A high-frequency trading company has launched liquidity mining for holders of its native token.
The new service is hosted on Uniswap, meaning users can still take advantage of the familiar, simple interface that this decentralized exchange provides.
Black Ocean’s CEO, Andrei Grachev, says this feature gives users a chance to provide liquidity to decentralized markets — unlocking a wealth of new opportunities.
Co-founder Vladimir Demin added: “Liquidity mining for FLy is a very important step on the development roadmap. As the FLy ecosystem is growing, we wish to give more benefits for early contributors. We also believe that taking a part in staking will provide you with the first experience in an amazing journey as you explore how to fly with FLy.”
Franklin (otherwise known as FLy for short) is the native token for the upcoming Black Ocean exchange, which has been created by VRM. This asset plays a starring role in stabilizing order book liquidity, as well as unlocking the advantages that the platform provides.
Black Ocean, which itself is launching in May 2021, aims to deliver crypto custody and lending for institutional and corporate users.
The ecosystem also delivers Dark Pools, which provide whales with generous levels of liquidity and ensures that trading data doesn’t go public. According to the platform’s founders, this provides greater flexibility and better prices than existing over-the-counter solutions — all while reducing fees and helping clients avoid slippage.
This is complemented by a Liquidity Pool that caters to retail-oriented businesses without any minimum order sizes being imposed. Whereas existing cloud solutions that offer access to liquidity often charge fees of up to 50%, Black Ocean is set to reduce this to zero.
Just some of Black Ocean’s s partners in this bustling industry include Matrixport, Bixin Ventures and FBG.
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The Black Ocean Project Launchpad is set to go live in May 2021 — paving the way for the exchange’s Liquidity Pool to make its debut in June, followed by the Dark Pool in August. A dedicated NFT market is also scheduled to launch in the first half of this year.
In a recent news release shared with Cointelegraph, Grachev explained what sets Black Ocean Dark Pool apart from “fee-free” platforms for institutional customers. While his exchange is upfront about charging a small fee on transactions, the company doesn’t make money from spread.
He added: “Fee-free platforms may seem appealing, but trading $1 million a day could mean you lose out on $3.5 million a year from the spread. By contrast, going through a platform that’s transparent about its costs could slash these fees all the way down to $200,000 per year. It’s a no-brainer as to what you’d choose.”
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