DUBLIN, Ireland, Nov. 20, 2020 (GLOBE NEWSWIRE) — Decentralized options trading protocol DYMMAX (https://dymmax.com/) has successfully closed the round of private investment. The general public can partake in the upcoming Initial Exchange Offering for the DMX Governance token, slated to take place on the ProBit exchange come November 20.
DYMMAX Caters to Institutional and Private Investors
As a solution for options trading, Dymmax wants to introduce a solution to let users make a profit in all phases of the market.
The focus for building this protocol lies with institutional and private investors, as well as hedgers.
What makes the protocol different from more traditional service providers is how its users can explore options trading without providing any collateral. Instead, the platform introduces a bidding pool for traders to insert their limit orders tied to desired options strategies. This bidding pool acts as a joint renewable auction with floating premium.
Once an auction closes, ERC20 tokens are issued and distributed among all participants. Afterward, a new auction begins to gather up new options orders from traders. Once an option expires, holders of the corresponding token receive rewards from the “bank” through the DYMMAX terminal.
Exploring the Core Features
Options trading is nothing new in the cryptocurrency industry. DYMMAX will offer its users several key features, including up to 20x leverage, limited risk associated with market swings, and the ability to make a profit from falling and stagnant markets. This latter aspect is what can set this protocol apart from competing services.
In terms of customization, DYMMAX will allow users to build custom strategies by using existing templates as a starting point. Doing so will give participants the necessary tools to attempt to earn a profit through trading.
The DMX Token Explained
Investors who partake in the upcoming DYMMAX IEO will receive DMX tokens in return. This token provides governance rights to holders, as they can help manage the project’s protocol in the current and future form alike. This includes being able to add new auctions, introduce new protocol-based options, and help determine which direction the project will head in next.
Additionally, DMX tokens offer a discount on trading fees when interacting with the DYMMAX protocol. Holders of the DMX token will also be able to use it for all services offered by the protocol. This includes any service provided by current and future partners.
Private Investment Round and IEO
In recent times, the DYMMAX team confirms it has successfully acquired private funding through an investment round. Interested investors can still contribute financial support, as an Initial Exchange Offering (IEO) will be organized. This token offering ensures the necessary funding will be reached to continue the development of the DYMMAX protocol.
Additionally, the funding obtained will be used to provide initial liquidity for the auctions.
The initial exchange offering will be facilitated by ProBit, a reputable cryptocurrency exchange. Several rounds of funding will be organized by the exchange, giving proBit’s community every opportunity to become a part of DYMMAX’s ecosystem at an early stage. ProBit has conducted over 200 successful Initial Exchange Offering rounds to date, making it one of the top exchanges for this type of raising capital.
The DYMMAX IEO on ProBit will take place from November 20 00:00 KST until December 20 23:59 KST. Tokens will be sold at a price of $1.25 per DMX. The IEO page contains all of the necessary information for participants.
Company: DYMMAX LP
Contact: Dmitry Filyaev