ApolloX Winding Down CEX to Focus on DEX Amid Crypto Shift

The ApolloX team cites user preference for DEXes after the infamous debacle involving Sam Bankman-Fried’s centralized FTX exchange and Alameda Research trading firm.

ApolloX CEX to Go Offline January 2023

Noting that cryptocurrency users are migrating to Decentralized Exchanges (DEXes) following the collapse of the FTX empire, leading BNB Chain derivatives protocol ApolloX announced it is shutting down its Centralized Exchange to focus on its DEX platform.

“ApolloX will be winding down the ApolloX CEX in phases from 25 November 2022 to 16 January 2023. We are doing so to focus our resources on the development of ApolloX 2.0 and improve on the degree of decentralization of the DEX ecosystem. We will be adjusting our operating strategy for this cause,” according to an ApolloX blog post.

To encourage users to onboard the DEX, ApolloX is launching a trading campaign with a possible prize of 18,000 $APX (more than $500).

Here is the schedule for the CEX shutdown:

  • Nov. 25: Close registration function, stop beginner missions on ApolloX Onboarding Hub
  • Dec. 9: Close opening position function for perpetual futures
  • Dec. 26: All futures pairs undergo automatic settlement and delisting, stop and delist instant swap, stop referral program, close deposit function
  • Jan. 16: Close withdrawal function, upgrade ApolloX website, CEX page goes offline

The team recommends that CEX users close their positions ahead of time to avoid automatic settlement of their positions.

ApolloX launched its DEX engine in July and was named a BNB Chain Project Star in August.

With a Total Value Locked (TVL) of $26 million, ApolloX is the top derivatives platform on BNB Chain, according to DefiLlama. The protocol’s TVL has remained relatively steady throughout this rough year for crypto, starting at $17 million in May and cresting at $33 million in October.

What is ApolloX:

ApolloX launched in 2021, aiming to make crypto trading accessible to everyone. The platform’s ecosystem comprises BNB Chain’s foremost decentralized crypto derivatives exchange, ApolloX DEX, an in-built DeFi Wallet, ApolloX NFTs, and its proprietary derivatives trading solution, ApolloX DEX Engine.

ApolloX is among the top BNB Chain decentralized exchanges and has attracted seed funding from major venture capitalists like Binance Labs and Kronos Research, 3Commas, and LUX Capital.

Where to find ApolloX:

Website | Twitter | Telegram | Discord | Reddit | Instagram 

Source : bsc.news

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