The entire cryptocurrency market witnessed waning popularity over the past two years due to the deteriorating global economic environment and adverse events within the cryptocurrency industry. Nevertheless, the market continues to exhibit exuberance when it comes to daily trading.
The cryptocurrency trading market can be broadly divided into two categories: spot trading and derivative trading. According to data from CoinMarketCap and other professional cryptocurrency derivative platforms, the daily trading volume hovers around $30 billion for spot trading and $70 billion for derivative trading. In terms of trading volume, cryptocurrency trading, especially derivative trading, continues to hold substantial significance within the industry.
As per statistics, the daily trading volume of encrypted asset derivatives surpasses hundreds of billions of dollars, which translates into a daily revenue of hundreds of millions of dollars. This undeniably represents an enormous market from every perspective. MEKE, an on-chain perpetual protocol platform developed by a US technology team, will soon be launched, preparing to make a foray into the cryptocurrency derivative market capable of generating hundreds of millions of dollars of profit per day.
Latest Fintech News: Temenos Recognized as a Leader in the Omdia Digital Banking Platforms Report
In contrast to the spot trading market, cryptocurrency derivative trading boasts a greater size and is still in the process of maturing. At present, the majority of users rely on centralized contract exchanges, which, due to their centralized nature and lack of transparency, facilitate various behind-door practices and manipulations that greatly disadvantage traders. Nevertheless, decentralized contract platforms are beset by multiple obstacles like usage inconveniences. As such, there is a pressing demand among traders for a decentralized cryptocurrency derivative trading platform that offers security, transparency, and user-friendliness. Notably, MEKE is precisely such a decentralized platform that is secure, transparent, and user-friendly.
As for the construction of the underlying system, MEKE’s main functions are deployed on Binance Smart Chain (BSC), preventing fraudulent transactions at the source and ensuring fairness in user transactions. Additionally, MEKE utilizes optimized algorithms to expedite transaction speed. Although the speed may still be slightly slower than that of centralized exchanges, it can fully satisfy users’ trading requirements and deliver a smooth and efficient trading experience.
Fully aware of the significance of user experience in trading, MEKE has not only optimized technologies but also crafted trading pages and processes that can offer an experience almost as premium as centralized exchanges. First, in relation to trading approaches, MEKE has adopted the classic order book model, which complies with trading market regulations and provides users with a clear view of the number of pending orders. Moreover, MEKE endeavors to ensure that the K-line data and depth map data are presented with the same level of refinement as seen on centralized exchanges. It is justifiable to say that as long as users know how to operate on centralized contract exchanges, they can handily switch to MEKE for contract trading. Even new users who have never engaged in centralized contract trading can swiftly familiarize themselves with MEKE and undertake contract trading.
Apart from emphasizing fairness, transparency, and user experience, MEKE has also dedicated substantial effort to security. Take the simple operation of cryptocurrency deposit and withdraw. On centralized contract exchanges, the assets you have deposited are held in custody by the exchanges, where withdrawals may be restricted. Nevertheless, MEKE eliminates the need for registration and users can engage in trading using their wallet addresses. Each deposit and withdrawal is managed through the user’s personal wallet address. As long as the mnemonic phrase and private key are in safe hands, users can rest assured that their assets are inaccessible to anyone else. This ensures the utmost security of users’ assets. As for contract security, MEKE has passed the security audit of CertiK, a globally recognized auditing company, thereby assuring the security of the entire contract system.
The guided price of traded assets constitutes the paramount part of contract trading. MEKE employs a weighted average algorithm that combines Chainlink oracle price feed and real-time transaction prices to ensure that the guided price of its assets is stable.
Presently, despite a daily profit of hundreds of millions of dollars generated by the cryptocurrency derivative market, centralized contract exchanges remain the primary choice for the majority of users. Decentralized contract trading comprises only a mere 2% of the entire market, signifying a vast 98% untapped market awaiting exploration by MEKE. By combining the characteristics of transparency and traceability of decentralized exchanges with the smooth user experience and low-entry barriers associated with centralized exchanges, MEKE undoubtedly enjoys a significant competitive advantage among all contract exchanges.
Latest Fintech News: ACI: APP Scams Emerge as a Payments Fraud Threat with Fraudsters Changing Tactics
Following years of refinement by the MEKE technical team, all functions of the platform have been fully developed. Nonetheless, to enhance user experience and reinforce the security of user funds, MEKE will commence a public beta test of late. Once the test concludes, MEKE will be officially launched on BSC after wrapping system upgrading and auditing.
MEKE’s public beta test will run on the Binance Chain. Users can partake in the test by deploying Metamask on their PCs or switching to the Binance Chain using mainstream wallets on their mobile phones. MEKE supports nearly all mainstream wallets in the market. MEKE’s public beta test primarily revolves around conducting contract trading on the test system using the USDT issued by MEKE on the Binance Chain. Users with hands-on experience with contract exchanges will easily complete the test and even those who have never engaged with cryptocurrency contract exchanges can quickly learn to conduct the test on MEKE.
MEKE has already established a community where users can freely ask questions and communicate with each other should they encounter any challenges during the test. MEKE is fully prepared to offer users the best possible experience during the public beta test. Moreover, MEKE has prepared generous airdrops to reward participants in the test.
MEKE is fully prepared and well-equipped to dive into the vast cryptocurrency derivative market that possesses a daily trading volume of nearly hundreds of billions of dollars.
Latest Fintech News: Strike Expands “Send Globally” to Mexico, the Largest Market for Cross-Border Payments
[To share your insights with us, please write to sghosh@martechseries.com]
