BeneSwap is a new decentralized derivatives trading platform based on the underlying infrastructure of OKExChain.
The blockchain technology ecosystem is gradually growing into the mainstream adoption cycle. This is due to the constant rollout of innovative products by the growing number of crypto-based platforms. From centralized to decentralized exchanges, the hoard of digital assets being rolled out today finds their way to a platform where they can be traded. As the crypto world aims to obliterate mainstream finance, both centralized and decentralized exchanges are now offerings specialized products including derivatives trading. However, centralized finance is well advanced in this market niche with the derivatives trading volume surpassing the amount traded in spot markets on a daily basis. When compared to decentralized exchanges, the derivatives market is not yet developed, representing just a fraction of the daily trading. The realization of the need to capture more of the derivatives market is why the BeneSwap exchange was launched.
BeneSwap Derivatives Exchange: Products and Features
BeneSwap is a new decentralized derivatives trading platform based on the underlying infrastructure of OKExChain. With the dominance effect being exerted by other major exchanges including Binance, Huobi Global amongst others, the underlying tenet of the BeneSwap derivatives exchange is to help restore the basic decentralized tenets the blockchain ecosystem was billed to operate with.
The mainnet of its underlying blockchain network is set to be launched very soon, BeneSwap is set to be the first decentralized derivatives trading platform on OKExChain, which will allow users to enjoy a transaction process through lower gas fees, high speed, and integration in the market, and combination with Non-Fungible Tokens (NFT).
The core product features of the BeneSwap derivatives exchange include;
- Liquidity mining
- NFT Issuance and Trading
- Transaction Mining
- Order Book
- Promotion mechanism
- Lossless mining,
- Contracts and Options, and;
- High Scalability.
The BeneSwap exchange through the aforementioned features is combining the uniqueness of centralized exchanges with the profitability of decentralized finance (DeFi) to bring additional value to its users. Of particular interest in which the exchange will be one of the pioneers in are the transaction mining and lossless mining products respectively.
In the former, users get rewarded for providing the transaction volume to power the trading platform, while the latter was introduced to eliminate the incidents of losses associated to Liquidity Provisions. Users can pledge their tokens and earn rewards on a daily basis with the opportunity to remove their pledges at any time from the “Divided Pool.”
BeneSwap Token, Roadmap and Team
The BeneSwap derivatives exchange is powered by the BENE token which can be utilized in the ecosystem governance, payment of transaction fees, liquidity pool management, and securing voting rights in the BeneSwap ecosystem. BENE is designed to have a total supply of 20 million tokens, and its tokenomics is designed to allow for future growth performance.
The project is headed by its Chief Executive Officer, Eminem Sierra, a serial entrepreneur who has lead a successful career working with IBM Corp (NYSE: IBM), Morgan Stanley (NYSE: MS), and Microsoft Corporation (NASDAQ: MSFT) amongst others. Other top executives include the project’s CTO Jemery Garena and CMO Daryna Rabinova.
Per the platform’s roadmap, the NFT marketplace, the transaction mining, and Contracts and Options features will be launched in Q2, Q3, and Q4 2021 respectively.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
