While the size of the DEX derivatives market was in the spotlight in 2021 with the market growing more than 100x, TripleFi will join the competition with a new approach.
February 21, 2022 6:00 a.m. PST
NEW CITY, NY, Feb. 21, 2022 (Newswire.com) –
TripleFi announced today on Twitter that the new DEX derivative will launch on Polygon in 2 days. By deploying to this active chain, TripleFi will be available to over 120 million unique addresses and 500,000 daily active addresses on Polygon.
The launch initiative on Polygon, which is the leading platform for scaling and developing Ethereum infrastructure, is to improve the performance of the new DEX derivative.
“Thanks to the high-performance, low-cost nature of the Polygon network, TripleFi is able to push the boundaries of derivative DEX with price feed updates in seconds,” says TripleFi Product Manager Hans. “Derivative DEX needs price feed with low latency. Polygon is the right solution to increase performance without sacrificing decentralization.”
As for the launch, the team seems to be optimistic about TripleFi’s growth, even though the cryptocurrency market remains with no upward price movement in the last 3 months.
“The size of the DEX derivatives market was in the spotlight in 2021 with the market growing more than 100x. We need to capitalize on the opportunity of this market with incredible potential,” said Gary Lau, Head of Growth at TripleFi. “Derivatives trading is demanding in both the bull and bear markets, as traders can choose to buy and sell. When volatility decreases, leveraged DEX will become even more popular. We have also introduced new innovations including a net position mechanism and automatic spread adjustments to improve the trading experience and liquidity pool returns.Token distribution to the community will also serve as a key for market growth.
The token plan is not yet disclosed by the team but the suggestion is to subscribe and join the community to follow. Currently, the DEX derivatives market is dominated by dydx, on the Ethereum chain, with almost half of the market share. With the growth of DEX derivatives markets, more builders like TripleFi will join the competition and the reward is remarkable.