FLEX is the token that powers the CoinFLEX exchange – acting as the centerpiece of our ecosystem. Holding FLEX reduces fees for all products, including AMM+ and flexUSD.
More importantly, FLEX will act as the governance token for FLEXDAO, which will be launching relatively soon. We will be paying 10% revenue and 10% profits to users staking FLEX.
Furthermore, 10% of all CoinFLEX revenue and profits will be used to burn FLEX every month and reduce total supply. This increases demand and incentivizes long-term staking, which will help build a robust community of FLEX holders. Unlike many other tokens in the crypto space, FLEX has real-world value in a variety of different situations.
CoinFLEX recently launched the Automated Market Maker Plus (AMM+), which is currently the driving force behind FLEX value. It creates tremendous demand for FLEX, as traders and investors need to buy FLEX for lower transaction fees. FLEX can also be used as collateral to trade on any perpetual contract. In fact, CoinFLEX offers physical delivery on perpetual contracts, which means if you long the bitcoin perp and deliver, will receive spot BTC. In addition, any assets in your wallet (e.g. FLEX, BTC, ETH, USDT, USD) can be used as collateral (although there are different Loan-To-Value ratios, e.g. FLEX = 0.9, BTC=0.95, ETH=0.9).
As for AMM+, it’s another product that you can take advantage of to further utilize your assets. Let’s say you have 10,000 USD and you don’t know what to do with it. You could leverage your money using AMM+ to a buy-side Market Maker, sell-side Market Maker, or on a neutral strategy (buy and sell at the same time). AMM+ could generate up to 118% APR (7-days-average) for ETHUSD, and I personally started some AMM bots earning up to 310% APY, as you can see below. You can always redeem your money – any time – in just a few clicks.
In addition to AMM+, CoinFLEX also offers a product called flexUSD, which is pegged 1:1 to USD. Just buy some flexUSD and put it in your wallet, and you could earn yields of up to 20%+ APY paid directly to your wallet – regardless of whether it is a bull or bear market. Frankly, flexUSD is particularly suitable for a bear market since most crypto tokens would be down and it would be somewhat difficult to make gains, while flexUSD offers APY’s of up to 20%+ with minimal effort. FlexUSD can also be used as collateral to trade any derivatives on CoinFLEX and its’ Loan-To-Value ratio is 1.
I have been trading crypto for 5 years across 50 different crypto exchanges, and have never seen an exchange offering such a useful financial asset. Besides our products, we have a wide, geographically distributed team – meaning we offer 24-hour coverage and a very active group on Telegram. Our team consists of people with years of experience in both crypto and traditional finance. Our mission is to build a secure and reliable crypto exchange that serves our customer’s financial needs, providing useful products and tools no matter what the state of the market is.
FLEX Technical Analysis
FLEX was trading between $0.05 and $0.5 for around 9 months. It finally broke out from the symmetric triangle in mid-July. What this breakout implies is that FLEX was accumulating power for 9 months and that the market eventually ran out of sellers. Typically, the longer the accumulation phase is, the more powerful the breakout. Since the breakout, FLEX has built a support base from Nov 2020 until this July – a solid foundation of buyers built over the course of 9 months. FLEX has strong support at $0.5. The AMM product release in mid-June led to fundamental growth, and FLEX has been picking up momentum and does not seem to know when to stop.
If we look at the history of some exchange tokens, for example FTT (FTX Exchange) and BNB (Binance Exchange), once they broke out from a long period of resistance – the price exploded upwards.
A possible scenario is FLEX pulling back to $0.5 as the first support, otherwise $0.15 is another, stronger support.
For more information:
AMM (Automated Market Maker)
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Author: Peter Yuen