What is Dymmax?
Dymmax emerges as an innovative protocol that aims to establish a decentralized platform for options emission and secondary circulation. Built upon a well-studied parimutuel model, Dymmax enables the issuance of options without the need for a seller. Buyers of various option types, including PUT, CALL, and IRONFLY, come together to form a joint bank, ensuring sufficient funds for expiration payments. By calculating the price of each option type off-chain, Dymmax optimizes the auction process, maximizing efficiency. All matched orders are then tokenized as ERC-20 tokens, facilitating secondary market trading. Moreover, Dymmax continuously supplements the supply and enhances liquidity by issuing new at-the-money options with the same expiration day on a daily basis.
At the heart of the Dymmax ecosystem lies the native utility token known as DMX. DMX serves several crucial purposes within the platform, including:
Increased Cashback: Users can boost their cashback from trading commissions by utilizing DMX tokens, providing an additional incentive to actively participate in the Dymmax ecosystem.
Voting Mechanism: DMX token holders have the power to vote on important decisions such as the introduction of new options and the development paths of DYMMAX. This democratic approach ensures that the community has a say in shaping the future of the protocol.
Staking Benefits: DMX tokens can be staked to participate in liquidity pools, allowing users to contribute to the platform's liquidity and earn rewards for their engagement.
The initial distribution of DMX tokens took place through two rounds of Initial Exchange Offerings (IEOs) on the Probit exchange, with public trading commencing on December 25, 2020. During the IEO, 500k tokens were sold out, while 1.6M tokens were reserved for future use. Additionally, 700k tokens were allocated for community airdrops, which will be released over the course of one year. Monthly distributions of 25k tokens will be provided to users participating in the DMX staking, and 3M tokens will be dedicated to funding the protocol's development over a period of five years. The total supply of DMX tokens amounts to 10M, with a plan to burn 15% of the total supply gradually.
Dymmax Protocol is the brainchild of Dmitry Filyaev, a highly experienced individual in Dapp development and derivatives trading. Dmitry's expertise in these domains laid the foundation for the protocol's inception. The project gained further validation and insights with the involvement of Dmitry Meshkov, a renowned researcher who joined the team as an advisor. Additionally, Tatiana Maksimenko, an accomplished editor in multiple crypto-related media outlets and co-founder of IdolMe PR Agency, became an integral part of the team prior to the IEO launch.
In conclusion, Dymmax redefines the options trading landscape by introducing a decentralized protocol that empowers users to engage in emission and secondary circulation. With its innovative parimutuel model, Dymmax eliminates the need for sellers and enhances auction efficiency. Through the use of DMX tokens, participants can unlock various benefits, including increased cashback, voting rights, and staking opportunities. The dedicated team behind Dymmax, led by Dmitry Filyaev, Dmitry Meshkov, and Tatiana Maksimenko, is committed to driving the protocol's development and revolutionizing the options trading industry.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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