Extended is a decentralized perpetual contract exchange recently launched on the Ethereum Layer 2 Starknet mainnet, supporting leverage up to 100 times and over 50 trading pairs.
This exchange has recorded an average daily trading volume of $319 million and an estimated annual profit of around 70% in the last 30 days. The transition to Starknet will occur in three stages, ensuring parallel operation between the new and old versions before shutting down the old version.
MAIN CONTENT
Extended operates on Ethereum Layer 2 Starknet, supporting 50+ trading pairs and 100x leverage.
Average trading volume of $319 million/day, annual profit around 70% in the last 30 days.
The exchange transition occurs in three stages with parallel operation, restricting access from U.S. users.
What is the Extended exchange and what highlights does it have on Ethereum Layer 2 Starknet?
Extended is a decentralized perpetual contract exchange built by a team that previously developed Revolut, launched on the Ethereum Layer 2 Starknet. The exchange supports over 50 cryptocurrency pairs with leverage up to 100x, aiming to provide an optimal trading experience, low costs, and high speed for investors.
Operating on Starknet – a Layer 2 solution based on zk-rollup technology – helps Extended leverage scalability and reduce gas fees compared to traditional Layer 1 Ethereum. This gives Extended a competitive advantage in the rapidly developing cryptocurrency market.
What was the trading volume and financial performance of Extended on StarkEx before transitioning to Starknet?
During its operation on the StarkWare StarkEx platform, Extended achieved an average daily trading volume of about $319 million. The annual profit is estimated to be around 70% in the last 30 days, indicating significant profitability and attraction from cryptocurrency investors.
These numbers reflect the strong development of the exchange in a highly competitive DeFi environment. High trading volumes contribute to increased liquidity and help users easily execute trading strategies with high leverage.
How is the transition to Starknet implemented and how does it affect users?
Extended will transition to the Starknet mainnet in three main phases: running both old and new versions in parallel during the first 2 weeks, then gradually shutting down the old version. This is a controlled transition process to ensure stability and a good experience for users.
The exchange does not allow users in the U.S. to access it, complying with international legal regulations. This implementation helps enhance reliability, security, and scalability in the future.
Extended has raised $6.5 million from major investment funds such as Tioga Capital, Semantic Ventures, and StarkWare to develop the platform.
This confirms the strong potential and trust from investors in the project.
Quoted from a report by The Block, August 2024
Who are the Extended funding investors and what role do they play in the development of the exchange?
The project has attracted $6.5 million from reputable investment funds such as Tioga Capital, Semantic Ventures, and StarkWare. These are experienced investors in the cryptocurrency and blockchain fields, contributing to building credibility and supporting the technological development of Extended.
Support from large financial funds helps Extended scale, improve products, and enhance features to serve the global user community.
What challenges and opportunities will Extended face when operating on Starknet?
The move to Starknet offers significant opportunities for scalability and reduced transaction fees, but it also comes with challenges such as ensuring security, maintaining a stable user experience during the transition.
At the same time, the legal situation and policies of each country also affect the exchange's accessibility, especially with the limitation on U.S. users. However, with modern technology and support from investors, Extended has a significant advantage for sustainable development.
Frequently Asked Questions (FAQ)
What kind of exchange is Extended?
Extended is a decentralized perpetual contract exchange on Ethereum Layer 2 Starknet, supporting 100x leverage and over 50 trading pairs.
What is the average trading volume of Extended?
Extended recorded an average trading volume of about $319 million per day on the StarkEx platform before transitioning to Starknet.
How is the transition to Starknet proceeding?
The transition consists of three stages: operating both versions in parallel for 2 weeks, then gradually shutting down the old version to ensure safety and stability.
Why can't U.S. users access Extended?
This is a measure to comply with U.S. legal regulations to ensure the legal and safe operation of the exchange.
Who are the investors of Extended?
The project raised $6.5 million from Tioga Capital, Semantic Ventures, and StarkWare, reputable financial investment funds in the cryptocurrency sector.
Source: https://tintucbitcoin.com/starknet-ra-mat-san-dex-extended/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!