To a Productive First Quarter in 2019!
A recap of Q1 and what to look forward to in Q2.
Throughout the entire course of the IDAP project, the team’s focus has been on building the best crypto derivatives exchange for our users. We’ve been working round the clock to deliver the final product and in this regard, Quarter 1 has been very fruitful! Here’s a recap of the various milestones we crossed, bringing us closer to launching the main exchange:
TestNet launched and opened to the public
As we had promised, we went live with the IDAP TestNet in late January. After countless hours of development, the IDAP TestNet Alpha was released and made public. Members of the community had been waiting eagerly to test out our trading platform and based on the feedback we’ve received, they are delighted to use the TestNet! We are also incorporating suggestions and feedback from the users, many of which are experienced traders, and these improvements will reflect when the exchange goes live. To start off, users get 1 virtual BTC that they can employ to engage in simulated trading. You too can explore the IDAP TestNet running on real-time market data by visiting testnet.idap.io.
Web Application enabled for simulated trading
The alpha version of the web application, currently providing a safe simulated environment to explore trading on the IDAP exchange is available at testnet.idap.io/trade. To trade, you’ll have to register and then log-in. Viewing the web app, however, requires no registration at all! The UX has been designed to offer a high degree of customization to users, with all panels having drag and drop enabled, ensuring you can arrange the layout as you please. Moreover, you can restore the default view with a single click! The Web app allows for easy order placing as well as access to different BTC futures contracts.
Desktop Platform available for download
The Desktop platform gives a glimpse into the true power of the IDAP exchange. It’s free to download (currently for Windows only) and comes with a quick start guide! Designed with professional trading tastes in mind, the application is aimed at serious traders looking for an old-school trading setup, and has already been downloaded 2000+ times. Ladder-trading interface to gauge the market depth, one-click execution to trade at lightning speed in volatile conditions, few interesting conditional orders and multiple custom workspace creation are some of the amazing features that users can experience on the Desktop platform. Moreover, you can set the layout as per your preference plus trade multiple BTC future contracts side by side!
Implied logic for Spreads
The IDAP TestNet offers users BTC perpetual contracts, quarterly futures contracts along with spreads. More so, the implied logic mechanism for spread contracts as we elaborated in our White Paper, is being integrated. To catch a glance of implied logic, do check out the pricing of spreads vs outright futures. The implied logic mechanism enables a healthier futures market overall by ensuring fair pricing as well as enhanced liquidity for all futures products.
Total user registration crosses 145k
Throughout quarter one, we’ve seen a steady influx of new users. We welcome the new members of the IDAP family and express our gratitude towards the community members who have been our loyal supporters through our amazing progress!
Going forward, the IDAP token will be rebranded to BFX, with a brand new smart contract with updated tokenomics. Moreover, the derivatives exchange will go live on bitfex.com. To stay up to date with the latest developments, please check the latest version of the White Paper, alongside the updated token distribution and vesting schedule information on bitfex.com.
The IDAP project, as well as the team behind it, has been generating buzz among the crypto space. Take a look at the coverage we’ve received:
Among top 3 ICOs reviewed by Midgard Ventures
“Binance has cracked the spot trading market. Someone has to crack the derivatives part, IDAP team has both derivatives experience as well as FinTech proofs that this sphere has a big potential and IDAP has a lot of useful features which can bring liquidity to their exchange,” say the expert reviewers of Midgard Research, awarding IDAP a rating of 8.0 out of 10. You can read the in-depth review on CryptoDiffer by visiting this link.
IDAP team at IIT-Roorkee’s E-Summit
IDAP was one of the partner’s of the Blockchain Conclave organized at IIT-Roorkee as part of the institution’s E-Summit themed, ‘Building for the Billion.’ Attended by many industry veterans and thought leaders, IDAP’s CTO, Murali Thakur, also an alumnus of IIT-Roorkee attended the event. This is what Entrepreneur India, which covered the event, had to say about IDAP, “The FinTech startup caters to derivatives trading, a huge market traditionally is untapped in the crypto space.” You can view the article in its entirety here.
We are carrying the energy and enthusiasm of our progress in Q1 with us as we move forward towards launching the Beta exchange that will be open for the public. Our plan is to take the exchange live by the end of this quarter. Exciting developments continue behind the scenes and we will keep updating you about them!
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