The Digitex team recently unveiled an exciting announcement. The company behind zero-fee crypto futures exchange Digitex Futures will be launching a new native currency for its exchange, the DUSD stablecoin. Pegged at a value of $1 USD, the DUSD will remove the issue of DGTX volatility for traders on the exchange. It’s also set to exponentially increase demand for DGTX. Let's take a closer look.
The Many Uses of DUSD
In tandem with the launch of DUSD will be Digitex's expansion to Digitex City, a cryptocurrency platform that will house its futures and forex exchange as well as commission-free spot markets, a slew of DeFi-inspired rewards programs to generate passive income and a built-in social network to house its community.
DUSD will then become the native currency that is used for all activities in Digitex City–from trading on the exchange to purchasing advertising in the social platform, as well as various pool rewards programs. Since DUSD is created by locking up a greater value of DGTX, this will generate buying pressure for DGTX while constricting its supply. And the more users who sign up for Digitex City and take part in its many offers beyond trading, the greater the demand for DUSD, creating a virtuous circle.
Moreover, DUSD will be available to purchase with a credit card, making the onboarding process easier and more efficient. This will also serve to attract more traditional forex traders who are comfortable using their cards to trade (leading to further demand for DGTX, as all fiat payments will be channeled into purchasing DGTX to create DUSD).
Digitex CEO Adam Todd explains:
"The zero-fee futures trading model has inspired us to adapt this to more products, so we’re expanding the token’s utility to forex and spot markets, as well as rewards programs and more. My job is to create as much demand for the DGTX token as possible, to ensure that the demand stays constant and that we can cater to all our audience, allowing them to make money with crypto in more risk-averse ways."
Rewarding DGTX Holders for Creating DUSDs
Digitex City's zero-fee cryptocurrency spot market will initially offer limited markets paired against DUSD. However, the exchange aims to build out its offer soon after launch listing a number of trending altcoins in the new year.
"We need to create liquidity for all of these markets," says Todd, "so we’re actively encouraging our community to take part in the creation of DUSDs. Not only will they earn attractive rewards for DUSD creation, but having everyone participate will lead to a huge influx of demand for DGTX.
Locking away DUSDs will earn investors up to 120% APY. The DUSDs can then be used for earning additional rewards for liquidity mining on all the markets. Users can also deposit DUSDs into bonds or deposit them into pool rewards programs. The new Digitex economy has a plethora of opportunities for its users to earn attractive rewards.
DUSD will be created by people who want to earn a passive income and make their crypto work for them. Digitex City isn’t just for traders anymore, we’ve opened up to a wider audience. We see a huge opportunity in offering this demographic ample money-making opportunities through our various rewards programs that are less risky than trading, passive in nature, and offer extremely generous APYs."
Wrapping It Up
Ever since Digitex exploded onto the market in 2018 with an ICO that sold out in 17 minutes, the demand for commission-free trading has been clear. But as the space has grown and different types of cryptocurrency ecosystem participants have emerged, simply making money through trading doesn't cut it anymore.
With the expansion to Digitex City and the launch of the DUSD, Digitex is making some massive moves. Not only can more traders on board without worrying about volatility but a far wider net of holders can make money on their crypto. The DUSD has the potential to change the game for Digitex entirely and propel the exchange to the next level–and beyond.