Cobidex: A community-owned crypto derivatives exchange
Crypto derivatives currently account for almost 54% of all crypto trading activities in the market. This number is set to increase with the growth of perpetual crypto markets. Perpetuals offer traders more opportunities for higher leverage in comparison with spot comparables.
Cobidex is the world’s first crypto derivatives exchange owned by the community. The exchange will start out as a hybrid derivatives exchange that would eventually transition from a centralized to a semi-centralized platform before finally turning into a completely decentralized exchange that is owned and controlled by the community.
What is Cobidex?
Cobidex will start out as a community-oriented centralized platform that would focus on creating liquidity and expanding the trading instruments available for its users. Once this goal is achieved, Cobidex will evolve into a 100% decentralized platform.
After the transition is finished, the Cobidex community will get to control the exchange with the Cobi token. The token holders will get a share of the revenue that is generated daily by the exchange in accordance to their Cobi token holding as long as they are staked.
Cobidex aims to empower its community of traders and is working to set itself apart from the rest through a customer-centric approach with a commitment to rewarding traders.
Major use cases
Some of the major use cases of the Cobidex exchange are:
- Trade mining: Trading mining is the process through which the Cobi token comes into circulation. Trade mining gives traders on the platform rewards for simply using Cobidex for trading. Traders would be rewarded 100% in line with the trading fee they pay on the platform. Every 24 hours traders will receive Cobi token depending on the trading fee that is generated on that day. Token holders can also choose to stake the tokens that they receive from trade mining and earn a daily yield from the Cobidex daily revenue which would also be distributed daily.
- Liquidity mining: Cobi token holders can get a passive income from staking their existing tokens. Liquidity mining can be done using BTC, ETH, USDT and other alt-coins and the APY would be paid out in the deposited token and an additional payout would be made in Cobi.
- Referral mining: With the referral mining program, every Cobidex user gets 5 invites that they can use to bring other users to the platform. Once these invitees register their accounts and start trading on the Cobidex platform, the user will get a referral mining bonus. This bonus consists of a 20% share of the entire trading fees of their invitees in perpetuity. This fee would initially be paid out in Cobi, once the token distribution period ends, the platform will pay out this fee in USDT.
Cobi is the governance token of the Cobidex platform. It has a total supply of 4.8 billion which is further divided into a 50% share for trade mining. 20% is set aside for the team and advisors while another 15% share is for the liquidity fund. A 7.5% share is set aside for the ecosystem and growth hacking and user acquisition respectively.
Cobidex is building a fully decentralized exchange by giving its community complete ownership of the exchange through their governance token. Token holders will get rewarded daily revenues and referral programs.
The platform gives its users the benefit of competitive fees along with a 100% trading fee that would be refunded in form of Cobi tokens. Cobidex intends to empower its community and run as a DAO.
Disclaimer: This is a paid post and should not be treated as news/advice.