FinNexus Rolls Out New Platform and Token Utility

UTC by Julia Sakovich · 3 min read
FinNexus Rolls Out New Platform and Token Utility
Photo: Depositphotos

By introducing a new token model, FinNexus is expanding its network capabilities and opening itself up to new markets.

FinNexus launched as a multi-chain decentralized options and staking platform, but it is growing to be much more. With its platform already established on the Ethereum and Wanchain networks, the team is now gearing up to launch on Binance Smart Chain (BSC), onboarding new users and adding to the amount of liquidity staked.

As a community-focused platform, FinNexus has held a vote on whether to branch to Binance Smart Chain (BSC) or Huobi’s Heco, two of the fastest-growing CeDeFi blockchains on the market. The competition ended with a clear winner – BSC was favored by nearly all of the community, paving the way for a Launch on March 29.

Bridging to a More User-Friendly Chain

Ethereum is the most used decentralized smart contract network, but its enduring popularity has also highlighted its weak points, such as unsustainably high transaction fees and slow confirmations. On the other hand, Wanchain does not have close to the same user base or influence as Ethereum, so FinNexus decided to add a new chain that combines the best of both worlds.

BSC is an EVM-compatible chain launched by the most popular cryptocurrency exchange on the market, Binance, which introduces a low-cost, high throughput Ethereum alternative.

BSC has taken off since its launch, propelling BNB, the platform’s native currency, to one of the top cryptocurrencies by market cap. With millions of users across the globe and a tested and reliable network, BSC will be a fantastic addition to the FinNexus ecosystem.

Besides the increased operationality this will bring, BSC should boost total value locked (TVL) in the FinNexus protocols as more users get involved – something that would bode well for FNX, FinNexus’ native cryptocurrency, since the value of the coin is often related to the total value locked within the network.

Introducing the First Decentralized Leveraged Tokens

Migrating to new chains is just one step on FinNexus’ roadmap, with product innovation also playing a critical role in the project’s future success.

In the second quarter of 2021, FinNexus plans to launch the first decentralized leveraged token – a totally new concept among DeFi derivatives. Originally pioneered by the FTX cryptocurrency exchange as a centralized token, this will be the first decentralized iteration, marking a major milestone in blockchain innovation.

With these tokens, any user can essentially hold a leveraged position (whether bearish or bullish) without having to manage the margin, leverage, liquidation levels, or other highly technical aspects of leveraged trading.

These defi leveraged tokens will be much easier to use than traditionally available leverage options, positioning FinNexus to attract a diverse pool of both novice and advanced traders. By introducing a new token model, FinNexus is expanding its network capabilities and opening itself up to new markets.

This introduction marks a shift for the FinNexus platform. Previously, they were focused heavily on options and mining operations, but now, their project is turning into a full-fledged defi powerhouse. By developing new products, expanding into new and growing networks, and providing value to its users in a decentralized manner, FinNexus is paving a path to broader adoption.

And they aren’t stopping here either, as they intend to introduce other tradable derivative instruments in the near future.

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