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WOO X Now Lets Traders Bet on Upcoming Tokens
The ORDER token of Orderly Network, an on-chain liquidity provider, is being offered as the first on the market, with prices down 5% since its listing at 08:00 UTC.
Updated Aug 7, 2024, 11:42 a.m. Published Aug 7, 2024, 11:42 a.m.
Crypto futures platform WOO X started a prelaunch perpetual futures market that lets users bet on the prices of upcoming tokens that have yet to be issued, a representative told CoinDesk on Wednesday.
Such markets can enable traders to engage in price discovery and hedging strategies well before the tokens are officially launched.
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Individual projects will be vetted for premarket listing based on a due diligence process, expected listing timeline, quality of project, and expected liquidity of the token upon listing, WOO X said.
Subject to market conditions and regulatory compliance, upon the token’s official launch and listing on major exchanges, the prelaunch perpetual futures contract will seamlessly convert into a regular perpetual futures contract.
The ORDER token of Orderly Network, an on-chain liquidity provider, is being offered as the first on the market, with prices down 5% since its listing at 08:00 UTC.
The protocol’s native WOO tokens are up 4.5% in the past 24 hours, beating a 2.5% rise in the broad-based CoinDesk 20.
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