Lately, FCoin has been in the news. And for all the right reasons.
After celebrating the first year anniversary, and introducing Fractal chain to the public, the community-based exchange has announced yet another platform to benefit the users.
In this post, we will quickly go through the basics to see and understand what this new derivate product — called FMEX — is all about.
What is FMEX?
FMEX is a crypto derivative trading platform supported by FCoin. Like FCoin, FMEX follows a community-based approach in which traders are rewarded and are considered the owners of the platform.
FMEX will be launched in the early September this year (with the website live right now). It will also be issued on the Fractal public chain with several advantages under its belt.
For the development of the entire industry, the derivatives market plays a vital role. As per the recent AMA in Chinese, the founder of FCoin — Mr. Zhang Jian — believes the market is ready for such a platform.
It is important to note that FMEX platform comes with several advantages. First, the top technology structure ensures a real-time trading experience. And then we have a community-based approach in which 80% of the revenue earned by the platform it given back to the users (FMEX holders).
On top of this, the community members will create a community governance in which proposals and decisions are made (similar to what FCoin has) for the future of the platform.
Lastly, FMEX adopts the FCoin’s Sustainable Mining mechanism in which every activity you do on the platform is rewarded. In other words, you receive your rewards (as FMEX tokens) that are locked for one year.
All the features are here:
How To Buy FMEX?
FCoin has been issuing FMEX since June 3, and allocated a total of 300 million FMEX through Daily + Targeted Allotment to support the development of the platform.
Daily Allotment: Everyday 10 million FMEX tokens are up for grabs. Any individual with a verified account on FCoin can purchase FMEX (upto 50,000) with each FMEX priced at 10 cents.
Targeted Allotment: Everyday, two hours after the Daily Allotment, the Target Allotment opens up. Again 10 million FMEX tokens are up for grabs. Purchase here depends on the number of FT (FCoin token) locked in your account.
Link to purchase: https://www.fcoin.com/fmex
The Daily Allotment, from my experience, sells out in a matter of seconds. It is difficult to grab the tokens, which is why Target Allotment is better and easier if you have a good amount of FT locked in your account.
It is also important to note that 300 million tokens are given through the platform. The rest 70% are locked and distributed in their own ways. In fact, 35% is locked for 3 years for the community and the dividends earned here is given back to the FT holders.
The rest of the 35% FMEX tokens are used for Sustainable Mining (similar to FCoin mining) therefore creating future incentives for traders to continue using the platform.
Here is the breakdown:
Once FMEX 300 million tokens are sold out, a decision will be made — through the community voting — whether to list FMEX token on the Innovation Board of FCoin. All in all, FMEX is a much-needed platform offering various advantages over existing ones.
And given the technical prowess shown by FCoin in the last one year — by launching its own platform, FInsur, FOne, and now Fractal public Chain — it appears FMEX is another game-changer in this industry.