Source: MEKE
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Since the birth of Bitcoin in 2009, blockchain technology has been destined to change our lives, and the field of cryptocurrency is also destined to continue to grow and develop. In recent years, with the increasing number of participants, more and more user preferences have gradually shifted from spot trading to derivative trading, and the cryptocurrency derivatives market has become a trillion-dollar market.
According to CryptoCompare's market trading report released in June of this year, the trading volume of cryptocurrency derivatives reached 27.5 trillion US dollars, accounting for 66.1% of the total trading volume. Even though the cryptocurrency market has since experienced a significant decline, the trading volume of the cryptocurrency derivatives market remains at a relatively high level.
Genesis Q2 2023 Market Report states that if the trend of traditional financial derivatives is followed, the cryptocurrency options market has the potential to grow 10 times its current level. The report suggests that options have become the preferred tool for institutional investors to enter the cryptocurrency market. Currently, institutional investors are showing an increasing trend of funds flowing into the cryptocurrency derivatives market, while the liquidity of the spot market is being affected, resulting in long-term weakness in the depth of spot orders. The report indicates that a significant portion of future cryptocurrency trading volume growth will come from derivatives.
Undeniably, in recent years, the development of derivative DEX has been rapid, with a market value of over $2 billion, accounting for 7.9% of the total DeFi market value. However, the derivative trading market is still dominated by CEX, with DEX accounting for only 3% of the total trading volume. However, the rise of DEX is unstoppable. Compared with traditional CEX, DEX has the characteristics of no permission required, anyone can develop new products on the protocol; DEX has anti-censorship, which can effectively resist the manipulation of centralized institutions; DEX has the advantage of 7*24H trading. The previous FTX incident showed the vulnerability of CEX, and more and more investors are turning their attention to DEX. For DEX, there are four major areas that need to be addressed: how to upgrade functions; whether to provide the best market price through aggregated liquidity; the need to focus on on-chain copy trading to attract more users; and the need to focus on traditional assets to meet the diverse needs of users.
MEKE is obviously a qualified disruptor. MEKE is a decentralized cryptocurrency derivative trading protocol built on blockchain technology developed by a US team. In terms of functional upgrades, MEKE has been deployed on the opBNB testnet, which was launched by Binance Smart Chain (BSC) on June 19th this year as an EVM-compatible L2 scalability solution based on Optimism OP Stack. BSC was launched by Binance in 2020 to provide users and developers with a faster, safer, and lower-cost decentralized application environment during the congestion of Ethereum. opBNB chose to deploy on the more advantageous BNB chain than Ethereum, with strong technical support from Binance, which can escort the subsequent development of MEKE.
In terms of platform pricing, the problem of violent K-line fluctuations often occurs on ordinary trading platforms, which may cause unnecessary losses to users. However, MEKE has solved this problem through specific algorithms. Specifically, MEKE's prices are divided into three categories: real-time trading prices of MEKE contract products, spot index prices obtained through oracles from major platforms, and index prices of MEKE platform. MEKE uses at least seven different aggregators to ensure that the Chainlink oracle used by MEKE can continuously provide highly accurate and timely data. By using a weighted algorithm to combine Chainlink's feed price and MEKE's real-time contract trading price mechanism, the expected profit and loss of users' open orders can be calculated. When the contract market fluctuates or someone deliberately manipulates the real-time trading price, MEKE can ensure a more stable price and maximize user interests.
In terms of on-chain trading, unlike traditional centralized perpetual contract trading platforms, MEKE's main functions are deployed on the chain, and each user's transaction is recorded on the chain to ensure the authenticity of the transaction to the greatest extent possible. At the same time, since all transactions are recorded on the chain, each user's transaction is traceable, ensuring the fairness of the transaction. The transaction program is fully executed by smart contracts, and the security of user assets is guaranteed by the blockchain, with no third-party intervention and full control of assets by the user.
In terms of user demand, MEKE is already available for perpetual contract trading of various mainstream cryptocurrencies such as BTC and ETH. However, MEKE's vision goes beyond this. MEKE's debut product focuses on decentralized contract trading, currently focusing on mainstream cryptocurrencies, and will expand its business to highly liquid popular currencies, as well as traditional asset fields such as gold, foreign exchange, and US bonds in the future. In addition, although MEKE is a decentralized trading platform, it has the same high-quality experience in page layout and operation as centralized trading platforms.
In summary, MEKE has outstanding performance in terms of functionality, price, trading, and user needs, and can completely become a breakthrough player in the DEX field.
In addition, it is worth noting that MEKE is currently conducting public testing. The first phase of MEKE's public testing ended on August 14th, and users gave it high praise. The second phase of public testing is currently underway. Users who participate in MEKE's public testing can receive the platform token MEKE airdrop and increase their chances of winning opBNB. It can be said that participating in MEKE's public testing may have benefits comparable to those who participated in the early testing of DYDX, Optimism, and Arbtirum. Due to the platform's unique issuance mechanism, the issuance of MEKE platform tokens is limited, so users who participate in public testing earlier can receive more benefits.
MEKE second phase public beta is in full swing. For the latest information, please click to jump and copy to enter the MEKE official community.
Official website: https://meke.fun
Telegram：https://t.me/MEKE_Club
Discord：https://discord.gg/meke
Twitter：https://twitter.com/MEKE_PROTOCOL
This article is from a submission and does not represent the views of BlockBeats. Participation in the new ecosystem should be cautious, and users should handle personal assets properly.
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