Bitcoin

MarginX launches the world’s first community-based decentralized exchange on Function X Blockchain

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 uses a unique multi-chain and onchain infrastructure, which allows investors to trade at close to zero fees, high throughput, liquidity, full ownership, and transparency. During its beta test in August this…

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 uses a unique multi-chain and onchain infrastructure, which allows investors to trade at close to zero fees, high throughput, liquidity, 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

MarginX is the first decentralized exchange based on community. We are committed to being a contributor-driven and fully decentralized infrastructure for blockchain technology. MarginX is the first community-based DEX in the world. The following key features can be used to define the DEX:

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

All funds are traded via non-custodial wallets. All transactions are done on-chain, so they are transparent, secure, verifiable, and transparent. MarginX currently supports f(x), but it is being developed to support all decentralized wallets, i.e. WalletConnect will soon be able to support MetaMask and Trust Wallet.
Full Visibility and Access

All transactions run on-chain and are recorded on the blockchain. These transactions include order matching, cancellation, funding rate settlement, liquidation and governance. These records can be viewed by anyone, and they can all be analyzed to create a fair system for checks and balances.
Connecting TradFi and DeFi

MarginX is the foundation on which other DeFi products, such as stock-based derivatives and traditional financial assets, can be built. The DEX lets anyone design and build their own DeFi products using blockchain technology. It also offers tools that connect the old and the new traders in the financial world.
By the Community, for the Community

MarginX gives every stakeholder a voice through its governance structure. MarginX’s utility NFT system determines the voting rights of each user, as well as trading rebates, referral fees and trading fees. This creates a sense community and provides users with an additional, permanent source of income.

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 allows new users to quickly learn how to trade in real-world conditions using test tokens.

“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. Blockchain technologies promise to make finance more accessible, transparent, and safer for everyone. 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.

For more information, please refer to our media kit () or our website (https://marginx.io).

About MarginX

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 is a platform that allows investors to buy, sell, or create derivative products from any financial asset. Every stakeholder can have a voice in the future direction of the exchange.

Contact

Marketing & Communications Lead, Dione Chen, MarginX, [email protected]

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Launched on November 13, 2024, the scrvUSD stablecoin allows users to mint the token by depositing crvUSD into the scrvUSD module. The underlying crvUSD is overcollateralized by digital assets such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and others, providing security to users’ funds.

Crucially, Curve Finance has emphasized that funds in scrvUSD are not rehypothecated or moved from the vaults, ensuring that the stablecoin remains a safe and sustainable option for investors.

According to Curve Finance founder Michael Egorov, the scrvUSD module is already sustainable, with over 3 million crvUSD stored in the vault. This initiative is designed to offer stability to the DeFi ecosystem, addressing the volatility concerns associated with traditional stablecoins.

The introduction of scrvUSD also marks an important step in Curve Finance’s broader strategy to enhance composability within decentralized finance.

Composability refers to the ability of various DeFi applications to work together seamlessly, allowing users to access innovative financial products.

Curve Finance’s move to scrvUSD follows its earlier decision in June 2024 to adopt crvUSD as the primary fee distribution asset, signalling a shift towards further integration across DeFi platforms.

Curve Finance’s partnership with TON

Additionally, Curve Finance is expanding its ecosystem through a collaboration with The Open Network (TON). This partnership seeks to increase interaction and composability between the two decentralized networks, fostering new opportunities for traders and investors.

As part of this collaboration, a competition was launched to develop Curve’s Constant Functional Market Maker (CFMM) — a tool designed to curb volatility and market slippage, thus improving overall efficiency in the DeFi space.

Through these strategic moves, Curve Finance continues to reinforce its position as a pivotal player in the evolving DeFi landscape.

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Crypto critic Elizabeth Warren rises to top Democrat on Senate Banking Committee

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee. The crypto critic’s new role means her input could have an impact crypto regulation in the US. Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat…

En bild av senator Warren som representerar Massachusetts

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee.
The crypto critic’s new role means her input could have an impact crypto regulation in the US.

Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat on the crucial Senate Banking, Housing, and Urban Affairs Committee.

Warren, who defeated pro-crypto lawyer John Deaton for the Massachusetts senate seat in the 2024 elections, noted this in a statement published on Wednesday. Notably, the Senate Banking Committee is the entity that’s set to handle critical legislation on cryptocurrencies.

While Republicans have control of the Senate, any changes to this scenario likely during the mid-terms could see Warren become even more influential in the next two years.

Warren’s new Senate role

Warren’s elevated position follows the exit of Sherrod Brown, the former chairperson of the Senate Banking Committee. The Ohio Democrat lost in the 2024 U.S. election, with his defeat coming amid massive effort from across the crypto space to support the winner and new Ohio Senator-elect Bernie Moreno.

The 2024 US election has also seen the most pro-crypto lawmakers elected.

However, the crypto industry’s larger concern will be on the influence of the Dem’s ranking member in Senate. While Warran did mention crypto in the statement, she said:

“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class. For Massachusetts and hard-working families nationwide, this new role means a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams.”

Cryptocurrencies have rallied since Donald Trump won a second term by defeating Democrat Kamala Harris in Nov. 5. Bullish sentiment has seen Bitcoin break past the previous bull market’s high to hit highs of $93k.

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BlackRock’s spot Bitcoin ETF hits $40 billion, sets new record in 211 days

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October BlackRock is now in the top 1% of all ETFs by assets and is bigger…

blackrock ceo larry fink crypto digitalising gold

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days
BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October
BlackRock is now in the top 1% of all ETFs by assets and is bigger than all the ETFs launched in the past 10 years

BlackRock has done it again. This time its IBIT spot Bitcoin exchange-traded fund (ETF) has hit a record of over $41 billion in net assets in 211 days.

News of the milestone comes two weeks after BlackRock reached $30 billion in net assets in 293 days at the end of October.

Posting on X in October, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”

With BlackRock’s new achievement, it’s surpassed the previous record of 1,253 days held by iShares Core MSCI Emerging Markets ETF, according to Balchunas.

In a post on X, he said: “[BlackRock’s] now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.”

JUGGERNAUT: $IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by $IEMG. It’s now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years. pic.twitter.com/WTATlpShUq

— Eric Balchunas (@EricBalchunas) November 13, 2024

Now, BlackRock holds more than 467,000 Bitcoin, valued at $41.8 billion, according to iShares data.

Reaching new heights

The new record comes as Bitcoin reached an all-time high of over $93,000 on November 13 in a continued rally that’s showing no signs of slowing.

The upward trajectory is partly due to Donald Trump being re-elected as US President earlier this month. Following news of his win, Bitcoin broke the $75,000 mark. It then passed $82,000, and continued to $84,000, before pushing to $87,000 earlier this week.

In September, Bernstein analysts predicted that Bitcoin would surge to between $80,000 and $90,000 if Trump won the US election. With that prediction having now passed, Bernstein analysts believe Bitcoin could reach $200,000 in 2025, urging investors to “buy everything they can.”

It remains to be seen how far Bitcoin will go, but for now, it’s showing no signs of slowing down.