This summer, Digitex is set to open the doors on the DFE mainnet, marking the first time in history that anyone can implement a profitable scalping strategy trading cryptocurrency futures. It’s been quite the journey to get to this point, but the efforts involved mean that we’ve had ample opportunity to demonstrate that we’re in it for the long game. Here are ten reasons why Digitex is here to stay.
We Have a Mainnet That Will Revolutionize the Market
The mainnet is due to hit over a thousand users this week and the overall feedback has been exceptionally positive. Traders have loved battling it out on the platform and have used this opportunity to provide feedback to the team. This feedback has been absorbed and is coming through on the platform in improvements so that every new batch of traders is getting a better experience than the last.
Even with a limited number of traders, the mainnet platform has been generating some exceptional volume which is not only a sign of the DGTX token utility but also its fun and ease of use. Traders have found themselves unable to leave their screen, simply glued to the exchange.
With a world-class exchange already running, and a commitment to continuous improvement, the Digitex Futures mainnet looks set to go stellar from here.
Zero-Fee Trading Will Open up to Vast New Audiences of Scalpers and Gamblers Worldwide
Digitex Futures is the only platform to offer zero-fee trading and this is an exceptionally powerful offering. Without fees, a whole host of potential trading strategies become available that would otherwise be unprofitable on another platform.
Suddenly, small price variation strategies such as one or two tick scalps, have a much higher probability of success as fees are not deducted from profits. Zero fees also facilitate scratch trades that would otherwise have been a loss on another platform. This allows users to exit trades and reverse their position on the same price level without a penalty incurred.
For each losing trade that you cut on the Digitex Exchange you have a saving of 0.075% compared to most other crypto futures platforms. If you maintain tight stops, this can cut your losses significantly and ultimately improve your risk:reward ratio. If you are following a strategy that typically takes a higher number of controlled losses for each gain, then saving fees will contribute to a healthier trading profit and loss over time.
We Have Crypto’s First Trading Ladder Interface That’s Intuitive and Addictive
Digitex Futures offers single-click trading through its ladder trading interface. One click, one order. The Digitex ladder allows quick reactions to price movements and for that reason is preferred by scalpers who operate in volatile markets. It is well known that Bitcoin is famous for its volatility and the ladder complements this volatility beautifully.
With single-click orders and cancelations, the trader never needs to move their mouse away from the ladder interface. In standard exchanges placing orders can be a multi-click process where sudden price swings can leave you fumbling to exit your position. Trading the Digitex ladder gives you a chance to react quickly if the asset moves against you. In just two clicks on the Digitex ladder, you can not only exit your position but reverse your position on the fly.
In addition to ease of use, the ladder interface offers depth of market feedback giving you a visual representation of the order book, including profit and loss values at each tick. You can also easily see the number of contracts at each price level and use the right-click function to neatly close your total position size.
The quick trading that the ladder encourages will create a more liquid market as traders will be looking to scalp at every price increment.
We Have a Visionary CEO
This is not Adam Todd’s first rodeo. In 2004 Adam launched a Betfair trading application which was focused around a ladder trading UI for Betfair’s horse racing. The driving force for this was usability as Adam wanted a more efficient way to place large quantities of bets per day. The software was initially developed for himself, but Adam began to offer this to the market, and before he knew it an app was live, that still runs to this day nearly 16 years later.
With this background, Adam saw an opportunity to present the same to the crypto community, this time packing in the benefit of zero-fees. With a trading background, Adam is acutely aware of the effects of fees on a trader’s profit and loss sheet at the end of the day. By utilizing the DGTX token Adam has created a way for traders to operate without battling against fees, solving another problem on his list, and opening it up to the masses.
Arguably Adam’s best attribute, and possibly the only reason many of the community stayed throughout, is his attitude to success. Adam will not stop or accept defeat. One year on from an exceptionally difficult announcement of a delay in development, Adam has delivered on his promise, providing a single click ladder interface on a zero fee, perpetual futures trading platform.
Adam knows that if he is experiencing pain points, so too are others. It is this vision and drive to match that has helped him in the past, got him to the present, and will drive Digitex in the future to come.
We Have a Stellar Team
Adam is open enough to admit that until he started working on the Digitex project, he was a lone wolf. However, part of the journey he’s been on since the ICO is recognizing the benefit of having the right people around him to make Digitex a success. This has recently involved hiring some stellar talent that complement his own style.
For example, he recently promoted Chris Psallidas to Chief Operations Officer for his efforts in implementing the right back-office systems, tools, and processes to help Digitex grow and scale leading up to the public launch. We now have Yuliya Sporysh providing a business-critical bridge between exchange operations, maintenance, and development. Alex Lozoviuk is heading up all technological matters related to exchange development.
And not forgetting, Digitex’s longest-standing team member, Adam’s right-hand woman, and a force to be reckoned with, Marketing Director Lidia Yadlos. She’s created a viral marketing and PR machine that can spread the word about Digitex far and wide.
There are too many others to name them all individually. But suffice to say, there are now close to 70 people working on Digitex, and we’re still hiring. Every single one is working hard to bring the zero-fee trading vision to life.
We Have a Large and Loyal Community
The Digitex community has become one of the most resilient in the cryptocurrency space, never losing sight of the potential that the Digitex Futures Exchange will offer its users. Having suffered setbacks, true believers of a zero-fee trading platform have taken the chance to not only fill their bags but also contribute to the growth of this project.
Between creating trading tutorials to help new users, administering community Telegram groups, and providing feedback on exchange operations, the Digitex community has banded together to support in whatever way they can to keep this vision alive.
With full public access getting closer by the day, the anticipation is evident across all social platforms. Over 28,000 Telegram members and 65,000 Twitter followers are tuning in to every announcement waiting to hear those magic words, and once they do, that is just the beginning.
We have a Sustainable Funding Source via the Treasury
Two years since the Digitex Futures ICO in January 2018 and the Digitex Treasury has proven to be a very sustainable source of funding for the development of the platform. With the quarterly release of 10 million DGTX tokens, Digitex Futures has a secure investment source to continue development and operations going forward. With the final planned smart contract release sale scheduled for June 1st 2021, the Digitex team will be kept busy continuously developing and improving the exchange to ensure it is here to stay.
We’re in a Rapidly Growing Industry
As a futures trading platform, Digitex will be competing for market share of futures for each individual market that it offers users on the platform. With BTC as the first perpetual market that has been listed on the exchange, it makes sense to first look at the current market competitors metrics. Below are two graphs showing some daily volume and open interest metrics for current Bitcoin Futures Exchanges. From these, it’s evident that both volume transacted and open interest in Bitcoin perpetuals is growing, even despite recent difficult market conditions.
Soon Digitex will offer other crypto-currency trading pairs such as Ethereum. Following a similar trajectory as Bitcoin, it is evident that the Ethereum Futures market continues to grow.
(Source for all charts – Skew.com)
As Digitex lists each new market and begins to offer traditional trading pairs such as gold, oil, indices, and stocks, users of the platform will have a one-stop-shop for a large variety of equities. Meaning, that even if one equity ‘goes under’ Digitex has other markets which traders can still access.
We Have a Token With Real Utility
The most important thing a company can do is supply a solution to a demand. A demand can come from anything, whether people want to binge-watch television, store their personal information in the cloud or just chill out on a beach. Where demand exists, so too does a group of companies hoping to provide their solution, known as the market. The reason a market develops where demand exists is because people are willing to pay for the solutions these companies are offering.
In the crypto space, these demands are satisfied in the form of cryptographic solutions. Trustless transactions, secure payments, cloud computing resourcing, and zero-commission trading to name just a few. Solutions to these demands are presented in the market as cryptographic tokens, which are developed for a specific use case to fulfill these demands.
When ICO mania hit, the word utility suddenly became the key term in understanding if your tokens could appreciate in value. It became apparent that many either didn’t fulfill a demand or didn’t have the utility to be useful in solving the problem. Digitex Futures, however, is proving its utility every day on its mainnet platform.
Utility can be defined as ‘a state of being useful, profitable or beneficial’. Digitex Futures has offered the crypto market a place to trade futures contracts with zero commissions by buying and using the DGTX token. In previous blog posts, we have presented the financial advantage that zero-fee trading offers its users. As the only company in the crypto marketplace offering zero-fee trading, Digitex is presenting value to its users who can now turn unprofitable scalping strategies into profit. In this way, the DGTX tokens real utility is in offering a cost-saving advantage to traders.
Perhaps the most powerful aspect of the DGTX tokens utility is its flexibility to stretch across multiple markets, not only adding value to crypto traders but also targeted at fulfilling this need across other markets in commodities, indices, and traditional stock. With each opening market will come more usefulness of the DGTX token as it presents the only solution to the demand of zero-fee trading.
We Have Insane Liquidity Even With Only a Few Hundred Traders
Since the soft launch on April 27th, Digitex Futures has now onboarded 870 users, from which over $100M USD of daily volume is generated on an on-going basis. During the weekend we saw around 12% volume growth when compared with weekday activity, and today’s traded volume reached a new record high of $132M USD in the last 24 hours. This, with only 870 traders, highlights the liquidity potential that Digitex Futures truly has. A quick look at the top BTC derivatives markets highlights that with only 870 onboarded traders, the exchange is achieving a daily volume comparable to that of BTSE and Deribit leaving Digitex competing in the top 10.
In a previous report, we outlined and estimated the potential daily volume achievable by the Digitex Futures Platform. This projected that with 5,000 users DGTX could generate a daily volume in the region of $1BN USD, which would make Digitex the fourth largest of the derivative exchanges currently leading the BTC market. Currently sitting in fourth is Bybit where comparably Bybit boasts a user base of 400,000 strong!
Digitex has created an exchange which promotes fast and frequent transactions, gives the edge to the trader and wraps it up within an exceptionally easy to use UI. Once DGTX opens its doors for full public launch, the trading volume on the Digitex Futures Exchange could very easily exceed any other exchange on the market.