Sentence | JX kin
Edit | Wen Dao
When the exchanges with complete infrastructure were fighting on the battlefield, a group of novices who directly cut into the market from the contracted products rushed in and quickly won the platform currency when they had not won the market position in terms of trading volume.
Today, the cryptocurrency exchange AAX will open the first round of sales of platform currency AAB. Last month, another BTSE focused on contracts also launched the platform currency BTSE, which has broken in a month. In July last year, three months after going online, the exchange FTX also quickly launched its own platform currency. The three platforms are still far behind the old platforms in terms of contract transaction volume.
From the point of view of the construction of spot products, the new platforms are not here. Their left hand is a highly leveraged contract product, and their right hand is a platform currency. Both flow and fundraising are correct. The growth cycle of the exchange is becoming shorter and shorter.
In today's fierce competition on the exchange, derivatives such as direct-draw contracts appear to be more cost-effective, but the highly leveraged and high-risk derivatives track also places high demands on the new platforms. The market is no longer the era of BitMEX where contract products alone can become the overlord.
Emerging contract platform breaks within one month of issuing coins
Recently, some blockchain media and communities can see the news that the AAX exchange platform currency will be launched soon. AAX, which was launched in November last year, focuses on futures contract products.
When the trading volume has not yet seen any competitive advantage, AAX issued the coin. On April 14, AAX began three rounds of public offerings and continued subscriptions, selling 10 million platform coins AAB to users at prices ranging from 0.5-1 USDT. Based on this calculation, the total fundraising amount is between US $ 5 million and US $ 10 million.
AAB's three rounds of public offerings have a minimum funding of US $ 5 million
A month ago, a new contract platform called BTSE also issued platform currency BTSE. After entering the contract market last year, it quickly targeted Chinese currency citizens. Platform currency BTSE was also sold to users openly, without restricting domestic users to buy.
According to official website information, BTSE opened 1 million pieces in the first round, the price was 2 USDT, and raised 2 million US dollars in the first round; and BTSE used for external fundraising accumulated 50 million pieces, accounting for 25% of the total.
AAX and BTSE no longer package the issuance of platform coins in the form of point cards and points, but directly sell them to users in the form of ICO or IEO.
The opening price of BTSE is 2 USDT, and the highest price on the opening day rose to 2.8 USDT. After that, it fell all the way. As of the afternoon of April 13, it was temporarily reported at 1.13USDT, and it has been broken. Investors who are concerned about the new platform currency are not very optimistic about the AAB who shouted "contract platform demon currency" and "beyond OKB" before opening the transaction. "Where is the confidence?"
Compared with blockchain projects, exchanges attract investors much faster, and the clear profit model of transaction fees has attracted a batch of entrepreneurs to flock into it, but on the road to real customer acquisition, deaths and injuries There are countless.
To attract users with futures contracts, which rely on trending and leveraged products, emerging trading platforms quickly complete fundraising through platform coins, and the growth cycle of cryptocurrency exchanges seems to be getting shorter and shorter.
So can these new exchanges that have issued coins use the revenue contributed by real users to feed back the value of the platform currency?
There is no advantage in the trading volume of the direct contract new platform
Binance, which was born in 2017, rose through spot trading. Later, the MXC Matcha and BiKi platforms also launched a large number of new projects in the early days. The original exchange's path was to use the spot transactions of new projects to drive traffic growth, and to accumulate a certain number of users before entering the contract market.
From the timeline, AAX, BTSE, FTX and other trading platforms have officially entered the market in 2019. At that time, the old platforms were fiercely fighting in the contract market. The novices had clear goals and cut straight to the contract track. Although there was spot trading on the product side, it was not the focus.
Although AAX's spot trading includes all BTC, ETH and USDT trading pairs, in fact, only 20 currencies are listed; FTX only opens USDT trading pairs, and the currency is also around 20; BTSE goes live on the spot trading currency There are fewer kinds, only BTC, ETH, LTC three major coins and their own platform currency BTSE.
These new platforms have lagged behind the old platforms in terms of transaction volume.
Looking at the 24-hour trading volume of the BTC contract transaction at 8 am on April 14th, Coingecko showed that BitMEX was $ 2.2 billion; at the same time, FTX was $ 300 million; BTSE was only $ 220 million; there was no AAX listed by Coingecko The official website shows that the total 24-hour transaction volume of the BTC contract is 4.7 million US dollars. The combined volume of the three new platforms accounted for only a quarter of BitMEX.
FTX, AAX, and BTSE rushed into the crowded derivatives track to fight, and almost did not focus on currency trading. In the history of exchanges, apart from BitMEX, there are few platforms that can only win with contract products.
MXC Matcha was established only a year ago when the perpetual contract was launched last year, and BiKi only launched contract products in March this year. They are still accumulating strength to compete for market share with the head OKOK, Huobi, and Binance. MXC Matcha even avoids confrontation with the head platform on the derivatives track by launching a leveraged ETF, and opens the blue ocean market from new products to buy time for its contract products.
JEX, which cut into the track early with derivatives, knew more about market changes. Chen Xin, the founder of JEX, believes that there is no fixed routine for exchange entrepreneurship. It is not reasonable to make a spot first and then make a contract. May not be able to sustain more business. "
Last September, Binance acquired JEX and became Binance JEX. Chen Xin said frankly that Binance ’s position in the spot market did indeed increase the flow of traffic for JEX. Trading options. "
Emerging exchanges that directly enter the contract track will undoubtedly accelerate competition in the field of derivatives, and it may not be easy to achieve the head of the industry by contract alone. This is not just a problem of user accumulation.
When the market trend is obvious, contract users will become the main force in the cryptocurrency market, but due to the high leverage characteristics, the risk is also greater, and the system stability and the team ’s ability to handle emergencies are higher. Claim.
Chen Xin also emphasized that the emerging contract platform needs to provide more risk education to users, and also needs to provide more types of product choices, so that different users can better handle the risks in the transaction process.
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