG, WARREN, and PETE bill are futures affairs that expire to $1 if the basal applicant wins the 2020 accepted presidential election. If the applicant loses the election, the arrangement is set to expire to $0.
Sam Bankman-Fried, the CEO of FTX, said that the coins’ amount was set to easier to accept the arrangement and account the odds—if a bread is account $0.50, that agency that the bazaar believes there is a 50% adventitious its basal applicant will win the election.
However, while the aggregate of the President 2024 bill has surged in the accomplished month, Bankman-Fried said that it still represents a baby allotment of FTX’s all-embracing volume. Speaking on the Coinist podcast, he explained that best of the exchange’s aggregate comes from its added acquired products—leveraged tokens.
The barter lists 93 BULL and BEAR tokens, anniversary alms 3x leverage. For example, FTX’s EOSBULL is an ERC-20 badge that provides allotment that corresponds to three times the circadian acknowledgment on EOS. Likewise, the EOSBEAR badge seeks a acknowledgment of -3 times the circadian acknowledgment of EOS.
That agency if EOS goes bottomward 1%, EOSBEAR goes bottomward 3%. The leveraged tokens get their exposure to the basal asset through abiding futures.
Two weeks ago Binance listed four FTX leveraged tokens—EOSBULL, EOSBEAR, XRPBULL, and XRPBEAR. Expect added banking addition as exchanges vie for this advantageous articulation of traders.
