CEO of Digitex Adam Todd discussed prior to the event that it was going to be “hard to lose” on the Digitex exchange throughout the insanity as orders would be quickly filled– and he was right. The exchange saw 5x more users trading on this market contending for market maker losses and exciting over the liquidity and simple revenues.
In a 24-hour long campaign called Monday Madness, Digitex Futures set its market makers to lose an incredible 1 million DGTX for traders to win. After the success of the event which saw Digitexs $1 tick size BTC market reach a 24-hour trading volume of $1.1 billion (just shy of Binance at $1.3 billion), the zero-fee exchange has actually decided to hold another event this coming Monday, October 12, 2020, from 14:00 UTC for 24 hr.
Sending Liquidity Through the Roof
One enthusiastic trader on the exchange Raymond Chong enthused, “24-hour volume has reached $515 million 6 hours into the Monday project. Remarkable!”, and another, SoaD_Aerials, said, “Wow, best trading day ever on Digitex !! Plenty of liquidity!! If this was a regular trading day it would be paradise!”.
In truth, setting its market makers to lose money had the effect of sending liquidity on the DFE “through the roofing”, seeing trading volume skyrocket. For 24 hours, the exchange ended up being a scalpers paradise with ultra-fast fills and a tight spread. It triggered a flurry of enjoyment amongst existing traders on the recently launched exchange as well as an influx of interest from brand-new traders pertaining to the platform to rack up easy gains from the marketplace maker losses..
It also had actually the added advantage of recreating the testnet environment, making it very simple for traders to win and emboldening beginner traders to attempt out various techniques. Adam Todd commented, “We wished to bring the excitement back into the exchange and recreate the loose and fast environment of the testnet. Weve seen simply astounding arise from this and thats why weve chosen to do everything over again next Monday.”.
Plainly, its not just helpful for liquidity but also viral marketing especially when traders can trade BTC futures over and over again with zero fees and no house edge, keeping all of their revenues.
The 2nd time around is going to be various though. After putting it to a neighborhood vote via a survey on its lively Telegram channel, the Digitex neighborhood voted to divide the marketplace maker losses across two of Digitexs markets: $1 BTCUSD and $5 BTCUSD. An enormous 82% of the community enacted favor of doing Monday Madness all over once again.
The Pivot to Digitex City.
Monday Madness– Round 2.
By including these brand-new markets, according to Adam, the demand for the DUSD will increase which will place upward pressure on the DGTX token. While the team is hard at work on completing these products, they never ever want to lose sight of their flagship commission-free crypto futures exchange.
Digitex likewise has strategies to expand the exchanges markets, and launch Digitex City this December. In addition to providing zero-fee futures markets, the cryptocurrency platform will also include a zero-fee area exchange and a no-spread forex exchange. The platform will launch with a brand-new stablecoin, the DUSD token pegged at $1, which will eliminate present concerns of DGTX volatility while trading..
Programming its market makers to lose money had the result of sending out liquidity on the DFE “through the roofing system”, seeing trading volume skyrocket. One enthusiastic trader on the exchange Raymond Chong excited, “24-hour volume has actually reached $515 million 6 hours into the Monday campaign. After putting it to a neighborhood vote via a poll on its vibrant Telegram channel, the Digitex neighborhood voted to divide the market maker losses throughout 2 of Digitexs markets: $1 BTCUSD and $5 BTCUSD. Digitex likewise has plans to broaden the exchanges markets, and launch Digitex City this December. In addition to offering zero-fee futures markets, the cryptocurrency platform will also feature a zero-fee spot exchange and a no-spread forex exchange.
” Our traders absolutely liked trading in such a high-octane environment facilitating gains and putting orders left and right. Were actually eagerly anticipating seeing how the next event goes on 2 markets and welcome traders from all exchanges to give Digitex a try as the only zero-fee crypto derivatives exchange which actually assists its traders to win,” Adam included.
Events like Monday Madness that cause hyper liquidity and trading volume which capture the eyes of more and more traders enjoying the advantages of zero costs, a rapid-fire trading ladder, and a tight bid/ask spread arent really madness after all but an excellent method of keeping Digitex top of mind while the shift is being made.