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ApolloX DEX Now Ranks in the Top 5 DEX on CoinMarketCap

ApolloX DEX Now Ranks in the Top 5 DEX on CoinMarketCap

Two months after launch, ApolloX DEX now ranks in the top 5 DEX on CoinMarketCap. It is also the second orderbook derivatives exchange after market incumbent dYdX.

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Earlier, ApolloX also announces the launch of their Leaderboard Program for Decentralised Exchange (DEX). DEX will start from 13 January, 2022 00:00 AM (UTC). The top 100 users on the leaderboard will be rewarded with hundreds of thousands to millions of dollars, which will be distributed in a mix of USDT and APX each epoch.

According to an official statement issued by ApolloX, the rewards of each epoch will be announced on the program page prior to the start of that epoch each Monday, with a mix of USDT and APX. For the first epoch, the total prize pool is $40,000 with 50% in USDT and 50% in APX. Moreover, the remaining 10 BTC-Bull-30min NFTs from the “Draw & Earn” campaign will be rewarded to the top 10 users on the leaderboard in the first epoch.

Employing an on-chain settlement and off-chain matching model, ApolloX is the first hybrid derivatives exchange with both a DEX and CEX. In recent years, crypto exchanges have sought to incorporate features from both centralized and decentralized exchanges to provide more liquid and safe trading.

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“DEX truly is the future as crypto traders want more privacy and autonomy. Users simply connect their cold wallets to trade on DEX. No registration (is) needed. We believe ApolloX is aiding the shift towards DEX and providing a strong alternative to dYdX,” said a spokesperson from ApolloX.

The price of the ApolloX token (APX) grew 300x in four hours, from $0.0004 to $0.115, during its launch. APX is available on major exchanges like PancakeSwap and Gate.io and currently trading around this level.

[To share your insights with us, please write to sghosh@martechseries.com]

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Sudipto Ghosh
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