Cryptex Finance Launches Cryptex v2: A Decentralized Perpetual Markets Platform with 20x Leverage on Total Crypto Market Cap, Exclusively on Arbitrum
Cryptex Finance is excited to unveil Cryptex v2, a cutting-edge decentralized perpetual markets platform that allows DeFi users to long or short the entire Crypto Market Cap with up to 20x leverage. Developed on the innovative Perennial infrastructure and powered by Chainlink oracles, Cryptex v2 is exclusively available on the Arbitrum network with a strong incentives program.
Unlocking the Potential of DeFi Derivatives with Cryptex v2:
The DeFi perpetuals market has experienced remarkable growth in recent years, as demonstrated by the surge in the total value locked (TVL) in decentralized derivatives platforms. This trend highlights the immense potential and opportunities DeFi perpetuals present to both individuals and investors. As of January 2023, crypto derivatives represented approximately 70% of the entire crypto space, adding up to US$2.04 trillion. The growing interest in DeFi derivatives stems from factors such as enhanced security, greater accessibility, and reduced dependence on centralized intermediaries. This impressive expansion underlines the vital role of Cryptex v2 in propelling the industry forward.
Cryptex v2 marks a new chapter in the DeFi derivatives industry, moving beyond the initial stages of basic products with weak mechanisms and strong incentives, which proved unsustainable for future growth and innovation. To fully unleash the power of Cryptex, the DAO has built upon Perennial’s advanced mechanisms, creating a diverse suite of perpetuals that surpass existing DeFi derivatives solutions. As a result, previously untradable indexes, such as Total Crypto Market Capitalization, can now be securely and trustlessly traded.
“DeFi users worldwide now have the ability to access fully decentralized Total Crypto Market Cap Perpetuals with up to 20x leverage. Starting with TCAP, the Cryptex DAO will continue building and releasing unique perpetual contracts as it continues its core mission of developing cutting-edge tools for DeFi” said Joe Sticco, Co-Founder & DAO Contributor at Cryptex Finance.
V2’s Incentives Program
Cryptex’s collective efforts and commitment to fostering innovation and growth within the DeFi space have led to our DAO being recognized as a key player in the Arbitrum ecosystem. As part of this recognition, the DAO has been acknowledged as a delegate in on-chain governance, and v2 will have an incentive program to prioritize decentralization, user empowerment, and long-term growth. The incentives program includes:
- $50,000 CTX for v2 Liquidity Incentives: To promote participation and liquidity, $50,000 worth of CTX tokens will be allocated as incentives for liquidity providers, distributed over three months.
- $50,000 ARB for v2 Trading Rebates: Recognizing the importance of platform activity, $50,000 worth of ARB tokens will be dedicated to usage rebates, with a daily cap of $555.55 (calculated as $50,000/90) to further decentralize the $ARB holdings by allowing our users to participate in governance.
This balanced approach incentivizes liquidity provision and trading activities, fostering a thriving environment for users to contribute to Cryptex’s growth. With its exclusive presence on Arbitrum, Cryptex v2 leverages the benefits of this Layer 2 scaling solution, providing faster transactions, lower fees, and improved scalability compared to traditional Ethereum-based platforms.
“The launch of Cryptex v2 on Arbitrum provides another DeFi milestone within our ecosystem,” said A.J. Warner, Chief Strategy Officer of Offchain Labs. “When we worked to bring Cryptex’s JPEGz index to Arbitrum earlier this year, we were excited to see what other innovative products their team would bring to the Arbitrum community. With v2, DeFi advocates on Arbitrum will have the opportunity to trade an index that tracks Total Crypto Market Capitalization — an option unavailable anywhere else.”
Cryptex v2 looks forward to fostering an empowered and engaged community that benefits from the shared success of the DeFi ecosystem.
About Cryptex Finance
Cryptex Finance is a multi-network DeFi protocol. The protocol uses Ethereum smart contracts, Perennial derivatives vaults, and Chainlink data oracles to help provide secure and decentralized software for users. Available on Arbitrum.
For more information, please visit: https://v2.cryptex.finance/
About The Arbitrum Foundation
The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum. The Foundation oversees the $ARB token and governance structure as well as the Arbitrum Security Council, a 12-member multisig of well regarded community members designed to ensure the security of the chains.
For more information, please visit: https://offchainlabs.com/
About Perennial Labs
Perennial is a DeFi-native derivatives primitive that allows for the creation of two-sided markets that trade exposure to an underlying price feed in a capital efficient manner. Perennial is live on Arbitrum & ETH Mainnet.
For more information, please visit: https://perennial.finance/
