The team behind For The Win, a decentralized blockchain lottery platform on NEO, has recently launched the FTXchange. FTXchange is a decentralized over-the-counter (OTC) trading smart contract that allows users to trade NEP-5 tokens without waiting for a trading pair to be listed.
Unlike other decentralized exchanges which use trading pairs to match orders, FTXchange users may trade tokens using only the token script hash as an asset identifier. This allows OTC trading with tokens that are not currently listed on other exchanges. Prior to the launch of FTXchange, OTC trades required trust, leading to some individuals being exploited by fraudulent traders.
There are no fees for making orders on the FTXchange, however order takers have a default fee of 0.5%. This is reduced to 0.25% for FTX trades. After an order is completed by a taker, it becomes a claimable order for FTX holders who may claim the fees. An explanation of this process can be found here.
Due to a limitation found in some NEP-5 tokens, not all NEP-5 tokens can be used for trades. If a token does not support dynamic calls, the OTC contract cannot move funds on behalf of users. As a result, some tokens are blacklisted from trading. In addition, tokens must be whitelisted by the FTW team before they can be used to make orders, in order to confirm that they support the contract transfer. The token whitelist and blacklist can be found here.
Alongside the FTXchange launch, the team dropped the newly minted FTX tokens to all existing FTW holders. The snapshot was taken at block height 2,901,400, with tokens dropped at a 1:1 ratio. The new token was created to add functionality that allows FTX to be transferable in smart contracts, and replaces FTW.
FTXchange can be found at https://www.ftxchange.com/
More information on FTW can be found at the links below.
About The Author: Brett Rhodes
Brett is a blockchain enthusiast and freelance writer who originally began producing content for the gaming & eSports industries. Now he spends most of his time contributing in the Neo ecosystem.
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