The DUSD Stablecoin Takeover — How It’ll Work
Heads up, Digitex community! The DUSD is getting ready to officially take over as the native currency of Digitex City in just two weeks. It will be used for trading on the exchange and for taking part in the other various initiatives in Digitex City, such as buying DUSD bonds, purchasing advertising on the social media platform, and playing games in the ‘Play’ area.
Just a reminder, DUSDs are ERC-20 stablecoins with a value pegged at $1 USD, collateralized by DGTX tokens. Let’s take a look at the main implications of the takeover and how it will work in practice.
Native Currency of Digitex City
DUSD will be the new native currency of the futures and forex markets, and the spot market will be traded with DUSD/crypto pairs. Digitex City’s new commission-free spot market will open with just a few markets to kick it off, and then, in the new year, we will be aggressively bringing on many new, trending altcoins for our users. See below for the initial markets you can trade commission-free from December 15.
There will be a total of 20 markets at start for which we need to generate as much liquidity as possible. Therefore, we’re asking all our current users to take an active part in creating DUSDs and providing liquidity to these markets.
The benefit of everyone participating in DUSD creation will be a huge influx of demand for the DGTX token–plus, you’ll earn attractive rewards for doing so–a win-win situation for all!
Increased Demand for DGTX
As you can see, the new DUSD economy will stimulate an influx of demand for the DGTX token because we’re kicking off Digitex City with a 10:1 value needed to create DUSD. This will generate buying pressure for DGTX at the same time as constricting its supply and ensuring that we get the necessary liquidity for all markets.
Buying DUSD with a Credit Card
Beyond all its new-found utilities within the platform, don’t forget that users can also buy DUSD quickly and easily with credit card payments. This will make onboarding new users to the exchange much simpler and greatly amplify demand for Digitex City’s products and services. It will also serve as another means of increasing demand for DGTX as all the fiat funds we receive from these payments will be converted into crypto and then used to buy DUSD tokens on our spot markets.
Friends can also send each other DUSD in the ‘Connect’ area instantly, with zero transaction fees. This feature will be available in the new year, and we’ll be sharing more details on this in the coming days.
How Will DUSD Be Created?
DUSD will be created by our community members (traders & holders), who wish to make a generous passive income and make their DGTX work for them. Our DUSD Creation program will pay users handsome rewards for keeping DGTX tokens locked up as collateral to keep the DUSD pegged at $1.
Digitex City Isn’t Just for Traders
Trading certainly isn’t easy, especially with the wild volatility in cryptocurrency markets, and many beginners get burned. However, with the decreasing yield on their savings in a bank and the growing popularity of DeFi, holders are eager to make their money work for them. We see a huge opportunity in offering this demographic ample money-making opportunities through our various rewards programs that are less risky than trading, passive in nature, and offer extremely generous APYs.
With our expansion to Digitex City, Digitex will no longer be a place for traders only. It opens us up to a far wider audience who will discover a myriad of ways to make money with crypto–or rather, to make their crypto work for them. Because at the end of the day, this is what crypto is all about.
Millions of people dream about having the freedom to work from home at their own pace and make good money doing so. And this is what the Digitex brand has always been about–helping people to achieve financial freedom, and creating more winners at the same time.
Digitex City will become the go-to place to do this. Fueled by DUSD, and powered by DGTX, the two tokens will have a symbiotic relationship. But the DUSD will become the new face of Digitex – liquid, stable, and powered by DGTX.