What is 0xdx? 0xdx is the first NFT Options DEX platform on Arbitrum that allows users to speculate on buying or selling NFT Blue Chip collectibles. Let’s find out what is special about this project with Weakhand in this article.
Before entering this article, everyone can learn about the following two projects to better understand the NFT Options market:
- What is Hook Protocol? Hook Protocol cryptocurrency overview
- What is Openland? Openland cryptocurrency overview
- What is Putty Finance? Putty Finance cryptocurrency overview
What is 0xdx?
Overview of 0xdx
0xdx is the platform NFT Options DEX First active on Arbitrum. 0xdx aims to solve the problem of illiquidity of the NFT market through Option transactions.
0xdx helps users access the NFT Blue Chip through put options (Put Option) – if the user speculates that the NFT collection price is lower on the expiration date, and call options (Call Option) – if it is assumed that the NFT collection price is higher on the expiration date term.
0xdx applies European options allowing buyers to exercise their options on the expiration date.
Mechanism of action of 0xdx
The operating model of 0xdx takes place according to the following steps:
Step 1: Option contract creators deposit ETH into the platform as collateral to be able to create Option contracts.
Step 2: Trader places an order bids (buying side) and command asks (seller) for Option contracts. All orders will be displayed on the order book – similar to the Order book on Cex exchanges.
Step 3: When matching orders, traders must pay a fee called an insurance fee for the Option contract creator. The expiration time takes place every Friday and Traders can receive profits during this time.
What is the difference of 0xdx?
0xdx deploys XP points for users who interact with the platform every day, which users can exchange for USD at a predetermined conversion rate. 0xdx also launches competitions with rankings for the best traders with ETH or USDC rewards for the winners.
0xdx also uses the same Battle Pass in Apex Legends or Call of Duty games with 50 unique levels that provide an exciting experience for users on the platform.
Core Team
0xdx is developed by 3 Canadian Co Founders with passion and experience in technology, big data and cryptocurrency applications including:
Jon Graf : Co Founder & Technical Director
He has more than 10 years of experience in full stack programming with the development of many complex accounting and financial software.
Riley Prescott : Co Founder & Director of Operations
- He graduated with a bachelor’s degree in economics and a bachelor’s degree in environmental science from the University of Calgary.
- He has been a market analyst at AESO since May 2017.
- In September 2022, he quit his job and joined the startup company 0xdx, currently he is Director of Operations.
Dan Zajac : Co Founder & Head of BD
- He graduated with a bachelor’s degree in geosciences from Calgery University.
- He joined Bench Accounting as Account Manager in October 2019.
- After that, he quit his job and joined 0xdx as Head of Business Development from September 2021.
Investor
Update…
Tokenomics
0XDX is the project’s token. Although not officially launched, the project has revealed some information as follows:
0XDX is a utility and governance token on the Arbitrum network. Users can Stake 0XDX to receive the following benefits:
- Admin rights to vote on proposed platform improvements.
- Upgrade COIN multiplier to get more rewards.
- Platform revenue sharing opportunity.
Project Information Channel 0xdx
- Website: https://0xdx.io/
- Twitter: https://twitter.com/0xdx_io
- Discord:
summary
0xdx is the first NFT Options DEX platform on Arbitrum to help users on the Arbitrum ecosystem easily access speculation with Blue Chip NFTs. Hopefully the information I provide in this article has helped everyone understand a bit about 0xdx.