Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
The Tezex Beta will go live today, 6th February 2021 (Subject to any unforeseen delays). Tezex will provide a cross-chain gateway to Tezos from other blockchains, easily allowing users of DeFi applications on other blockchains to take advantage of the low fees available on Tezos.
By: Lee Evans
6 February 2021
What Is Tezex?
TEZEX is a cross-chain gateway to Tezos. Pre-minted ETHtz and USDtz (and later more tokens) will be available on TEZEX through smartcontracts. People will be able to deposit ETH or USDC and get ETHtz or USDtz in return which can be used in Tezos-based applications.
No KYC, no registration of any kind, just a simple transaction and you’re ready to engage in Tezos DeFi. In a few clicks you can start adding liquidity to pools, or start trading.
TEZEX is a necessary tool that lowers the threshold for people to start dipping their toes in Tezos DeFi. The biggest incentive is to be able to take advantage of the low transaction costs on Tezos.
Currently, you will be able to move ETH (wrapped into ETHtz) and USDC (wrapped into USDtz), other coins will follow.
You can use ETHtz and USDtz on Dexter, the first decentralized exchange on Tezos. On Dexter you can currently trade XTZ, ETHtz, USDtz and tzBTC. A second Decentralized exchange is about to launch on Tezos soon: Quipuswap.
The BTC and ETH market
USD – BTC and USD – ETH are markets with the biggest trading volume in crypto. Mostly on centralized exchanges, but decentralized exchanges are taking a bigger chunk of the volume every month. Trading BTC on decentralized exchanges is done with wrapped BTC. Trading is all about earning through value differences.
Trading those values can be done with the actual tokens, or with wrapped tokens. Wrapped tokens are backed by the token they represent. So wrapped tokens give you the opportunity to trade BTC, or any other wrapped token on blockchains like Ethereum, or Tezos.
Ethereum transaction fees compared to Tezos transaction fees
If you’re thinking about trading on a decentralized exchange. You compare volume, liquidity and transaction fees on both chains. Currently, Ethereum-based Dexes have the most liquidity and trading volume. But the fees are considered by many to be outrageous.
TEZEX will make it easier to move value over to Tezos and this will improve liquidity and volume.
To make profit, you do not need to wait for better liquidity and volume. As a matter of fact, low volume and liquidity give you the opportunity to take advantage of bigger price swings on Dexter.
Arbitrage is known to be a low risk, fast profit strategy. When assets like BTC are trading on different price levels on two exchanges, you can buy that asset cheap on one exchange and sell it on the other exchange making an instant profit. Low liquidity and low volume can cause those price differences.
Prices can sometimes be higher or lower compared to the market value. So on Dexter, while these factors are still low, you can often either buy cheap, or sell high.
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I am glad I eventually read one of the Manchester United emails last December 2022. I have learnt so much about the power of Tezos, how artists, companies and brands use the power of the technology. More and more big brands, small brands, football clubs will all soon join the ‘revolution’ of the digital collectible and offer utilities to people.