DAMX: The Emerging Perpetual Exchange on Fantom
CANADA, ALBERTA, March 28, 2023 (GLOBE NEWSWIRE) -- Cryptocurrency has become a hot topic in recent years, capturing the attention of investors and traders alike. While it has faced its fair share of controversies, it has also opened up new possibilities and transformed the financial sector. With the rise of cryptocurrency, there has been a surge in the number of exchanges that facilitate the buying and selling of digital assets; with the fall of FTX, traders have become more aware of whether their digital assets are within their own key, boosting the popularity of decentralized exchanges. Among these exchanges is the emerging decentralized spot and perpetual trading exchange, DAMX, which has quickly gained popularity in the market.
What sets DAMX apart from other exchanges is its focus on providing benefits to both investors and traders. The exchange supports low swap fees and zero-price impact trades, making it an attractive option for those looking to minimize costs. Additionally, DAMX has a unique multi-asset pool that rewards liquidity providers fees from market making, swap fees, and leverage trading. This pool incentivizes users to contribute to the liquidity of the exchange, leading to a more active market and better trading opportunities.
One of the key features of DAMX is its perpetual futures trading. Perpetual contracts are a popular means of trading in the cryptocurrency market, and DAMX has made it accessible to traders on its platform. With perpetual contracts, traders can bet on the future price of an asset without actually buying it. This allows them to profit from both upward and downward price movements, opening up new opportunities for trading.
Another standout feature of DAMX is its staking program. Holding the DAMX token unlocks a range of benefits, including the ability to stake tokens and earn rewards. Users that stake DAMX receive three types of rewards: escrowed DAMX, multiplier points, and FTM rewards. The exchange convets 30% of fees generated from swaps and leverage trading to FTM and distributes them to staked DAMX tokens. This program encourages users to hold onto their tokens and contribute to the liquidity of the exchange, leading to a more stable and active market.
DAMX NFT Collection
DAMX’s NFT collection ”DAMX Robot Club'' also plays a huge role within the ecosystem to benefit the users with extra incentives to trade within the platform. All the NFTs holders will be entitled to:
DAMX is built on the Fantom blockchain, which offers several advantages over other blockchains. One of the most significant advantages is its scalability. The Fantom network can handle a large volume of transactions per second, making it an ideal platform for trading. Additionally, the network provides high levels of security and decentralization, ensuring that transactions are safe and secure.
The exchange's underlying technology is designed to maintain the features of a decentralized exchange (DEX) while aggregating purpose-built price feeds to provide traders with the necessary tools to reduce the risk of liquidations. This approach harnesses liquidity from several DEXs, minimizing slippage on large orders while optimizing swap fees and token prices. The aggregators also protect users from pricing effects and failed transactions, providing a better user experience for the community.
David Wan, CEO DAMX david at dmxdao.com