Perpetual Tron (TRX) Trading Goes Live on OKEx… With a Warning!
It’s been a busy twenty-four hours for the Tron ecosystem. First the ABCC Exchange became the first to list Tron’s TRC10-standard token, then OKCoin unveiled a batch of new crypto and fiat pairs for TRX, including the Argentine peso, the U.S dollar, as well as a host of major altcoins.
By Wednesday morning news was making the rounds that the OKEx exchange had added TRX to its Perpetual Swap contracts. Unlike Futures Contracts offered by OKEx, perpetual swaps don’t expire, and allow for daily settlements at a regular set time. However, they demand daily interest payments, and carry increased risk.
OKEx even saw reason to calculate TRX’s risk differently from other digital currencies, owing to its increased volatility. Wednesday’s announcement warned users:
“Risk Warning: Tron (TRX) is more volatile comparing to other digital assets. Please make sure that you understand the risk involved when trading TRX swaps.”
OKEx Adds Perpetual TRX
That claim about Tron being more volatile is true enough. After declining by more than 50% last week alone, TRX is still up more than 129% since late November – such is the extent of its volatility.
Tron founder and CEO tweeted out the OKEx news on Wednesday morning, accompanied by a blog post explaining the fees for perpetual swaps on the exchange. OKEx processed just over half a billion dollars worth of trades in the previous day, with TRX/USDT, TRX/BTC and TRX/ETH making up 5% of Tron’s total daily changeover.
For more on perpetual swap contracts, check out OKEx’s own twelve-step guide – an ironic number given that’s the same amount of steps it’ll take to wean you off them later.
Tron Price – TRX/USD
Volatility has been more difficult to come this week. TRX traded between $0.024 and $0.026 fairly predictably since Monday. By Wednesday morning TRX was down 1.3% according to CoinMarketCap, while trade volume had sunk to $0.2 million, after hitting $1.1 million just the week before.
Tron has had first mover advantage during market rebounds for some time now, however we all know how the market loves a good correction. Despite a positively stellar month for TRX, tech analysts still fear steep fall for the coin in the near future.
More Tron News…
It’s been full steam ahead for Tron recently, despite a sudden bout of bad publicity stoked by former BitTorrent chief, Simon Morris.
In addition to the coin listings already mentioned, TRX was added to CoinGate – a crypto payment processing service which allows users to spend their coins via thousands of online stores. TRX is now a ‘native currency’ on CoinGate:
“Any user of the TRON blockchain can now shop at thousands of stores using CoinGate.”
Meanwhile, the Tron community is counting down the hours until the Tron NiTRON Summit, held in San Francisco on the 17th and 18th of January. Major updates about the future of the BitTorrent Token (BTT) are expected to be unveiled.
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.