[Blockchain Today Reporter Kim So-yeon] Digital asset trading platform AscendEX (formerly Bitmax) announced the listing of Beyond Finance Token (BYN) as a USDT/BYN trading pair at 1 pm (UTC) on the 20th. .
Beyond Finance is an unlicensed financial service ecosystem that utilizes blockchain infrastructure, and is a synthetic asset trading platform that brings everyone an opportunity to invest in traditional financial assets. Beyond Finance, which aims to be the best exchange in the industry, aims to provide easy and powerful transaction services by providing smooth and user-friendly services through competitive UI/UX with gamification experience.
Beyond Finance will adopt a Layer 2 solution to increase scalability. Initially, it will be released with an on-off chain hybrid solution, after which it will be migrated to a fully operational Layer 2 solution.
The main function of the BYN token is to secure the synthetic assets of USDb stablecoin and Beyond Finance. Users can hold BYN tokens and mint USDb stablecoins. With mint USDb, users can invest in a variety of synthetic assets such as TSLAb, OILb, and GBPb. BYN can also be used as a major reward for all platform activities such as staking rewards, LP rewards and transaction fee rewards. In addition, users can use BYN tokens to participate in DAO through BIP. Through voting, users can determine key aspects of the exchange’s operation, such as new trading pairs, fee structure, and addition of new features.
Meanwhile, AscendEx, founded in 2018 as BitMax.io, is a crypto and digital asset exchange for individual and corporate investors. The platform offers spot, futures and margin trading, and integrates key elements of the DeFi sector to create a unique market structure for users. AscendEx is led by a team of Wall Street veterans who applied traditional market rigor to provide a safe and reliable experience for all participants and to provide a stable source of liquidity.
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