New to Cryptocurrency? — Look out for this in all projects — My personal opinion as a Newdex Influencer using Newdex as a case study
Having been in the space for so long, I still remain Bee, an ambassador for so many working projects and an influencer for Newdex Official, The world’s leading decentralized exchange, the best and the most popular decentralized exchange on the EOS Network. Consider this article as a personal opinion and not financial or investment advice.
I joined the Newdex family as an influencer over a year ago because I am a big fan of a blockchain network with fewer transaction issues and is unique in its own ways, I have a very large amount of people in my local community using the EOS network and their only exchange is Newdex, becoming a Newdex influencer was one of the best ways to keep them informed about new developments and help them to explore opportunities on the EOS network.
I personally knew about the EOS network and Newdex 3 years ago, just a few months after I joined the crypto space, I am a content creator who was interested in researches about the entire blockchain, I came across the EOS network during one of my researches as a Network founded by one of the team members in Steemit back in the days, my whole crypto journey started on Steemit.
This unique network interests me and I created an account, I joined Karma App and Murmur, I use Newdex to trade my tokens, I was there at EOS ATH, I have traded all coins I got in EOS Network and participating in the EOS Dapp on Newdex, I never knew anywhere else to do my trading aside Newdex.
What is Newdex DEX?
Newdex DEX is a decentralized exchange that operates in a decentralized way without the intervention of any central authority, Dexs allow users peer-to-peer market where buyers and sellers meet to exchange what they have for what they need. Dex is a meeting point for buyers and sellers of crypto with no middleman or any intermediary, it gives traders the opportunity to interact directly in a unique decentralized way.
DEX AMM is a kind of decentralized exchange that lets you trade trustlessly, DEX AMM relies on a mathematical formula to price assets, they price assets according to a price algorithm instead of using the traditional order book.
Newdex as a DEX Aggregator
There’s always been this problem faced by all order-book mode DEX, Newdex is not left out and at the same time, Newdex is not the only DEX facing such problem, this problem is none other than the LACK OF LIQUIDITY, Newdex came up with a very good solution to this trading deficiency problem by upgrading to a DEX Aggregator in 2020.
You can see a detailed article Here about the upgrade
Newdex also incubated the Defibox project, buying back DEX using the gas fee of Defibox, Newdex has been buying back DEX for burning, almost all crypto projects burn their coins/tokens, this is done mainly to remove a certain quantity of the token from the total supply in circulation, they do this by buying their own token from the market to get it out of circulation, then this token will be transferred into an account called Burn account, they are usually frozen private addresses.
Newdex is doing this to influence the price of their token in the market, they’ve been doing this monthly and the burn for each month can be seen in Newdex announcements, Here is the one for June 2021, All data can be found in the image below.
My personal opinion and advice for all crypto newbies coming into space are to learn the development paths and buy-back ways of any projects they are investing in, it’s quite unfortunate that most newbies only focus on the token price, they are less interested in the total token circulation, the use cases, and the project token burn.
Using Newdex as an example, $DEX development plan is a good one for anyone wanting to invest in crypto, Newdex has a working system in which $DEX is the token of the ecosystem, the more coin removed out of circulation, the possibility of the token doing well, I am personally holding a good amount of $DEX token, Newdex has a good token burn plan which is done every month, holding $DEX is not a bad investment at all, so many use cases and more to come as Newdex is integrating other chains, $DEX will now be available on other chains.
Note that, this is not financial advice, it’s just my personal opinion to guide newbies looking to invest in one token or the other using Newdex as a major case study, the past token price shouldn’t be what you consider but the future development plan and how the project has to grow their token in a long period of time.
Thanks for Reading
I am Bee 🐝