November 8, 2022 - 4 min read
MarginX, World's First Community-Based Decentralized Exchange, Launches on Function X Blockchain - Press Release
Grand Cayman, Cayman Islands, 8th November, 2022, Chainwire
MarginX, the world’s first community-based decentralized exchange (DEX), launches on the Function X blockchain today. It runs on a first-of-its-kind multi-chain and on-chain infrastructure that allows investors to trade with close to zero gas fees, ultra-high throughput and liquidity, and full ownership and transparency.
During its beta test in August this year, the DEX accumulated a total transaction volume of more than 45 billion USDT. Currently, with a small group of invited users, the number of transactions on MarginX continues to steadily climb past 48 million, with the most updated numbers found on the Function X StarScan (https://starscan.io/).
“Today marks a milestone for not just MarginX but the DeFi ecosystem, as we push forth the notion of true decentralization, and uphold the values of community and ownership through our unique DEX infrastructure,” said Dr. Danny Lim, Core Contributor of MarginX. “We are thrilled to be building on the Function X blockchain, as it provides us with the multi-chain architecture and EVM compatibility that sets the right DeFi environment for MarginX and its future DeFi protocols.”
MarginX: A Truly Decentralized DEX for the Community
As the world’s first community-based DEX, MarginX is committed to being a contributor-driven, fully decentralized blockchain infrastructure. To further elaborate, the DEX can be defined by the following key features:
Super Low Transaction Fees MarginX runs on a multi-chain, cross-chain and para-chain infrastructure that allows the platform to handle a throughput of 2,000–20,000 transactions per block, while reducing congestion in the blockchain — thereby maintaining gas fees as low as 0.003 USDT and transaction fees as low as 0.04%.
Users Control Their Assets Funds are traded through non-custodial wallets, and all transactions take place on-chain so they are secure, verifiable and transparent. Currently, MarginX supports f(x)Wallet and is designed to support all decentralized wallets (i.e. MetaMask, Trust Wallet) through WalletConnect in the near future.
Full Visibility and Access All transactions run on-chain and are recorded on the blockchain. These include not just order matching, creation and cancellation, but also funding rate settlement, liquidation, and governance. Anybody can track and scrutinize these records, forming a fair system of checks and balances.
Connecting TradFi and DeFi MarginX lays the foundation for where other DeFi products can be built upon, including stock-based derivatives or traditional financial assets. The DEX allows anyone to design and build their own DeFi products on the blockchain, and offers tools that bridge the old and new traders of the financial world.
By the Community, for the Community At MarginX, every stakeholder, whether a developer, community manager, or trader, has a say through its governance framework. The MarginX utility NFT system also determines each user’s voting rights, trading rebates and referral fees, which builds a sense of community, and offers users an additional and perpetual source of yield.
In addition, in never-before-seen DEX style, MarginX offers a paper trading platform (https://demo.marginx.io) that runs parallel to its live trading platform. This is to allow new users to learn with ease using test tokens, in order to trade confidently in the real world.
“Our goal is to have people think about MarginX as more than just a DEX — it is an entire infrastructure on which DeFi protocols can be built upon,” said Dr. Shin Liang Chin, Core Contributor of MarginX. “The sky is the limit when it comes to future partnerships and developments, and we are excited to be at the helm of such a direction for the industry. We hope to make finance more accessible, more transparent and more secure for everyone through the use of blockchain technologies.”
Currently, MarginX facilitates the trading of cryptocurrency-based perpetual contracts for BTC, ETH and FX. In keeping consistent with the values of community and ownership, MarginX will not involve any ICO, IEO, token sale or NFT sale, so as to level the playing field for all.
MarginX is the world’s first community-based decentralized exchange built on the Function X network, and running via a multi-chain and on-chain infrastructure. It aims to bridge the traditional financial markets and cryptocurrency world by providing a platform where investors can buy, sell and create derivative products of any financial asset, and where every stakeholder has a say in the future of the platform.
Marketing & Communications Lead
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