Going abroad, coming abroad, "going out to sea" or becoming a new trend of platform coins

As the IEO heats down, friends who pay attention to the platform currency find that the platform coins of several major exchanges in China seem to have started to go out to sea. On June 13, Bitfinex officially launched OKEX platform currency OKB; on June 14, Bitfinex opened the trading pair of Gate.io platform currency (currency code GTX); and last month, ZB platform currency also landed on Bitfinex. At the same time, Bitfinex's platform currency LEO will also be open for trading on these three trading platforms. The three major exchanges have chosen Bitfinex to reflect the new trend of the current platform currency: going out to sea. The country is going out and foreign countries are coming in.


Image Source: Public Domain Pictures

Affected by the money scandal, Bitfinex issued a LEO in May to raise $1 billion. Although LEO started trading on May 20th, it is worth noting that according to the data collected by The Block . Although the theoretical value of LEO should reach $1 billion, the initial trading volume of LEO has been sluggish. On average, LEO's daily trading volume is about $5 million. Clearly, LEO needs further expansion.


According to a report released by Diar in early June, the Chinese cryptocurrency exchange promoted 60% of global USDT transactions in 2019. As of now, the USDT trading volume of the China Exchange in 2019 exceeded US$10 billion. In contrast, the US only traded $450 million in USDT. It is a very good choice to get a share of the USDT trade in China, so mainstream exchanges such as OK, Gate.io and ZB have become very good partners. According to non-small data, LEO's 24-hour turnover was $14.54 million at the time of publication, and ZB and OKEx's LEO/USDT transactions accounted for 1.83% and 1.27%, respectively. Considering that LEO officially boarded OKEx two days ago, the future volume is worth looking forward to.


LEO trading volume distribution (data source: non-small)

At the same time, OKEx, Gate.io and ZB have successfully promoted platform coins to a more international platform. OKEx CEO Jay Hao said that OKB's online Bitfinex is an important step in OKB's ecological construction and will also receive wider user support. At the same time, the cooperation between the head trading platforms will help the platform to break the barrier of “one acre and three points”, which will help protect the rights and interests of users.

The ZB platform currency was launched on Bitfinex on May 28. According to Babbitt's query, the 24-hour trading volume of the two major pairs of ZBT/USD and ZBT/USDT is approximately $200,000. And since OKB boarded Bitfinex yesterday, the 24-hour trading volume was only $7. Of course, short-term trading volume can't represent anything. After going out, I want to further expand the influence, and OKEx needs to do a lot.

It is worth mentioning that compared with the other two exchanges, OKEx and Bitfinex have a piece of cooperation – OKEx's stable currency USDK. In fact, Bitfinex has already launched several stable coins after making a “cut” with USDT. According to Babbitt's search, the trading volume of USDC, TUSD, GUSD and other stable currencies and US dollar trading pairs is still relatively bleak. How the USDK will break through is still to be seen.


Several major stable currencies on Bitfinex trade with the US

OKEx, Gate.io and ZB are all in action, so what about fire coins? Is there a HT plan to go abroad? The CEO of Firecoin Global Station, Mr. Seven, revealed to Babbitt:

"We will have a very interesting plan, which will be sold first. We need to keep it secret for the time being."

Bitfinex wants to expand LEO's China market, and the three major exchanges hope to promote the sea plan. The cooperation between the two parties can be said to be mutually beneficial and mutually beneficial. Whether it is the domestic exchange platform currency going abroad, or the foreign platform currency entering China, “going out to sea” may have become a new trend of platform currency.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Introduction to Zero Knowledge Proofs

Cryptocurrency researcher oskarth wrote an easily understandable article explaining what zero-knowledge proofs are, w...


How to Prove a Secret A Guide to Zero-Knowledge Proofs from Magicians

This article combines my background in cryptography and magic to explore an attempt to make a new metaphor imagining ...


Overview of the selected projects for the second phase of Outlier Ventures' Zero Knowledge Base Camp

Introduction to the selected projects of Outlier Ventures Zero Knowledge Base Camp Phase 2


What will "ZKP + Bitcoin" bring? - Bing Ventures

More and more teams are adopting zero-knowledge proof technology in blockchain infrastructure and dApps. However, mos...


Origin and Development of ZKP: From the 1980s to Present

This article explores the origins and development of ZKP over the years.


The integration of blockchain and AI is a natural demand analysis of relevant use cases.

Lanhu's Notes, a cryptocurrency researcher, believes that AI has a natural demand for blockchain, as AI needs blockch...