Digitex Futures (DGTX) Price Jumps 50% as Zero-Fee Exchange Nears Beta-Launch
Digitex Futures (DGTX) saw a 50% price increase from Saturday through Sunday, as Q4 launch date for its decentralized futures exchange draws near.
According to the project website, over half a million traders have already signed up to the waiting list to be part of the exchange when it launches. While a hard date hasn’t been set, the Q4 roadmap goal for the beta-launch appears to be on schedule.
DGTX launched in early 2018 and climbed to 1,594% gains over the summer months, although the market descent into Q3 wiped much of those gains off the ERC-20 token.
DGTX Token Price
The value of DGTX had been falling since early October, and lost 50% of its value by the time November came around.
Things started to turn around a few days ago in the wake of the market crash, and the token kickstarted a growth spurt which amounted to over 55% in three days.
The previous twenty-four period saw the majority of the gains, as the token climbed from $0.050048 up to $0.075170- almost exactly 50%.
That was enough to return DGTX to the market cap top-hundred after a long absence, and it was all achieved by trading on just two exchanges – Mercatox and HitBTC. Over 75% of trades came against ETH, while the rest was made up by BTC and USDT.
What Is Digitex Futures?
According to the project’s documentation, Digitex Futures is a cryptocurrency futures exchange which allows for zero-fee trading, and decentralized fund control. All funds on the exchange are transferred into DGTX, and are then held in an autonomous Ethereum smart-contract, which the operators of the exchange have no access to.
Trading fees are apparently circumvented by the yearly issuance and sale of a small number of DGTX tokens – which new traders will require to use the exchange. Also, 20% of the token sale funds are overseen by autonomous trading bots, whose job it will be to increase liquidity and make markets.
The project was created by Adam Todd, a former professional gambler who gained fame for his winning streaks on the UK-based Betfair trading platform. Todd is also a programmer who created the BetTrader software which enabled one-click betting, and eventually attracted over 25,000 users.
An FAQ was recently released which further elaborates on the mechanics of the exchange. Meanwhile, Hacked’s parent site CCN conducted an interview with founder and CEO Adam Todd in early November, which also touches on the exchange, and the token’s inner workings.
The token continues to climb moving into Sunday afternoon as trade volume continues to rise past $800,000 – up 100% from the $400,000 sum earlier on Saturday.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.