This July, the Digitex Futures exchange launched to the public with the main purpose of removing all commissions for traders and bringing advanced trading features such as Crypto's first one-click trading ladder to the space.
Just a few weeks later, Digitex's CEO Adam Todd announced the evolution of the company and its pivot to Digitex City, an online ecosystem for crypto traders and investors with multiple products and features, including a vibrant social network, a zero-fee spot exchange, and a no-rake poker room.
He also acknowledged that the volatility of DGTX was keeping some traders away and, as such, would soon be launching a stablecoin called DUSD to remove this issue. DUSD will become the native currency of Digitex City, and also drive demand for the DGTX token, as it will be collateralized by DGTX at a ratio of 5:1.
Now, with "crypto’s playground" Digitex City on the horizon, Digitex aims to strike an even higher rank among the leading disruptors within the crypto space and bring its eagerly awaited DGTX Staking Program to life.
Driving Demand for the DGTX Token
Adam laid out the main principles of revenue generation in his newly-released whitepaper, as well as recorded a video on YouTube breaking down the concept of Digitex City as a whole.
With the idea to create a commission-free environment where users will be able to trade, invest and gamble, Digitex is expanding its initial model of zero-fee futures trading, and will grow exponentially into the full-scale ecosystem where traders will be able to exchange information and take advantage of its many products commission-free.
It will also be launching its DGTX Staking Reward in December 2020. By having an opportunity to stake its native token DGTX, all platform users will be prized with generous gains sourced mainly from the liquidation losses on the exchange. The DGTX Staking Program will make the platform and its token extra appealing even for the users who do not actively engage in trading and gambling, as well as for the ones who recently joined the platform as they can now earn rewards on their DGTX instead of merely HODLing.
The current DGTX volatility for traders on the futures exchange, largely caused by many speculators selling off upon launch, allowed Digitex to identify a large group in its community that is more interested in making gains from token rallies and staking than from futures trading, and this program will be particularly beneficial for them.
The Mechanics of DGTX Staking
This whole process is pretty straightforward. DGTX owners will lock up their tokens in the DGTX Staking Program and receive a reward proportional to their holdings. The revenue for the DGTX Staking Program is generated from exchange liquidations, which are currently worth around $100,000 per month.
Until December, when the staking program will be opened to the public, the liquidation gains will continue being allocated to DGTX Staking wallet.
"By this time, we estimate that there will be anywhere between $300,000 and $500,000 USDC in the wallet. This entire fund will be distributed to stakers in the first month that the DGTX Staking Program commences."
Users will earn their rewards in the Digitex stablecoin, DUSD. Staking has the additional advantage of locking up large sums of DGTX which, in turn, restricts its supply. According to a community poll, around 30% of the Digitex community planned to participate in the Staking Program. With so much DGTX locked away, as demand increases for the services in Digitex City, the DGTX token will naturally rise in value.
What ROI from the token staking can users be counting on? There’s no clearly defined figure yet, but Adam believes that staking rewards should reach around $750,000 per month by the end of 2021. This initiative has all chances of taking shape, all thanks to the project of Digitex City.
Digitex Steps Beyond the Boundaries of a Simple Exchange
With the arrival of Digitex City, Digitex will cease to exist as a mere trading platform. The concept of this new project is centred around the growth of an entire ecosystem with a bundle of services, which users can take an advantage of while trading and investing on Digitex. This expansion will include many popular services all under one umbrella of Digitex.
If you want to buy DGTX and take part in the staking program, now is a good time to take advantage of DGTX’s undervalued price before it reaches its dollar target…
A project of a commission-free trading ecosystem combined with a purposeful and goal-oriented leader may bring even the most complex plan to fruition. Driven by the positive records of past achievements, and a commitment to overcome issues for users as soon as they arise, Digitex Futures has all chances of becoming a new-generation leader in the crypto space and paving the road for many newcomers to join the world of digital currency.
