OKEx CEO Jay Hao: The Crash of a Token Is Not the End of DeFi, but a Lesson in Overheated Market Sentiment
Opening Trading Price of OKEx’s 1st Jumpstart Mining Project ZYRO Rockets 480%
Malta, Sept. 11, 2020 – OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, announced that ZYRO — the first project to take part in the exchange's inaugural Jumpstart liquidity mining initiative — saw a massive 480% price increase on its opening trading price.
Demonstrating initial demand for ZYRO, more than 100 million OKB — OKEx's ecosystem token — was staked via the new liquidity mining tool on OKEx's token sale platform, Jumpstart, in the first 24 hours before trading of ZYRO became available. Within just the first 6 minutes of being available on Jumpstart, over 10 million OKB was staked for users to mine ZYRO. This mining activity sent its price skyrocketing when the token was listed for trading.
According to OKEx market data, during its private sale, ZYRO was trading at 0.1 USDT, while the opening price trading on OKEx hit 0.58 USDT — a 480% increase. ZYRO trading was launched today, Sept. 11, at 9 a.m. UTC and is currently trading at around 0.508 USDT.
Commenting on the community interest in ZYRO and the token's successful performance since being listed, OKEx CEO Jay Hao stated:
"We are extremely encouraged by the overwhelming success of the first OKEx Jumpstart Farm initiative, ZYRO. This huge interest really highlights how a flexible staking model that allows token holders to unstake at any time without affecting their yield appeals to the needs of traders right now."
Hao added, "We're also very optimistic about the high potential of ZYRO to cater to a different type of high-frequency trader looking to capitalize on the smallest price fluctuations."
ZYRO is the governance token of Zyro.finance, a decentralized trading protocol built on the Zilliqa blockchain. Zyro.finance aims to increase efficiency and lower trading fees, making frictionless, high-frequency trading possible. ZYRO token holders will be able to vote on the future roadmap of the protocol as well as the way the protocol manages its assets.
OKEx lists SUN token
In addition to the success of the first OKEx Jumpstart liquidity mining project, OKEx has also made waves in the spot market today by listing the Tron-based SUN token, a social experiment dedicated to the development of Tron's DeFi ecosystem. Spot trading of SUN went live against BTC and ETH from 4:50 a.m. UTC today, Sept. 11. Soon after it was listed for trading on OKEx, SUN saw a price increase of over 110% from its issue price of 20 USDT to trade at its current 24-hour high of 42.28 USDT.
“We are very excited that both ZYRO and SUN have achieved such excellent performances today. This reflects the high listing requirements that we adhere to as a leading exchange," OKEx's CEO said in a statement, adding:
"At the root of this prosperity is the continuous progress of the industry. As more and more practical and innovative DeFi projects appear, I believe that massive adoption of blockchain technology is getting ever closer.”
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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