The DeFi (Decentralized Finance) sector of the crypto industry exploded in 2020, particularly from March of this year onwards. Until then, the highest that the DeFi sector managed to go in terms of TVL (Total Value Locked) was a little over $1 billion, but the COVID-19 global pandemic quickly nullified that success.
However, at the same time, the DeFi sector — which never received too much attention — finally started attracting interest. Over the course of only three months — from March until June — DeFi managed to return to its $1b TVL.
However, that was not all for this sector, which only then started to surge. In four more months, between mid-June and mid-October, the DeFi sector hit a new ATH in terms of TVL, reaching as much as $12.5 billion locked away in various protocols. Since then, the amount has seen a slight decrease, although this could easily be only a small bump in the road.
That means that the amount of money that poured into DeFi grew by 12 times in only four months, in the middle of the year when a global pandemic and all kinds of other issues continuously troubled the world.
Needless to say, DeFi is likely only getting started, and those who joined it thus far are the pioneers of this sector of the crypto industry. Meanwhile, many are waiting for the second wave of projects to come out, in hopes of gaining new decentralized banking services, and potentially earning through HODLing, as the projects attract interest and accumulate value.
One such project, which promises to bring decentralized options trading without collateral, is DYMMAX.
What is DYMMAX?
As most people in the crypto industry already know, the crypto world has shifted through a number of trends so far. There were ICOs, IEOs, and other token issuance models that attracted attention over the last few years.
However, most projects that came through these models gave only empty promises. So, why would DeFi be any different?
Well, DeFi does not come with promises that may or may not come true in a few years. Instead, it comes with an offer of services that users can start using as soon as the projects see the launch.
DYMMAX is a good example of this, as the project offers options trading without collateral, which is something that we have not seen before. The project’s approach and offer to the DeFi sector are quite unique, and therefore, the project stands out from the others.
The project has recently closed a private investment round, and there is still time for interested investors to catch that train. After the private round is finished, the project plans to hold an IEO, which will provide it with the funding needed to continue its development and bring further value to its native token. Funding will also provide initial liquidity to the auctions.
Like with all new tokens, many are hoping to see this happen, which is why it is expected that most people who purchase the project’s tokens are likely to HODL.
Of course, there is never a guarantee that the price will go in the desired direction, but the progress that the project has seen thus far — combined with its unique approach and strong demand for decentralized options trading with no collateral — is certainly promising.
DYMMAX already teamed up with ProBit
Another thing worth mentioning is that DYMMAX already started attracting influential partners, including ProBit.
This is a well-known crypto exchange, with which the DYMMAX team has found common ground, according to the DYMMAX medium post.
In fact, the partnership with ProBit will allow DYMMAX to hold an entire series of rounds at the exchange. This would provide ProBit’s community with a unique opportunity to influence DYMMAX’s ecosystem, which is currently still in the process of being built.
What do token holders get by purchasing DYMMAX (DMX)?
As mentioned, there is a possibility of DYMMAX’s DMX token seeing a price increase as the development continues, and the demand for the token increases. Apart from that, the project also allows all token holders to become a true part of the project, and participate in its development.
Token holders would be able to help manage the project’s protocol, as well as get a discount on fees while using it. They will also be able to vote for new options, and thus decide on the direction that the project will take further down the road.
In addition, DMX holders will be able to decide on adding a new series of auctions, and pay for all DYMMAX-offered services with DMX directly. That also includes services offered by the project’s current and future partners, which DYMMAX promised to ensure as soon as possible.
In essence, DYMMAX aims to be fully decentralized, and completely in the hands of its community, where anyone holding the tokens will have a right to let their voice be heard.
It is an innovative project which aims to serve institutional and private investments alike, and it will help crypto users earn profit through trading by using one of several appropriate strategies.