There’s a lot of projects in this industry that are all bark, but very little bite.
And while we made a bit of a splash last month with the launch of CoinFLEX v2, a completely new exchange and product suite rebuilt from the ground up, we’ve been busy building.
We’ve strived to be much more bite than bark.
As we roll out and refine our products and tune our systems, however, it’s now time to start barking.
Communication is key in our industry. So from this ethos of transparency, and from excitement about developments in our product offering, we are launching this monthly report to let the world know about our products, progress, and road map for the future.
Our aim is to keep our users and the crypto market at large apprised of our achievements, our in-progress work, and our plans for the future, with hopes of closer interaction and awareness between market participants and the CoinFLEX platform.
CoinFLEX is not your run-of-the-mill crypto exchange. As a team of crypto OGs, financial markets veterans, and professional traders, we built this platform to suit the needs of the quickly maturing crypto market space and cater to traders of all types.
Our core products are quite unique to the industry:
- Physically delivered derivatives, including the first deliverable perpetual futures contract, allowing for fungibility between spot, perpetuals, and futures positions and thus more potential for execution, operational, and capital efficiency in crypto derivatives trading.
- Repo trading via a central limit order book, an industry first and a valuable tool for traders and other financial services businesses in the fast-developing derivatives and borrow/lend landscape.
- FLEX Earn, a product leveraging the CoinFLEX repo market and allowing you to passively generate yield on your crypto holdings via a simple and user-friendly interface and experience.
- Perpetual/Quarterly Spread markets, allowing for easily accessible basis trading with up to 250x leverage.
- Implied Engine, allowing for efficient, augmented liquidity across interlinked markets (this deserves its own entire article… stay tuned).
- Important user-side features, including flexible multi-asset collateral management, sub-account functionality, and more trader-centric features.
And there’s so much more on the way. Here’s what we’ve been up to since the launch of CoinFLEX v2.
Recent Updates, Improvements, Developments:
1) CoinFLEX v2 launched in July, facilitating spot, perpetual futures, quarterly futures, and repo markets for BTC, ETH, and USDT. Over the coming months, we will be rapidly deploying new sets of spot and derivatives markets for many additional coins. We’ve built a proprietary tool for automating the listing of new markets which we will leverage to list 100 new markets by the end of the year.
2) Additionally of note on the markets side, our BTC repo market has facilitated over $10mm in repo transactions over the last week, including a total of over 750 BTC physically delivered in the daily repo auction. This is clearly a product and market that has potential for serious growth, and has wide-ranging implications for various market participants.
3) We’ve also launched CoinFLEX Options, a “digital” binary options platform with a sleek interface and gamified user experience (more to come in an upcoming blog post).
4) We’ve recently relaunched FLEX staking after a short pause in transitioning from the V1 platform to V2. FLEX is our native exchange token and central to the CoinFLEX ecosystem. FLEX can be used to pay exchange fees at a discount, and it can also be used as collateral for margin trading. Additionally, we have launched multiple different staking options for FLEX, allowing users to earn yield on their FLEX holdings.
- FLEX/FLEX staking has returned, offering a yield of 40 FLEX per 1000 FLEX staked in a 30 day lock up. Please find more information こちら.
- FLEX can also be staked on our CoinFLEX Options platform, where you will earn FLEX based on performance of the “house” vs. users of the platform. You can read more about staking via CoinFLEX Options こちら.
- We will also be launching a new staking concept based around the CoinFLEX insurance fund… stay tuned!
5) Now up and running full steam, we will be holding regular trading competitions centered around our product offering. Currently we are running daily spread trading competitions with prize pools of $2000 for each competition.
6) After the launch of v2, we’ve been working tirelessly on performance tuning and optimization of the exchange technology and user interface and experience. Our community and user base has been active in providing feedback to us on products, UI/UX and other facets of CoinFLEX. This is a constant work in progress to provide the best possible experience to users and we look forward to welcoming additional feedback and working on further enhancements.
- New coins, new markets, coming VERY soon.
- Bitcoin Cash Governance Futures, a way to trade on the upcoming BCH network upgrade, which may result in a contentious hard fork.
- A brand new form of FLEX staking based around our insurance fund, allowing for a total of three different ways to put your FLEX to work and earn yield on your holdings.
- Enhanced UI/UX features including better visual cues and data for margin/leverage management.
FLEX is the Future
The market is moving fast, and soon new businesses and additional structured products will be birthed from the belly of highly leveraged derivatives trading.
We believe our unique approach is a natural fit in the maturation of crypto markets, especially as it relates to derivatives trading.
To cite the recent Q2 2020 report from Genesis — in Q2 alone, the firm executed $2.2B in loan originations, and traded $400M in derivatives since June 1st, after just recently launching their derivatives trading desk.
These are the figures from just a single firm, and these numbers are staggering to folks that have been around crypto markets long enough.
And while the true believers knew this was coming, it is really something to have watched it play out before our eyes. Yet, crypto is still such a tiny fraction of the global financial system. We have a long way to go.
We’re here to be a part of this story.
We believe our suite of products will allow newfound flexibility in crypto markets, opening up opportunities to businesses new and old; increasing market efficiency and decreasing spreads, fees, and overhead; providing simplicity and dexterity to traders of all walks in a nascent and often opaque industry.
A lot of people don’t realize, but CoinFLEX wasn’t some random meme-able name that wasn’t yet domain-squatted.
It stands for Coin Futures and Lending Exchange. And as such, we aim to be an epicenter of derivatives trading and borrow/lend facilitation.
But also, unofficially, it stands for flexibility. Our products allow for operational and capital efficiency and flexibility previously unachieved by existing crypto exchange models. We look forward to pushing forward the innovation and adoption of these products as a natural and beneficial evolution to the development of this market.
We look forward to sharing with you our achievements and road map along the way. Let’s keep FLEXing!