After a frenetic 24 hours in which more and more orders were filled and happy traders made serious gains, we’re pleased to say the second round of Monday Madness at Digitex was a success. We saw a massive $569 million in 24-hour trading volume on our $1 BTCUSD market and $92 million on our $5 BTCUSD market for a total of $661 million in 24 hours.
Our new BTCUSD1 futures market with the $1 tick size did the highest volume at $569 million in 24 hours, but the old faithful $5 BTCUSD did almost the same number of traded contracts. And the winnings appear to have been fairly evenly split between traders across both markets. The entire 1 million DGTX was won by traders and, after careful assessment of both these events, we’ve decided to make Monday Madness a regular fixture on the DFE. Read on to find out more.
Why the Madness Will Continue
We understand that 1 million DGTX is a lot of money to effectively give away every week. However, the really great thing about the event is that the traders that participate get rewarded and increase their trading balances significantly. This encourages them to keep on trading throughout the remainder of the week. In some ways, you can think of the market maker losses campaign as being similar to liquidity mining–except that users have to trade to earn their share of rewards.
Another of the concerns of Monday Madness was whether losing this much money would have a negative effect on the token price. It hasn’t. In fact, the price has actually increased slightly. And for those in the community who worried that users would simply withdraw their funds as soon as they won; we’ve found that withdraws are just the same as usual. Again, it appears that traders like to build their balances to trade with larger sizes over time.
One of your issues when we asked for your feedback two weeks ago, was a lack of liquidity on the exchange. So, what we’re really doing by making Monday Madness a regular event is addressing this issue by adding more and more liquidity to the exchange. And, after the event, the traders will continue to trade against each other–which has the net effect of making the DFE more active and more liquid. You may have noticed that the exchange was busier than usual for the remainder of the week after last Monday’s event–and this is something we hope to continue.
Regular market maker losses reward our traders and benefit the exchange at the same time. They also create the perfect opportunity to invite new users to the exchange to participate in the event and try out trading on a highly liquid exchange with a one-click trading ladder and zero commissions on every single trade.
Wrapping It Up
As you can see, Monday Madness becoming a regular event at Digitex makes sense on so many levels. We’re not just giving away free money. This promotion encourages users to trade and utilize the DGTX token for its designed purpose while creating a liquid exchange, attracting more users, and giving back to our traders.
After carefully assessing the results, we feel that there are so many benefits to running this promotion that we’ve decided to make it a regular event that will continue indefinitely. In fact, Adam is already considering introducing this more than once per week… so keep your eyes open!
Stock up on DGTX ahead of the next Monday Madness by heading on over to the Treasury here and be sure to spread the word to your friends. Let’s send liquidity through the roof and reward our deserving traders at the same time!