Cryptex Finance is an Ethereum-based system that provides investors, traders, funds, and DeFi users with access to the whole crypto market capitalization. The protocol uses smart-contract implementations to use over-collateralization strategies and blockchain oracles to construct TCAP, a synthetic asset that monitors the market cap of cryptocurrencies and tokens listed on the world’s largest crypto data sources. Chainlink, Coinmarketcap, Nomics, Coin Paprika, and Coin Lore are among the data suppliers. CTX tokens can also be used to make up for black swan events that leave TCAP vaults under-collateralized.
Cryptex is dedicated to developing cutting-edge, open-source financial solutions for the global Crypto community. Cryptex is able to create decentralized financial solutions such as Total Market Cap Token, TCAP, and many others by utilizing Ethereum’s smart contract framework. These solutions were previously not viable without a centralized custodian or manager, thanks to real-world data on the Ethereum blockchain and collateralized backings for producing tokens. Cryptex is now providing the infrastructure for decentralized financial solutions that allow exposure to assets other than BTC, ETH, and DeFi tokens.
Know in detail about the Cryptex Finance
TCAP provides holders with real-time price exposure to the whole cryptocurrency market capitalization. It is a new, fully backed, completely collateralized asset that has been audited and properly represents the entire cryptocurrency complex by total market capitalization.
TCAP is a fully decentralized ERC-20 smart contract that tokenizes real-time Total Market Capitalization from ALL cryptocurrencies and tokens published on the world’s top crypto data sources.
CTX is a governance token that powers and safeguards Cryptex’s TCAP technology. CTX holders have the ability to vote on protocol updates for the Total Crypto Market Cap Token, TCAP, as well as all future products in the Cryptex ecosystem.
What CTX Is
The TCAP Protocol is run as a Decentralized Autonomous Organization (DAO) that is administered by the CTX ERC20 standard interface token. CTX holders can propose governance changes, vote on them, and delegate their votes to other CTX holders. This style of governance allows for the modification of many characteristics of the TCAP system to better meet the community and project’s needs. Some components of the TCAP system can be upgraded or completely replaced.
CTX given to the Founders, Advisors, and Treasury are distributed over a multi-year vesting period. CTX Rewards Issuance & Vesting is used to provide any initial protocol incentives.
As time passes, allocating and minting fresh CTX tokens may be in the best interests of the project and/or community. The production of new CTX tokens through governance vote will be subject to a maximum annual adjustment of 2%. That means, the maximum supply of CTX tokens cannot increase by more than 2% in a one-year period. Minting fresh CTX tokens may be used to compensate for black swan events that leave TCAP vaults undercollateralized, to maintain incentives for product development, and to enhance the protocol in other ways.
Issuance and Vesting of CTX Rewards
CTX is issued on a per-block basis, with rates decreasing at the beginning of each month. This is how CTX is given until the hard cap is met. The following are the rates: To reduce the volatility of CTX owing to fresh issuance from community awards, newly given CTX tokens will be subject to a 6-month vesting period, with 30% of the reward available immediately and the remaining 70% not accessible until the 6-month vesting term is completed.
Early Adopter Benefits
The TCAP protocol will give CTX tokens to Vault owners in the first 14 days of deployment as an incentive for early Adopters. Any Vault owner who owes TCAP will receive CTX token rewards on a per-block basis. Early adopter awards are the only ones that do not require vesting because their primary objective is to distribute CTX for protocol governance. The prizes for early adopters are distributed over 14 days for a total of 500,000 CTX. Assuming 6500 Ethereum blocks each day for 14 days (91,000 Ethereum blocks), the per-block incentive would be 5.4945 CTX divided among the debtors at that time.
Providers of Liquidity Are Rewarded
The CTX protocol will reward CTX tokens to any liquidity provider who stakes their liquidity pool position within the CTX protocol as an incentive to provide liquidity for TCAP on selected Decentralized Exchanges. These tokens will be awarded per block and dispersed to liquidity providers according to on their pool ownership percentage. Initial liquidity provider payouts are based on a 6-month cycle in which the per-block rate is higher initially and diminishes monthly. The total CTX for the first six months of liquidity provider awards is 20% of the protocol or 2,000,000 CTX. Assuming 6500 Ethereum blocks each day for 6 months (1,170,000 blocks), this equates to 1.7094 CTX issued per block.
The 2,000,000 CTX will be distributed among four pools:
500,000 CTX ETH/TCAP Pool
500,000 CTX DAI/TCAP Pool
500,000 CTX in the ETH/CTX Pool
500,000 CTX Additional Pool
Next Steps
The Cryptex team hopes to create a new possibility for investors to acquire exposure to the whole cryptocurrency ecosystem through a decentralized and trust-reducing protocol. With the debut of the flagship token, Total Crypto Market Cap (TCAP), consumers in the Decentralized Finance area will have unprecedented access to Cryptocurrencies.
An overview of the Cryptex Exchange’s characteristics
Cryptex is an anonymous trading platform that allows you to exchange fiat currency for cryptocurrencies and electronic currencies (payment systems). There is no requirement for verification for any type of transaction; simply enter an email address and create a secure password. The company can accept and transmit bank transfers, accept and receive cash in more than ten countries, and perform fee-free P2P transfers between accounts in the system.
You may already top up your balance, trade, withdraw your earnings, and adjust your security settings after registering on the exchange.
Live CRX Price Information
CryptEx is currently trading at $6.33 USD with a 24-hour trading volume of $59.28 USD. Our CRX to USD price is updated in real-time. In the last 24 hours, CryptEx has been down 0.48 percent. With a live market cap of $538,375 USD, the current CoinMarketCap ranking is #1948. It has an 85,000 CRX coin circulating supply and a maximum supply of 100,000 CRX coins.
Cryptex is working on new security solutions for the Binance Smart Chain to secure assets. Today, despite the growing popularity of BSC, it lacks the tools that CryptEx provides.
How to buy Cryptex Finance?
If you want to purchase Cryptex Finance (CTX), you will need to have either Bitcoin (BTC) or Ethereum (ETH) for trading purposes. In this essay, I evaluated the main cryptocurrency exchange Binance to assist you in determining the best sites to buy cryptocurrency with a credit card or bank account. Read on to learn about the finest bitcoin trading strategies.
Step 1: Register for a Binance account:
1.1 Go to the Binance website (https://www.binance.com/en).
There have been various phishing cases reported in recent years that are imitations of the real site; thus, it is critical to carefully examine the URL of the website. First, search for the ‘Secure’ certificate, which should appear in your address bar and serve as validation of the site’s legitimacy. Second, to be extra safe when trading on the platform, bookmark the official site to avoid misunderstanding in future searches.
1.2 Enter your trading information.
You must fill in your details by clicking on the “Register” option in the upper right-hand corner of the website’s page and entering your trading information. For example, you will be required to enter your mobile phone number or email address. For the email address, use the primary email address that you can quickly access, and that is the most secure, as you will need it to sign in to your Binance account at all times.
You should also choose a strong password for your email, which should include a combination of numbers, symbols, upper and lower-case letters.
As your account’s verification code and to complete the registration procedure, you will get a 6-digit code via the email address you provided.
Allow for 2FA-Two-factor authentication (Optional)
To make your account more secure, enable two-factor authentication after your initial log in. Trust me when I say that setting up 2FA is critical since it protects your account from any hacker activities!
After entering your email and password, you will be prompted to provide a unique code each time you log in using two-factor authentication. To obtain your one-of-a-kind code, install the Google authenticator app on your smartphone.
Step 2: Purchase your first Bitcoin (BTC)
You can send money to your Binance Crypto wallet account straight from your bank account using SWIFT money transfer, or you can use your debit/credit card. In this section, I will show you how to use your credit card.
Binance formerly prohibited the usage of credit or debit cards on its platform, but this has since been changed. Binance has partnered with Simplex to allow its users to purchase Bitcoin or Ethereum using their credit or debit cards. As a result, Crypto transaction speeds have increased, transaction fees have decreased, and transaction flexibility has increased.
It is simple to buy Bitcoins using a credit card, but I will go over the best ways to do so step by step to ensure you grasp all of the trading nitty-gritty.
Move your mouse pointer on the ‘Buy Crypto’ tab in the top bar and select the dropdown menu. Then select the currency, for example, US Dollars, and click the ‘Credit/Debit Card’ button to proceed to the next stage.
You will be directed to the next page, where you will find options to select the desired Bitcoin (Select BTC) and the amount you must pay to purchase your chosen Bitcoin quantity.
The total amount you must spend will be displayed based on the Bitcoin amount you request and the current market price (inclusive of all fees). You can, however, choose to specify the total fee first, and then the system will automatically determine the order amount for you.
Then, click “Buy BTC.” A window with all of your order’s details will appear. However, before you place your order, please read the disclaimer and Terms of Service. Once you’re pleased, confirm your order by clicking the button and going to “Payment”; click.
Fill in your credit card information as well as your personal information.
After that, click “Pay now” and wait for it to verify your information.
If this is your first simplex payment, you will be requested to authenticate your email and phone number with a code sent to you through email or SMS. Open the link in your email and enter the code you received via SMS to complete the verification procedure. After you’ve completed all of the above steps, click “Continue.”
The usage of an official document is then used to verify identity. Simply upload your identification document photo, together with your personal information, and then click the “Upload Document” tab.
Finally, your personal document will be accepted once it has been confirmed by the system, and an email will be sent to confirm the order purchase. Following that, the acquired BTC or Ethereum is deposited to your Binance account.
Step three: Setting Up a Metamask Account
In your computer’s browser, look for https://metamask.io or “Metamask extension” (you can install Metamask for Chrome, Firefox, and Opera browsers).
I’ll show you how to install the MetaMask Chrome plugin below.
Find “Add to Chrome” and click it to install MetaMask as a Google Chrome extension.
Step 4: Add ETHEREUM to your MetaMask wallet
Move your pointer on “account name” at the top of the window, which will display “Copy to clipboard.”
Then, click on the “account name” and copy your address.
Then, put the copied address into the “receiver” section of the App from which you are sending your ETHEREUM or tokens.
Step 5: How to Make Your First Trade on Sushiswap
To do so, go to the Sushiswap exchange website.
It’s on the top right, then click the ‘Connect to a wallet’ option and log in using the wallet you want to exchange with. After you have completed all of the preceding steps, confirm the transaction, and it will be processed. After that, your tokens will appear in your ERC20 wallet.