New York – BitCoke, a Hong Kong based emerging crypto exchange, is making serious headway in derivative business by adopting a new form of trading mining to spur user activites. On 9th December 2021, the second day of its trade mining campaign, according to data compiled by CoinMarketCap, a popular listing website, BitCoke scored $5.67 billion in derivative volume, a 4.2 times hike over a normal trading day, propelling BitCoke to No. 7 in CoinMarketCap derivative ranking by volume.
At the eve of launching its platform native token – COKE, James He, Co-founder of BitCoke, said the ongoing trade mining was part of the efforts to attract users by rewarding participation with COKE, which is scheduled to debut in January 2022.
He attributed the influx of users and high trading activities to the scheme of trading mining campaign, which mimicked the one in Dydx but with great improvements, as well as the professional features that brought about high user retention rate, which, He said, is also the key factor that makes BitCoke stand out amid fierce competition in the industry.
On its homepage in CoinMarketCap website, BitCoke is introduced as a dedicated derivative exchange for professional traders and institutions, featuring no downtime, high speed and low fees. As a few of its highlights, BitCoke is the first exchange in crypto space that offers Quanto swap as its flagship perpetual contract product, enabling users to choose BTC/ETH/USDT as margin, a.k.a. Settlement Coin, to leverage trade and settle all contracts on the platform. In addition to Tradingview chart, BitCoke has developed its own proprietary chart system that entailed numerous trader-friendly interface, layouts, drawing tools. It also embraced the general trend in asset management, rolling out Fund system in late 2020, which empowers the master accounts in BitCoke to implement asset management functions over affiliated subaccounts, like fund transfer, setting risk profiles, leverage, alert, etc. On top of the three highlights, BitCoke clearly puts great emphasis on trading procedures. It has a fast match engine, superb liquidity, cold storage asset isolation, delivering the best derivative trading experience.
Behind these achievements is a highly capable team which is composed of senor technical specialist, traders, product managers who all have extensive experience in finance or crypto sector, the team descriptions on BitCoke website shows.
While BitCoke may not be a high-profile exchange with much publicity, it’s been steadily grabbed and retained users around the world, and grown into an important player in the exchange arena, because of its professional products, longtime dedication and focus by the team. The recognition in its products and performance over the past three years is epitomized by the high demand from crypto VCs in COKE’s private fundraising round, according to James He who is responsible for institutional partnership. He indicated that BitCoke has signed agreements with a dozen of institutions, such as 7 O’clock, Scorpion VC, who all are committed to investing in COKE and BitCoke’s future growth. He also confident that there is a robust demand for COKE in the upcoming public IEO.
Based on COKE whitepaper obtained by Bloomberg, BitCoke, though a centralized exchange or CEX at the moment, is planning to become a DAO, operated and governed gradually by its user community with COKE as governance token. Furthermore, the whitepaper suggests the whole BitCoke ecosystem, will only apply COKE as the sole token for all projects. The first step of this ambitious transition is to develop its own decentralized derivative exchange or CokeDex, and migrate its current user base to CokeDex after it’s fully functional. Given that BitCoke team is specialized in derivative market, deft at developing cutting edge products, this transition come as no surprise to analysts and observers who have long followed BitCoke. As detailed in COKE whitepaper, the 49% of COKE token will be use to fund CokeDex development in the form of trading and staking rewards to stimulate liquidity and participation. BitCoke team will most likely post and verify trading results on a high performance public blockchain like Solana while filling orders using off-chain order book match engine developed by the team.
As more and more users get used to onchain transactions in a decentralized manner, it will be interesting to see how BitCoke make inroad in the already feverish battle over Dex dominance. Evidently, they’ve done quite a lot of research and preparation on technical side prior to make such a bold move.
Media ContactCompany Name: BitCokeContact Person: JamesEmail: Send EmailCountry: HongKongWebsite: https://www.bitcoke.cc/
