PRESS RELEASE. Since the beginning of August, CoinFLEX has seen a huge surge in trading activity, climbing to a staggering high of $ 3 billion in daily trading volume with open interest of over $ 200 million. The increase in trading volume and market liquidity are signs of the rapid adoption of CoinFLEX.
CoinFLEX’s repo volume has also increased significantly, with Total trading volume of over $ 120 billion. The repo market is vital to the CoinFLEX ecosystem as its profits drive it flexUSD’s competitive APRs.
On CoinFLEX and other futures exchanges, futures markets have a lot of trading activity, which creates a “base”. The basis is the price difference between spot trades and futures contracts. flexUSD is used via the repo market in order to benefit from the price difference.
Because of this, while flexUSD offers variable market-based rates, current users experience it high annual percentage rate. If there is a shift between the spot and futures price, a trading bot will arbitrate the price difference and pay the FlexUSD holders in the chain every 8 hours.
Last month, flexUSD experienced an 8 hour window of 70% APR and a an average of 16.58% 7-day APR. These rates are extremely attractive when compared to other DeFi lending platforms with low single digit APR or, worse, savings accounts at traditional banks with 0.01% APR.
flexUSD market cap reaches $ 100M
With the competitive APRs flexUSD offers, it’s no surprise that users have minted $ 100 million of the stablecoin for a safe and secure process for generating a high yielding passive income.
While flexUSD has interest rates orders of magnitude higher than those generated by its DeFi and TradFi counterparts, users of CoinFLEX’s AMM + report even higher interest rates.
AMM + TVL reached $ 99 million. The market volatility was felt most clearly in the AMM + volume, which soared to a staggering $ 933 million.
Although AMMs generally require more active participation than managing stablecoin deposits like flexUSD, providing liquidity on the AMM + requires far less effort than performing traditional market-making operations. Instead of needing the skills of a professional market maker and actively managing trading positions, anyone can use the AMM + to fill an AMM position and start acting.
The AMM + benefits the CoinFLEX ecosystem by providing liquidity to all CoinFLEX markets. This creates a far better trading experience for AMM + users as it enables users to execute trades more accurately and effectively.
Thank you FLEXer
“Who can we thank for this incredible growth? FLEXer, old and new. August saw the highest number of new users, mostly from the DeFi community thanks to our recent Metamask integration. This means Sign up for a CoinFLEX account can be done with just a few clicks with your Metamask wallet! “
CoinFLEX is pushing for decentralization
CoinFLEX has a partnership with Chain link to integrate decentralized price feeds into the system. this serves as an additional layer of reliability and becomes the standard source of pricing data in the unlikely event that our systems stop responding for a short period of time. This gives us a permanent, decentralized source of price information.
CoinFLEX is also pleased to announce its continued commitment to decentralization with the introduction of decentralized custody later this year. CoinFLEX will decentralize ownership of private keys for outbound withdrawal transactions. This means that, unlike other centralized exchanges, CoinFLEX cannot have control over its customers’ account activities. This is the type of customer protection that users can experience with a hybrid CEX-DEX model.
In addition to decentralized custody, users benefit from CoinFLEX’s impressive seven-year track record in custody of crypto assets. This shows how seriously CoinFLEX takes security and gives users the peace of mind that their assets are protected from threats from internal and external factors.
CoinFLEX is an important participant in the Smart bitcoin cash, or smartBCH, ecosystem that serves as the primary centralized bridge before the decentralized “SHA Gate” solution goes live.
smartBCH is a sidechain for Bitcoin Cash that is designed for fast and inexpensive transactions. It is also EVM compatible, so it can build a bridge to the Ethereum network and provide high throughput for decentralized applications in a fast, secure and decentralized way. To learn more about how to earn and trade crypto in the CoinFLEX ecosystem, visit www.coinflex.com.
To learn more about how to earn and trade crypto in the CoinFLEX ecosystem, visit www.coinflex.com.
CoinFLEX was founded in 2019 and is the home of Crypto Yield and strives to provide institutional and retail investors with an easily accessible platform to earn and trade crypto.
CoinFLEX creates innovative solutions to investors and crypto markets through intuitive return products like flexUSD, the world’s first interest-bearing stablecoin, and AMM +, the world’s most capital-efficient automated market maker. CoinFLEX is backed by crypto heavyweights including Roger Ver, Mike Komaransky, Polychain Capital and Dragonfly Capital.
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