The popular crypto exchange CATEX announced its DeFi roadmap this month to cheers from investors. CATEX differs from the competition in many ways that make this exchange a pioneer in the sector. Now, with the integration of DeFi capabilities, CATEX is ready to raise the bar once more.
What is Catex?
The Catex Exchange is also referred to as Catex. Catex’s different approach is evident from a glance at the platform’s unique business strategies. For one, Catex was the world’s first truly community-managed exchange platform. Users guide this platform’s most important decisions via a voting protocol. Additionally, It was also among the very first mining transaction exchanges available to the public.
DeFi is Coming
The DeFi community is one of the fastest-growing sectors in the blockchain space and Catex intends to capitalize on this growth in multiple ways. The platform announced the launch of Catex.Finance (YCATT) in the coming days. The new protocol introduces loads of DeFi benefits to users.
For example, Catex users will now enjoy staking options directly using the platform’s native utility tokens YCATT and CATT. When an investor stakes their cryptocurrency, they agree to lock it in a smart contract for a predetermined time. In return, they receive rewards in the form of cryptocurrencies.
Today, staking is one of the most popular DeFi options available. The first form of staking was used to secure Proof-of-Stake networks. Nowadays, there are many different staking protocols to choose between. Additionally, new and exciting protocols are gaining popularity in the DeFi sector at this time. Catex leverages the most popular staking options to create a powerful toolset for investors.
The network announced that November 30th will mark the beginning of the pre-staking event for users. CATT token holders will be distributed a $600,000 value in YCATT. This pre-stake will be followed by an ITO (initial token offering) where early-bird investors can get steep discounts on YCATT. The ITO price of Catex.Finance, YCATT, will be $0.10. Days later the token is set to list on Uniswap with a listing price of $0.30. Uniswap is the world’s most popular decentralized exchange (DEX). The tokens listing on the exchange will drive prices higher and help early bird investors maximize their profits.
Impressively, the firm has some deflationary protocol in place to help bolster CATT and YCATT token values in the coming weeks. For one, there is a CATT buyback scheduled for January 20th. This will occur just days before the official launch of the farming functionalities for YCATT on February 10. There is also a CATT burn scheduled for ten days later.
Buybacks and Burns
It was wise for Catex to include both a buyback and a burn mechanism in its roadmap. The DeFi sector is still new but it’s already evident that inflationary concerns are a problem. These revelations have led most of the top platforms to introduce some form of deflationary protocols to sure up the value of their governance tokens over time. These protocols reduce the number of tokens in circulation. In turn, this increases the demand for the remaining tokens in circulation.
Yield Farming is another exciting feature that Catex users will get to enjoy in the coming weeks. Yield farming is another form of staking. However, instead of your locked crypto securing a network, it’s locked in giant liquidity pools. These pools allow users to borrow these funds with interests. Lenders receive rewards for providing liquidity to the system.
YCATT is CATEX’s latest DeFi token. There will be a total supply of just 50,000,000 YCATT available. CATEX will offer 2,000,000 YCATT during its pre-staking campaign. There will be 10,000,000 available during the ITO. Notably, the firm will lock both the team tokens and liquidity tokens for a year with Uniswap. The initial supply of YCATT will be 13,000,000 if the ITO is fully subscribed. Whatever tokens are not sold in the ITO from the allocation will be burned from the total supply.
Catex – A New Kind of Exchange
Catex isn’t like your traditional crypto exchange. During the first year and half of launching the exchange, Catex employed a trading mechanism to gain popularity known as transaction mining. Users would trade on the platform and in return receive daily dividends from the revenues. Early adopters of the exchange made millions of dollars from dividends alone. This year, Catex has disabled the transaction mining feature and has transitioned to a spot exchange to preserve the value of Catex Token (CATT).
Benefits of Catex
Catex introduces a simplistic approach to token creation. Users gain more flexibility and profit when they utilize these systems versus the status quo. In this way, Catex offers a valuable alternative to investors who seek ways to earn passive income and to save on transaction costs. There are many features and benefits for CATT token holders. CATT users enjoy a 30% reduced fee on transaction fees, a zero fee withdrawal system, access to the dice game, access to a faucet that pays out premium coins such as Bitcoin, and a staking platform where owners and coin holders can create customized pools for investors.
Another strong draw for Catex is its community-driven format. Through the use of an online social media poll, every user gets a say in the development of this revolutionary protocol. This inclusiveness falls in line with Catex’s open and transparent approach to operating the exchange.
Catex DeFi – A Wise Decision
You have to hand it to Catex for their impeccable timing. The DeFi sector is on fire and opportunities are abundant. Catex is sure to attract significant investor attention via its new and exciting services. For now, Catex leads the way for cryptocurrency exchanges launching hosting native DeFi assets.