Over a few months of existence, Digitex Futures has gained massive popularity thanks to its ladder trading solution that allows users to submit trades in one click fast and instantly.
A few months after launching its highly anticipated zero-fee crypto derivatives exchange, Digitex has its eyes set on bringing more cool products to its customer base through Digitex City, slated for launch in December 2020. The city will feature various activities surrounding trading, investing, and entertainment that make it the ultimate playground for crypto enthusiasts.
Not only will it comprise the flagship futures exchange but there will also be a zero-fee spot exchange, a no-spread forex exchange, an updated UI featuring three one-click trading ladders, and a DGTX Staking program allowing users to make a passive income from their DGTX rather than just HODLing. All this will be underpinned by a thriving social network called the City Center, where users can upload and consume content, share ideas, copy trade, and find out more about the City and crypto in general.
From Q1 2021, there will also be more products introduced to appeal to a broader audience including a no-rake poker room, a peer-to-peer casino, and the Digitex Playhouse focusing on adult entertainment.
According to Adam Todd, the brains behind Digitex, the city will provide users with something unique that hasn’t been offered before by any project. This solution will cater to all the diverse needs of crypto users. Like a normal city, interactions are part of it, and since this one is digital, these meetings will occur online.
The founder expressed his delight with the progress they had achieved with Digitex Futures so far and how people have warmed up to the platform. But, he said that he wasn’t satisfied that the exchange’s native token DGTX hasn’t managed to trade above $1 yet. After delivering a crypto futures platform that is completely commission-free, taking DGTX above one dollar was part of Todd’s two-goal master plan.
Digitex City has been born as a solution to the latter. The city will increase demand for DGTX due to its various zero-fee venues while restricting its supply through staking. Consequently, this should push the price of DGTX above $1.
DUSD and Its Role
According to the whitepaper, the city will be fueled by a stablecoin that is currently under development and will be released in December 2020 The DUSD token will maintain its value at one dollar, and just like other stabecoins that exist, its value should never exceed one dollar. DUSD is created by collateralizing DGTX at a ratio of 5:1. This will serve to lock up more DGTX and, along with increased demand for DUSD, will serve to push up its value.
The city has been smartly designed to incentivize individuals to participate in its activities for economic rewards. For example, investors will be rewarded for buying DGTX and locking it away either to create DUSD or through the DGTX Staking Program. Additionally, significant revenues from the social platform, the City Center, and Playhouse will be paid to participants as staking rewards.
The social platform will serve as a place for people to meet and discuss anything and everything regarding the activities that go on within the city. This will happen through a newsfeed, personal, business, community pages, posts, meetups, etc., making it the go-to social network for many traders, speculators, and gamblers.
Crypto tokens listed on the Digitex spot exchange will be able to run ads, create and interact with their communities. This will make the social platform a popular place to get wind of the happenings within the industry. These ads will be paid for using DUSD, which will create massive utility for the stablecoin and demand from advertisers who want to tap into a huge crypto user base they are unlikely to find anywhere else.
According to Todd, the incentives mean DGTX isn’t just a speculative token which people buy and hold waiting for its price to rise so that they can profit, but an asset with actual stable returns. He believes the various activities within the city, including paying for adult entertainment, socializing with peers, gambling, trading, investing, and more, should send the token’s demand through the roof.
Being an ambitious project, Digitex City won’t launch with all its products at once but will start in December 2020 with the addition of the spot and forex exchanges, the DUSD, the DGTX Staking Program and the social network, as well as the futures platform that already exists. ther services will be added gradually as the year progresses.
Evolution of Digitex Futures to a City
Over a few months of existence, Digitex Futures has gained massive popularity thanks to its ladder trading solution that allows users to submit trades in one click fast and instantly. The ingenious concept creates opportunities for both scalpers and swing traders since it enables them to capitalize on the smallest fluctuations in price without losing fees on commissions.
Now the exchange is moving towards becoming a full-blown city that will cater to a broader market including gamblers and gamers, which is made up of billions of users worldwide. By tapping into these markets, Digitex hopes to create value for its tokens by offering its investors with more profit-generating avenues.
Cryptocurrency investor, journalist, analyst, and growth hacker. I cover crypto, blockchain, crowdfunding, and education.