EOSFinex, the EOS-based decentralized cryptocurrency exchange Bitfinex unveiled in September of last year, has reached its launch deadline.
The decentralized cryptocurrency exchange is one more being added to the portfolio of iFinex, the parent company of Bitfinex, which also operates Ethfinex, an Ethereum-based decentralized exchange in which users can trade various ERC-20 tokens and ether.
The EOS-based exchange was announced shortly after Tether, a company that shares management with Bitfinex, announced it would be minting USDT tokens on the EOS network. It entered a beta phase back in March, which has now been completed.
On July 25th, users will see trading on eosfinex evolve beyond a simulated paper-trading environment, into a full-featured, on-chain trading platform built to pioneer developments within the decentralized exchange space.
— eosfinex (@eosfinexproject) June 27, 2019
Notably, decentralized cryptocurrency exchanges haven’t seen their trading volumes surge this year, despite the launch of the Binance DEX, which currently has a trading volume of around $5.5 million per day. Ethfinex, Bitfinex’s decentralized Ethereum exchange, has a trading volume of around $2.5 million a day.
Earlier this year, New York’s Attorney General accused both Bitfinex and Tether of an $850 million ‘cover-up’, but despite the setbacks iFinex pushed to launch EOSfinex. The EOS network itself has also been growing, as according to EOSPark is recently reached 1.3 million accounts.
While some claim the number of accounts and transactions on the network may be being inflated, it still appears to be one of the most popular cryptocurrencies in the ecosystem. Available data suggests it’s the fifth most traded crypto on the market.
The decentralized exchange’s launch is seemingly having no effect on the price of EOS. The cryptocurrency is, at press time, trading at about $4.58 after falling 1% in the last 24-hour period. Its market cap is of $4.68 billion. In the last 30 days, EOS’ price dropped by around 34.9%.