OTC market for futures trading points, learn about the off-exchange trading platform Whales Market in one article.

Kaoriand others2Authors
24-01-30 12:08
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Tomorrow Jupiter will be airdropped, but you can already trade JUP on Whales Market.

Whales Market is a decentralized over-the-counter (OTC) trading DEX where users can trade tokens, airdrop shares, and points on the platform. In the future, it will also launch NFT whitelist trading. These functions have a certain market foundation in the cryptocurrency market, and there have been dApps targeting specific functions or direct transactions on private social platforms such as WeChat in the past.

However, the idea behind Whales Market is to address the inherent risks of peer-to-peer cryptocurrency trading. P2P transactions on platforms like WeChat often lack strong security measures and may face potential fraud and scams, where sellers are unable to deliver promised tokens or there are cases of breach of contract and opaque transactions. Whales Market uses smart contracts and cross-chain technology to trade asset certificates on multiple chains, thereby building a transparent and trustworthy off-exchange DEX. It is worth mentioning that Whales Market's custody contract has been audited by PeckShield.

According to Dune data, the TVL of Whales Market has approached $15 million since its launch one month ago, and its custody value has also recently broken through. The native token of Whales Market is WHALES, and the initial liquidity is supported by the on-chain robot platform LootBot Treasury. At the time of writing, the price of WHALES is $0.75, with a 10,614% increase since its launch, and the FDV is currently $79,080,088.

In addition to trading, Whales Market has also launched the WHALES staking function. When users stake WHALES, they will receive xWHALES, which can earn platform revenue sharing and be used as collateral for all OTC trading markets.

Whales Market How to Use

Whales Market currently has three main functions, namely Pre-Market trading, OTC trading, and Points Market trading. In the future, it will also launch NFT whitelist trading.

Pre-market trading

The JUP mentioned at the beginning of the article can be traded in this section, also known as the airdrop share trading. Users who have airdrop shares of previous projects such as ALT, MANTA, WEN, and now JUP, can submit sell orders by staking USDC, while buyers can also stake USDC to place buy orders.

After the airdrop is officially distributed, the seller's collateral can ensure that they provide tokens after releasing them. If the seller fails to reach a deal before the deadline, their collateral will be compensated to the buyer.


translates to

Points Market

in English.

Another highlight of Whales Market is the launch of point trading, following the market trend. Nowadays, many projects have launched point systems, which can be obtained through on-chain operations and have the potential for airdrops. However, these points currently lack liquidity, which is somewhat strange for the cryptocurrency market that values wealth effect and trading efficiency. But now you can trade points on Whales Market.

Whales Market currently supports point trading on social product Friend.Tech and LRT product Eigenlayer on Base chain, as well as DEX platform Hyperliquid. It also includes dozens of other projects such as MarginFi, Kamino, Blur, Blast, and Grass. However, only the first three point projects are currently available for trading.

Taking Friend.Tech as an example, Friend.Tech users with points can click on "Create Offer" on the left side of the Whales Market homepage to select the points market and transaction type.

Select the Friend.Tech protocol, enter the amount of points you want to sell and the amount of ETH you want to receive, and then choose whether this offer is available for multiple buyers or only one buyer;

Clicking on the next step, users need to pledge an equal amount of ETH to complete the order, and the same goes for purchasing points. If the seller fails to fulfill their transaction obligations, they will lose the buyer's collateral. When Friend.Tech releases a future airdrop, the custodian will initiate the conversion of points to tokens.

OTC Market

The third feature is the OTC market, but currently only tokens from Solana's ecosystem projects are available for OTC trading on Whales Market.

It is worth mentioning that, in order to improve the flexibility of buyers and sellers, Whales Market provides an option for quote creators to keep their quotes confidential. This feature allows them to share quote access links specifically with individuals who are negotiating trades. Private discounts will not appear on the public market and can only be accessed through the unique discount link provided by the discount creator.

Token Economics and Roadmap

WHALES actual total supply is 99,999,836, of which 65% is used for incentive measures with linear emission over 4 years; 9.5% belongs to the team, locked for 9 months, and linearly released over 36 months; 7.5% is used for TGE; 7% is used for private sale; 5% is used for airdrop; 5% is used for marketing; and 1% is used for security.

Every transaction generates platform fees, of which 60% is redistributed to WHALES token stakers, 20% is used for ongoing development costs, 10% is used for token buyback and burning to create deflationary pressure, and 10% is shared with LOOT stakers and xLOOT holders.

The official website documentation shows that Whales Market has completed the construction of its main functions so far. In the first quarter of this year, it will complete comprehensive auditing, implement repurchase, destruction, and release. After that, it will also launch DAO and Telegram Bot, establish a cooperative relationship with the Solana ecosystem, and expand to the EVM and Cosmos ecosystems.

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