Bitcoin’s price fell 87 percent and then rebounded in a single moment on Binance. Early on Thursday, in a brief but very genuine blink-crash caused by a “fault” in an institutional consumer’s trading algorithm, according to the bitcoin exchange.
“One of our institutional traders informed us that they had a glitch in their trading algorithm, which looks to have caused the sell-off that was reported this morning,” said a spokeswoman for Binance. Bitcoin is currently trading around $63,000 (Source: TradingView).
RavenDex is a Cardano-based decentralised exchange (DEX) that, once launched, will allow cryptocurrency participants and investors to offer capital reserves on any native Cardano (ADA) token and create a market pair for someone else to swap the native tokens while utilizing the Cardano blockchain’s safety and reduced fees.
It is one of the first decentralised exchanges being created for the Cardano blockchain, and they launched their front-end demo on Monday, which will offer a workable system for the Cardano multiple transactions issue when completed.
This statement comes as the project starts its Seed token sale, with almost 181.4 million of the 200 million $RAVE tokens for the Seed Sale Allocation purchased as of the time of writing. According to the Ravendex team, their decentralised exchange will offer web 3.0 wallet connection, Asset Price presentation, and transactions list capabilities, as well as reasonable and safe processing fees.
The Ravendex project intends to launch a functional DEX on the Cardano ecosystem before the end of the year. The proceeds from the sale of $RAVE tokens to initial investors would be used to create and expand the project.
Ravendex has the following characteristics:
- Ravendex will also contain a staking site as well as decentralized lending and borrowing platform, distinguishing from other Cardano network projects as it is one of the few projects with the initiative on the 3rd generation blockchain technology.
- This is a sample version of the company’s first decentralized exchange, which incorporates Swap Pools, dark and Light Mode, etc.
- In compensation for transaction costs, traders and liquidity providers can give liquidity to cryptocurrencies. Users also can position their assets on the staking service to receive a commission and a percentage of lenders’ fees.
- Ravendex aspires to be the Cardano network’s primary financial hub.
- According to Ravendex, the total number of $RAVE coins will exceed one billion. Investors are able to deposit their tokens, provide liquidity, and participate in them on the Cardano platform.
You can engage in the auction as an early investor by joining the RAVE token sale. Ravendex, like so many other cryptocurrencies startups, plans to hold a public sale in next few weeks.
Disclaimer: This should not be considered as an investment advice. Readers should to do their own research before taking any actions and take full responsibility for their decision.