What is FLEX token? CoinFlex Highlights

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3 May 2024

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What is CoinFlex (the FLEX token)?

CoinFlex is a decentralized exchange, allowing users to trade with up to 250x leverage. In addition, investors can earn additional passive income through the automated market maker system (AMM+), which allows the choice of collateral and trading with up to 10x leverage. CoinFlex connects AMM+ to a centralized order book to increase trading performance and bring higher benefits to clients.

In 2023, CoinFlex faces many legal problems and is forced to stop trading. The former CEO of the project, Mark Lamb, was accused of financial fraud and several other civil offenses, which led to his being removed from the platform's board of directors. The new CEO, Charles Melvin, soon afterwards reorganized CoinFlex, setting up a new Twitter page to receive and exchange information with customers.

FLEX is CoinFlex's token, which is used as a reward for traders on the platform. The FLEX token allocation corresponds to the trading volume. In addition, investors can buy FLEX tokens directly at CoinFlex or on popular exchanges.

Users can use 100 FLEX to reduce trading fees by 50% on the total 24-hour trading fee on CoinFlex. Over the past 24 hours, the FLEX token grew by 26.26%, at times up to 77%, due to this token airdrop program on DappRadar.

The bull cycle of FLEX tokens is predicted to be similar to the period from April 23 to April 30. Traders expect the token price to quickly rise to $1.8 and remain the same for a few days before falling back to $0.9 after the attraction of the airdrop event fades.

CoinFlex Features

Trade on CoinFlex

CoinFlex exchange offers a diverse set of tools that make it easy for users to buy and sell tokens, such as spot trading, futures, and perpetual futures. The platform provides features that help investors access rep and spread markets, place limit orders, stop losses, and integrate trading charts.

The project allows trading with 250x leverage, which gives users flexible execution of investment campaigns and higher profits. This helps CoinFlex attract new investors to join and retain old traders.

AMM+

CoinFlex uses an automated market maker (AMM) model to facilitate decentralized futures trading. The project is inspired by leading DEX exchanges such as Uniswap, Pancakeswap, etc., with the goal of making transactions more transparent and accessible to everyone.

AMM+ applies the principles of decentralized spot trading to the futures market, helping users customize strategies according to market trends. Investors can use up to 10x leverage, thereby enhancing capital efficiency with low fees and high liquidity. With the goal of creating a transparent, accessible market for all, CoinFlex uses a centralized order book with a decentralized AMM mechanism to combine DeFi and CeFi capabilities.

FLEXDAO

FLEXDAO is the decentralized autonomous organization (DAO) of the CoinFlex ecosystem, where FLEX token holders exercise governance rights and receive staking rewards. All members of FLEXDAO receive 10% of the revenue and profits from the platform in veFLEX tokens, thereby incentivizing participant loyalty. FLEXDAO creates a fair and transparent environment for FLEX token holders to raise ideas, contributing to the sustainable development of the platform

Tokenomic

Token Name: FLEX
Kyệu: FLEX
Standard: ERC-20
Hợp đồng: 0xfcf8eda095e37a41e002e266daad7efc1579bc0a
Blockchain: Ethereum
Total Supply: 98,664,939 FLEX
Max Supply: 100,000,000 FLEX
Self-Reported Distribution Supply: 98,664,939 FLEX

Price and Exchange Fluctuations

FLEX token is trading at $1.71, up 26.26% over the past one day. According to CoinMarketCap data, the project's 24-hour volume was $128,274, and the project's capitalization reached more than $166.5 million, an increase of 26.26%.

How to Create a CoinFlex Account

Step 1: Access https://www.coinflex.ltd/register, enter full information, including first and last name, email address, and password, and click "Register".

Step 2: The screen displayed, as shown below, is successful. Users click "Return to Login" to proceed with the login.

Step 3: Enter your full email address and password, then click "Login.".

Step 4: Optional username: enter your phone number, date of birth, and country; click "Complete My Profile.".

Team

After Mark Lamb was removed from the board of directors, Charles Melvin replaced him as CEO. Later, CoinFlex was acquired by OPNX. OPNX was founded and led by Su Zhu and Kyle Davies.

Investors

CoinFlex has received investments from funds such as Bells Ventures, Bering Waters, Broslyn Capital, DRW Venture Capital and Digital Currency Group.

Link

Website: https://coinflex.com/
X/Twitter: https://twitter.com/CoinFLEXdotcom
Telegram: https://t.me/coinflex_EN

Conclude

CoinFlex is in the process of resetting itself and promises to return to the market in the near future. The project cooperated with DappRadar to conduct the FLEX token airdrop program, attracting great attention from the community. However, traders need to be careful when participating in the platform and have the right investment strategy to use FLEX tokens effectively.

Read more: February 10 News: 3AC and CoinFLEX Launch New Exchange