CoinFLEX Futures Exchange hosts Polkadot’s [DOT] first initial futures offer

CoinFLEX Futures Exchange hosts Polkadot's [DOT] first initial futures offer

From the 17th of July 2019, CoinFLEX Futures Exchange will launch its first-ever futures market for a coin that does not exist. Taking the form of a technique used by Binance when launching their native token, CoinFLEX will host its first future market.

In particular, CoinFLEX has taken an interest in Polkadot’s Dot token and will use it during the upcoming flagship initial future offering. To participate in CoinFLEX’s first IFO, a limited number of 300 traders will have an opportunity to buy the FLEX tokens at a discounted price of $75 per DOT contract. To qualify for the presale, traders will have to look up 100 FLEX tokens for one week. However, the purchased contracts don’t come with a lock-up period meaning one can close the position anytime once the launch goes live. While explaining further concerning the IFO contracts, Mark Lamb, CoinFLEX CEO said;

“For the IFO contracts, we don’t know when they will expire because we don’t know the time or date mainnet will go live. However, they will expire four weeks after the token get launched.”

Uses of the FLEX Tokens

Once in possession of the FLEX tokens, users can take advantage of the token features to access exclusive opportunities such this IFO. Similarly, users can use the FLEX tokens to pay for exchange fees.

As the hours turn to minutes and the IFO launch nears, for CoinFLEX this year has been a great start. It is only this month that FLEX tokens got launched and in April CoinFLEX launched four futures contracts. Besides that, CoinFLEX had three Chinese firms inject $15 million giving it an opportunity to expand into a broader market.

While the above is all about CoinFLEX hosting its first IFO, according to an anonymous trader, selling the contracts at $75 falls in line with DOT’s over the counter price rate. However, for the project to reach its intended valuation of $1.2 billion, its prices need to exceed the 100 dollar mark. We still have to wait to see if Gavin Wood, creator of Polkadot and co-founder of Ethereum achieves this goal.