Internet City, Dubai–(Vehement Media. – December 16, 2021) – Trade mining drives BitCoke volume to a record $5.6 billion a day, eying derivative DEX for the next leap. BitCoke, a Hong Kong based emerging crypto exchange, is making serious headway in derivative business by adopting a new form of trading mining to spur user activities.
On 9th December 2021, the second day of its trade mining campaign, according to data compiled by CoinMarketCap, a popular listing website, BitCoke scored $5.67 billion in derivative volume, a 4.2 times hike over a normal trading day, propelling BitCoke to No. 7 in CoinMarketCap derivative ranking by volume.
On the eve of launching its platform native token – COKE, James, Co-founder of BitCoke, said the ongoing trade mining was part of the efforts to attract users by rewarding participation with COKE, which is scheduled to debut in January 2022.
James, Co-Founder of BitCoke, attributed the influx of users and high trading activities to the scheme of trading mining campaign, which mimicked the one in Dydx but with great improvements, as well as the professional features that brought about high user retention rate, which, He said this is also the key factor that makes BitCoke stand out amid fierce competition in the industry.
On its homepage in CoinMarketCap website, BitCoke is introduced as a dedicated derivative exchange for professional traders and institutions, featuring no downtime, high speed and low fees. As a few of its highlights, BitCoke is the first exchange in crypto space that offers Quanto swap as its flagship perpetual contract product, enabling users to choose BTC/ETH/USDT as margin, a.k.a. Settlement Coin, to leverage trade and settle all contracts on the platform.
In addition to the Tradingview chart, BitCoke has developed its own proprietary chart system that entailed numerous trader-friendly interfaces, layouts, drawing tools. It also embraced the general trend in asset management, rolling out the Fund system in late 2020, which empowers the master accounts in BitCoke to implement asset management functions over affiliated subaccounts, like fund transfer, setting risk profiles, leverage, alert, etc. On top of the three highlights, BitCoke clearly puts great emphasis on trading procedures.
Behind these achievements is a highly capable team which is composed of senior technical specialists, traders, product managers who all have extensive experience in the finance or crypto sector, the team descriptions on BitCoke website shows.
While BitCoke may not be a high-profile exchange with much publicity, it’s been steadily grabbed and retained users around the world, and grown into an important player in the exchange arena, because of its professional products, longtime dedication and focus by the team. The recognition in its products and performance over the past three years is epitomized by the high demand from crypto VCs in COKE’s private fundraising round, according to James who is responsible for institutional partnership. He indicated that BitCoke has signed agreements with a dozen of institutions, all of whom are committed to investing in COKE fundraising and BitCoke’s future growth.
Based on COKE whitepaper obtained by Bloomberg, BitCoke, though a centralized exchange or CEX at the moment, is planning to become a DAO, operated and governed gradually by its user community with COKE as governance token. Furthermore, the whitepaper suggests the whole BitCoke ecosystem will only apply COKE as the sole token for all projects. The first step of this ambitious transition is to develop its own decentralized derivative exchange or CokeDex, and migrate its current user base to CokeDex after it’s fully functional.
Given that the BitCoke team is specialized in the derivative market, deft at developing cutting edge products, this transition comes as no surprise to analysts and observers who have long followed BitCoke. As detailed in COKE whitepaper, the 49% of COKE token will be used to fund CokeDex development in the form of trading and staking rewards to stimulate liquidity and participation. The BitCoke team will most likely post and verify trading results on a high performance public blockchain like Solana while filling orders using an off-chain order book match engine developed by the team.
About BitCoke
A Hong Kong based emerging crypto exchange BitCoke makes serious headway in derivative business by adopting a new form of trading mining to spur user activities.
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