On the evening of November 24th, 2023, BLEX community ambassador Liam Bacon participated in a Twitter space titled “Focus on the Defi Gold Circuit” organized by Ctalks, a blockchain media platform. Some of the questions about BLEX and Liam’s answers in this Twitter space are organized below, so read on!
What is BLEX? Can you briefly introduce its core functions and features?
BLEX is a decentralized perpetual contract trading platform, aiming to provide a secure, transparent, and trustless digital asset trading environment. Currently, BLEZ supports Metamask, Tokenpocket, Coinbase, and other mainstream web3 wallet links. Its core features include decentralized trading, self-hosted wallets for asset security, anonymous trading, and liquidity provision. We are proud of the fact that users can directly control their assets and trade them on BLEX without having to trust them on BLEX.
Products:
- Feed Mechanism: BLEX uses an index feed model to ensure the accuracy and stability of the trading price.
- Stablecoin LP Pool: Users can use USDT to provide liquidity to the platform and earn the corresponding protocol revenue and additional team rewards.
- PC and Mobile APP: BLEX provides cross-platform access for users to trade on any device.
- Trader to LP Trading Mechanism: This mechanism increases the incentive for users and LPs to participate in the BLEX platform, making trading more attractive.
- Complete economic system: The BLEX ecosystem includes 4 tokens and 1 NFT, building a comprehensive economic system.
- Protocol Revenue Distribution: 100% of the protocol revenue goes to BLE token holders, providing potential revenue opportunities for participants.
What public chains does BLEX currently support? What are the supported digital assets?
BLEX is built on Arbitrum and is the native perpetual trading DEX of the Arbitrum ecosystem. Currently, BLEX supports perpetual contract trading in both BTC and ETH and supports up to 100x on-chain leverage. In the future, BLEX will focus on multi-chain scaling. Layer2 track is a key component of BLEX.
Liquidity is crucial for an exchange. How does BLEX provide liquidity?
BLEX employs a decentralized liquidity provision mechanism that allows users to participate in trades by providing assets as Liquidity Providers (LPs). These LPs can deposit funds into a liquidity pool, thus providing sufficient liquidity to traders. In the initial phase of the project, the BLEX team provided initial liquidity to enhance the trading experience of the users.
What new features or improvements are planned for the future development of BLEX?
BLEX’s development plans include:
- Issuing the governance token BLE;
- Adding more perpetual contract trading pair support;
- Adding more layer2 blockchain support;
- Providing higher transaction throughput and faster transaction execution;
- In addition, BLEX plans to introduce cross-chain trading functionality to enable users to trade assets between different blockchain networks.
How does the index feeding model used by BLEX ensure the accuracy and stability of transaction prices?
BLEX uses an index feed model, which calculates a composite index price by aggregating price data from multiple exchanges, thus ensuring the accuracy and stability of the trading price.
How does BLEX’s stablecoin LP pool work? How do users get protocol revenue and team rewards from it?
Users can use USDT to provide liquidity to BLEX into the stablecoin LP pool. By providing liquidity to the platform, users can earn protocol revenue, additional team token rewards, etc. BLEX’s liquidity pool is made up entirely of stablecoins, which avoids the risk of impermanent losses in the DeFi program. BLEX provides more opportunities for liquidity providers through the Stablecoin LP Pool, while at the same time guaranteeing the stability of liquidity.
Security is a key issue for decentralized exchanges. How does BLEX ensure the security of users’ assets?
BLEX employs multiple security measures to protect user assets. Firstly, users’ assets are always under their control, stored in their self-hosted wallets, not in the custody of the exchange. Second, BLEX uses smart contract technology to ensure that transactions are transparent and verifiable. In addition, BLEX conducts multiple audits and security tests on smart contracts to ensure their safety and stability. Below are the audit reports from leading audit firms Certik and Quantstamp:
Quantstamp：https://certificate.quantstamp.com/full/blex-io/215a1fca-04f3-49f0-aa2a-9f3be6f89fdd/index.html
Certik：https://skynet.certik.com/zh-CN/projects/blex-io
What is the Trader to LP trading mechanism? What are the benefits for users and LPs?
The Trader to LP trading mechanism increases the incentive for users and LPs to participate in the BLEX platform. Through this mechanism, users can trade directly with LPs, which makes trading more attractive and provides more revenue opportunities for LPs.
What tokens and NFTs are included in the economic system of BLEX and how do they build the whole economic system?
BLEX’s economic system consists of 4 tokens and 1 NFT, which have a complex economic relationship with each other and together build a comprehensive economic system that provides potential revenue opportunities for participants.
How does BLEX provide a better trading experience based on the index feed mechanism and smart take profit and stop loss?
BLEX is based on the index feed mechanism, which ensures accurate trading prices. Meanwhile, the smart take-profit and stop-loss function helps users to better control the risk in trading and provides a smoother trading experience.
Is BLEX’s trading mechanism transparent? How is the revenue of funds distributed?
BLEX adopts on-chain real-time settlement, which makes the trading mechanism more transparent. 100% of the agreement revenue belongs to BLE token holders, and the revenue obtained by users will be directly issued to their personal wallets.
What are the most exciting things going on right now with BLEX?
- A trading competition with a total prize pool of $50,000 USD:
Participate in the trading contest now 👉 https://app.blex.io/#/more/competitions
The Trading Competition is currently in full swing and the winner will walk away with a grand prize of up to $7,500 USD, and the top 50 rankings will be awarded with a total prize pool of up to $50,000 USD! Adhering to the principle of openness and transparency of blockchain, the data of all traders participating in the Trading Competition will be updated in real-time on the official website!
- BLEX Trading Partner Hot Recruitment 🔥:
BLEX is recruiting professional perpetual contract traders for the whole market, BLEX will provide the initial capital, losses will not be counted, but you will take away up to 100% of the profits!
Learn more about BLEX’s program progress and activities. Please stay tuned:
Website: https://blex.io/
Twitter: https://twitter.com/Blex_io
Telegram: https://t.me/bestblex
Medium: https://blex.medium.com/
Whitepaper: https://blex.gitbook.io/blex/whitepaper/abstract
