Digitex is set to roll out a new stablecoin DUSD

December 2, 2020 crypto News 0

Since its full public launch in July 2020, Digitex Futures has been growing its user base and adding additional markets for traders. Its commission-free model and one-click trading ladder allow for fast-paced trading, making it the perfect platform for scalpers looking to capitalise on the smallest of price fluctuations.

However, quite quickly after launch, Digitex realised that the volatility of its native token DGTX, which all traders must use in order to participate in commission-free markets, was keeping some users at bay. The solution to this is the DUSD, a stablecoin and ERC-20 token with a value pegged at $1 USD collateralised by DGTX tokens. 

Launching on December 15, Digitex’s new stablecoin will remove the issue of volatility on the platform while amplifying demand for the DGTX token as the company expands to Digitex City on that same date. 

The expansion to Digitex City

Another factor that became clear to Digitex was that a lot of its community members were speculators and enthusiasts – rather than futures traders. The company, therefore, decided to find ways of accommodating more of its audience whilst making the exchange more attractive to traders with larger balances. 

CEO Adam Todd commented: “The zero-fee futures trading model has inspired us to adapt this to more products and a wider audience. So we’re expanding the token’s utility to forex and spot markets, as well as multiple rewards programs such as DGTX pool rewards, liquidity mining rewards, and DUSD creation rewards.”

He continued: “My job is to create as much demand for the DGTX token as possible, to ensure that the demand stays constant and that we can cater to all our audience, allowing them to make money with crypto in more risk-averse ways.”

Digitex, therefore, will be expanding to Digitex City on December 15 and the DUSD will become its new native currency. Digitex City will house Digitex’s flagship futures and forex markets, a host of DeFi-inspired rewards programs to generate passive income, a built-in social network to house its community, and a ‘Play’ area which will offer betting games. 

“Digitex City will become the place in crypto that people go to make money. Beyond trading zero-fee, users can choose to stake their DGTX or create DUSD for extremely generous rewards and some of the highest APYs in the industry,” Todd enthused. 

“We’ve come a long way from two years ago and we’ve all seen the popularity of the DeFi phenomenon. That’s why we are placing a high focus on this style of incentives that allow users to earn a passive income and make their crypto work for them.”

The importance of the DUSD

Through Digitex City, Digitex aims to not only cater to every subset in its core community but to also appeal to a wider audience. On its spot exchange, for example, Digitex aims to list as many “new and trending altcoins” in the new year as possible. 

All these projects will be given access to the City’s thriving social network and be able to target and engage with a niche group of crypto enthusiasts. And every action on the exchange will be enabled by the DUSD.

With a value pegged at $1 USD, DUSD will be used for all activities on the exchange including zero-fee futures, forex, and cryptocurrency spot trading, purchasing advertising in the social network, and playing games in the ‘Play’ area.

DUSD will also be available to purchase with a credit card, making the onboarding process easier and more efficient and appealing to a wider net of traditional forex traders well-used to trading with credit cards. 

The global forex market is the largest financial market in the world valued at $6.6 trillion. If Digitex can capture even a small slice of this market with its zero-fee no-spread forex trading, this could certainly propel the exchange to the next level.

What to expect from the launch

The Digitex City domain is already live and you can find out more about it by signing up for its waitlist here. In order to ensure sufficient liquidity for all the new markets it will be launching with, users will be encouraged to take part in the creation of DUSDs.

Todd explained, “We need to create liquidity for all of these markets, so we ask as many community members as possible to take part in the creation of DUSDs. Not only will they earn attractive rewards, but having everyone participate will lead to a huge influx of demand for DGTX. And our liquidity mining rewards will incentivise them to use their DUSD to do market making on our markets, creating liquid markets that attract more DUSD buyers.”

1 million DGTX a day will be paid out to market makers on the exchange via Digitex’s liquidity mining rewards program, and 500,000 DGTX a day will be paid out in DUSD creation rewards. This transition to the “DUSD economy” will, according to Digitex, stimulate demand for DGTX as creating DUSD requires a higher ratio of DGTX to DUSD. This will generate buying pressure for DGTX while constricting its supply.

“DUSD will be created by people who want to earn a passive income and make their crypto work for them. Digitex City isn’t just for traders anymore, we’ve opened up to a wider audience. We see a huge opportunity in offering this demographic ample money-making opportunities through our various rewards programs that are less risky than trading, passive in nature, and offer extremely generous APYs,” Todd concluded. 

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