DeXFun has announced plans to launch its gamified decentralized perpetual futures non-custodial exchange on the Neo X EVM sidechain. DeXFun is a recipient of support from Neo’s Elevate Program, a funding initiative with US $20 million available to builders seeking to launch new or existing projects on Neo X. Neo Global Development also launched a DeXFun Galxe social media campaign with up to an equivalent of $200 in rewards.
The DeXFun platform seeks to expand the scope of DeFi applications in the Neo ecosystem by offering a gamified user experience via social interaction for trading perpetual futures. Perpetual futures, or perps for short, are a type of derivative trading product that allows traders to speculate on the future value of an asset without an expiration date. Unlike traditional futures contracts with specific expiry dates, the users can hold a perpetual futures contract indefinitely. Perps contracts offer the potential for larger gains but also increase the risk of larger losses.
DeXFun’s development team plans to gamify the perps trading experience by offering mini-games and a leveling system to provide an interactive journey. Within the dApp, users can earn experience points, which can be leveraged as collateral. Earned points can also help users progress through levels, unlock rewards, receive discounts, and obtain exclusive perks.
The platform also aims to leverage social interactions to drive activity. Users can share trading strategies, compete amongst friends, and showcase accomplishments with customized NFTs and badges.
Looking forward, the DeXFun team seeks to expand its platform to other blockchains, introduce more SocialFi features, launch a native token, and integrate into Farcaster (a Web3 social media platform with more than 680,000 users).
At the time of press, DeXFun has not gone live, though the team shared a post on X on Sep. 2 that intimated they were approximately 80% close to launch.
DeXFun Galxe Quest
To celebrate the addition of the perps DEX, Neo has launched a DeXFun Galxe Quest social media campaign, offering an equivalent of up to $200 in rewards – $100 in GAS and $100 in tokens USDT. Users can earn points for the DeXFun Galxe Quest by following Neo and the partners’ X accounts, creating and sharing posts on X, joining the Neo and partner Telegram channels, and obtaining the “Neo Knight” role in the Neo Discord server.
Galxe Quest is a platform for building and engaging with Web3 communities through a turn-key, no-code solution for connecting projects with individuals and running activities through social media platforms. Per Galxe’s Dune Dashboard, the campaign platform has attracted approximately 28 million unique addresses across 34 blockchains through more than 58,000 quests.
The DeXFun Galxe Quest runs through 6:00 a.m. (UTC) on Tuesday, Sep. 17.
More information about the project can be found at the link below:
https://medium.com/neo-smart-economy/elevate-program-invests-in-dexfun-the-first-decentralized-perpetual-exchange-on-neo-x-884b072b6ad6
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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