DGTX Rewards Program Causes Huge Liquidity Influx on Uniswap

By Casper Brown
Published November 24, 2020 Updated November 25, 2020
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DGTX Rewards Program Causes Huge Liquidity Influx on Uniswap

By Casper Brown
Published November 24, 2020 Updated November 25, 2020

In the few short days since Digitex launched its DGTX Rewards Program via the world’s largest decentralized exchange Uniswap, the company has seen a massive influx of liquidity on its Uniswap market, with over 27 million DGTX and 1300 ETH pledged, worth approximately $1.58 million. That translates into one of the highest APYs in the industry currently at almost 90%.

The DGTX Rewards Program

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The yield farming program is easy for anyone to access straight from within the DGTX  Rewards Program dashboard. Users simply have to sign up, connect Metamask, pool an equal amount of ETH and DGTX to create their pool tokens on Uniswap, and then deposit them into their rewards wallet to start earning generous rewards. During the first month, Digitex is giving away 5 million DGTX to be shared among participants proportionately.

“This is a great way to incentivize on-chain liquidity for DGTX and also to give back to our loyal community letting their DGTX work for them rather than simply HODLing,” said Digitex founder Adam Todd. “DeFi has been all the rage this year and we’re happy to offer this type of initiative to our holders as well as other opportunities inspired by the DeFi movement.”

Digitex exploded onto the scene in January 2018 with the promise of removing commission fees from cryptocurrency futures trading. Its ICO sold out in just 17 minutes raising a total of $5.2 worth of ETH. Since that time, the company has built and rolled out a robust zero-fee exchange using its native DGTX token and signature one-click trading ladder interface.

The Digitex founder commented, “We’re really pleased with how the Digitex futures exchange is going, but we also noticed pretty quickly that a lot of our holders simply aren’t futures traders but they see the value in the DGTX token as a long-term hold. We thereby began to create a slew of initiatives to cater to this market that allow them to make money from their DGTX without having to trade; the first of which is the DGTX Rewards program with Uniswap. We’re seeing high liquidity on there and a real uptake in the program.”

The Expansion to Digitex City

Beyond the newly-launched rewards program, crypto enthusiasts of all stripes will soon be able to take part in multiple money-making opportunities as the exchange rebrands to Digitex City on December 15. Along with the flagship futures exchange will be zero-fee spot markets, no-spread forex markets, and various DeFi-inspired initiatives from staking to liquidity mining–all fueled by the exchange’s new native stablecoin DUSD.

Todd explained, “We realized that the futures exchange was only the beginning and now we’re using our zero-fee concept to expand the utility of DUSD and build demand for the DGTX token 100-fold. This is why we will be rebranding to Digitex City next month with various money-making opportunities for crypto enthusiasts, crypto’s only dedicated social network, and a play area as well which will house a no-rake poker room and peer to peer casino in 2021.

All of this will be fueled by the new currency of the exchange, the DUSD, which is a stablecoin backed by DGTX collateral at a rate of 5:1 or higher. What we are doing with this is removing the volatility while trading futures making the platform more attractive to traders with longer and larger positions while increasing the demand for DUSD, thereby raising the value of DGTX.”

Digitexcity.com is currently live and housing the DGTX Rewards Program and wallet. Anyone interested in finding out more about Digitex City and the various different initiatives it has to offer can sign up for the waitlist. In doing this, they will be kept up to date about the latest news and promos from the company as well as be able to enter to win rewards, prizes, and Digitex City merchandise.

“We believe that Digitex City will become ‘the’ ultimate place to find opportunities to make your crypto work for you. It will also attract people who want to connect, network, share trading strategies, and information. Even though we have moved to screens, trading is still such a social activity and we’re glad to be bringing that element back to trading as well as broadening our appeal to a wider audience,” concluded Todd. 

With just three weeks left to go, it will be interesting to see just how high the uptake is on all these new offerings and how long it takes before Digitex City reaches its goal of becoming ‘Crypto’s Playground.’

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Casper Brown
381 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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