CEX/DEX Coins to Consider For the Next Bull Cycle
With a huge amount of Crypto projects/coins available on the market it’s difficult researching them all so we’ve taken it upon ourselves to do some of the heavy lifting for you. In this article series we’ve broken down the Cryptocurrency landscape into sectors and then highlighted the projects/coins you may want to pay attention to.
In order to buy cryptocurrency you will need to do so on an exchange. With that in mind we have decided to kick this article series with a deep dive into some of the Centralised (CEX) and Decentralised (DEX) exchanges offering exchange tokens.
BNB is the exchange token of the largest centralised cryptocurrency exchange in the world, Binance. Initially the main utility of the token was to offer reduced trading fees to users of the exchange. However, since then its utility has grown immensely allowing users to pay for goods and services, settle transaction fees on Binance Smart Chain and participate in exclusive token sales. BNB is deflationary too using an Auto-Burn system to reduce its total supply by half to 100,000,000 BNB.
DYDX (dYdX) is the governance token for the layer 2 protocol of the eponymous non-custodial decentralized cryptocurrency exchange. It serves to facilitate the operation of layer 2 and allows traders, liquidity providers and partners to contribute to the definition of the protocol’s future as a community. Token holders are granted the right to propose changes on the dYdX’s layer 2, and are presented with an opportunity to profit through token staking and trading fee discounts.
RocketX Exchange is so much more than merely an exchange. It touts itself as ‘the most advanced hybrid CEX & DEX aggregator that makes it easy to compare prices across 270+ exchanges to help traders with the best prices with every Swap while enjoying 100% ownership of their digital assets’. You can do swaps with any token to any token and it’s completely non-custodial. By holding the token users can enjoy discounts on trading fees, early access to new features, airdrop eligibility and the exchange will eventually offer a buyback program.
SMARDEX is an Automated Market Maker (AMM) that addresses the issue of Impermanent Loss (IL) and in some cases transforms it into Impermanent Gain (IG). The Smardex protocol’s primary token is SDEX, which can be staked to earn passive income from farming rewards and protocol fees in the Staking section. All tokens were released onto the open market without any allocation for the team or locked coins for early adopters.
Tigris is a decentralized synthetic leverage trading platform on Arbitrum and Polygon that allows you to trade crypto, forex, and commodities with up to 500x leverage directly from your wallet. The token be bought or issued as rewards for trading on the platform and can be staked to earn more. While the token itself has limited utility, largely speculation, we thought the platform deserved a mention due to the nature of its defi leveraged offerings.
Synthetix (SNX) is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain. Synthetic assets, and associated products, are collateralized by stakers via Synthetix Network Token (SNX), which when locked in a staking contract enables the issuance of synthetic assets (synths) thus providing earnings and of course utility for the token. In the future they aim to provide perpetual futures on the platform too so it’s worth keeping an eye on.
Uniswap is one of the most popular decentralized trading protocols, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. A lot of new projects utilise UniSwap to launch prior to obtaining a CEX listing so it’s a good place to get in early on projects. It’s native token can be used in its mining pools and for governance decisions within the protocol.
The best explanation of the HILO Dapp is on their website so we’re merely going to quote them here. ‘HILO DAPP introduces a simple and easy binary options prediction market for tokens. Powered by the $HILO token, users can predict specific cryptocurrencies’ price action to go higher or lower in a selected timeframe.’ Users don’t have to worry about liquidation wicks, they merely place a directional bet on the token in question and if it ends up going their way from the price point they entered at, by the time the pool closes, then they profit.
This is just a small snapshot of some of the exchanges and their tokens to look out for in the future bull cycle. As you get more involved in cryptocurrency the likelihood is that you will end up using the exchanges themselves as well as possibly buying the tokens. It must be noted that we have given you a very brief overview of what’s available it’s up to you as the reader to do your own research. Trading any asset is risky there is no guarantee of profitability and every possibility that you could realise a loss. Always practice good risk management and especially where the defi protocols are concerned be wary of fake contracts for coins if you decide to use those platforms for trading.