Darico is pleased to announce that we will soon begin to operate under the name COBIDEX.
This transition is an exciting new development for all stakeholders with the ultimate aim of turning Cobidex into the world’s only community-owned crypto derivatives exchange.
Despite the crypto bull run entering a phase of correction whose corner we now look to have turned, 2021 has been an excellent year for Darico, with month-on-month growth in trading volume across the whole of the year. While it may seem strange to rebrand in the midst of a period of sustained growth, we believe that making a change now is something that will reap even greater rewards down the line.
The crypto exchange market is becoming increasingly crowded, particularly the spot market, which is over-saturated. Derivatives, on the other hand, are underrepresented but growing in popularity all of the time.
As 90% of Darico’s revenue is derived from derivative/futures trading, we have decided to reposition and relaunch the brand as a community-owned crypto derivative exchange that places the vast majority of its focus on the crypto perpetual contracts that people really want to trade.
This is not to say that Cobidex will not also cater to other markets. The platform will add options, leveraged tokens, ETFs, indexes, and the whole gauntlet of trades that our users want in the near future.
Long-term objectives realized
Cobidex will be a one-of-a-kind crypto exchange built for the community and controlled by the community. This development is in line with the plans envisioned for Darico back in 2018. This plan that we could not fully execute back then will now get the chance to come to fruition through Cobidex and the Cobi Governance Token. In fact, the new token will combine the benefits of DRCX (Darico Utility Token) and DECS.
The Cobi Governance Token will be the cornerstone of the Cobidex exchange, and it is here where things get really interesting for existing Darico users.
The Cobi Token and What it Means to You
The Cobi Governance Token will be the beating heart of Cobidex that essentially powers the entire platform. To drive up the initial migration to Cobidex, we will heavily incentivize existing Darico users to earn Cobi tokens in several ways.
As existing Darico users, you will earn Cobi simply by migrating your funds to Cobidex and continuing to make your trades on the new platform. All the trades you make on Cobidex will see the trading fees refunded 100% in the form of Cobi.
On top of this, from October 2021, Cobidex holders who stake their tokens will receive a percentage of the exchange’s daily revenue in the form of a daily reward directly correlated to the amount of Cobi that you own.
New users to Cobidex will only gain access to the exchange via invitation. We believe this will maintain the platform’s integrity, and it is also an opportunity for existing Darico users to contribute to the community’s growth. And you will be rewarded for your efforts.
Existing Darico users will receive five invitations to Cobidex, which you can freely share amongst your friends and other traders. Once your invitees register their account and begin trading on Cobidex, you will receive 20% of their entire trading fees in perpetuity.
Cobidex will initially pay the Referral Mining fee in Cobi. Once the token distribution period has ended, Cobidex will pay out this 20% on all trading fees generated by your invitees in USDT.
Users who would like to invite more than five invitees may request more invitations. The decision on whether this request is accepted or not will depend on the trading activity of your first five invitees.
In addition to the schemes outlined above, a third way to make a passive income through Cobidex will be by staking your existing tokens. Liquidity mining can be done with BTC, USDT, ETH, etc., with APY paid out in the deposited token. On top of the APY paid out on your deposited token, an additional payout will be made in Cobi. Several staking options will be available based on the amount of time the tokens are staked.
Community Market Making
On top of the opportunities available through the different forms of incentivized mining, all Cobi holders will also benefit from a monthly share of the exchange’s total generated revenue from market-making activity for that month. This reward will be known as the CMM (Community Market Making), and it will be a unique feature to Cobidex that sees all traders rewarded for the essential part they play in the exchange’s success.
The idea behind CMM is to implement a new kind of fairer and transparent market making that gives some degree of protection to retail traders. Community Market Making is a central part of the Cobidex roadmap with the hope that it will be up and running in Q1 of 2022.
The Next Steps
Existing Darico users will be able to seamlessly transition over from Darico to Cobidex once the new platform is live. Username and password credentials will be migrated from one platform to the other by us. You will simply need to migrate your own funds from Darico to Cobidex, and any open trades on Darico must be closed before the exchange is officially shut down on the 30th of September, 2021.
All holders of DRCX can swap their tokens to Cobi at a ratio of 1:40 as soon as Cobidex goes live. This means that if your current DRCX holding is ten, you will receive 400 Cobi tokens after the swap.
A buy-back option will be initiated for users who do not wish to migrate their holdings to Cobi. We will repurchase DRCX tokens at 30 cents. The speed of the buy-back process will be determined by the trading volume and income generated on Cobidex, with 10% of the monthly volume from Cobidex going towards the buy-back scheme.
Thank you for your support
We would like to take this opportunity to thank you for the loyal support you have shown Darico. We believe the transition to Cobidex will benefit all stakeholders, and with your continued support, we will soon create the world’s first and largest community-owned crypto derivatives platform.
As Darico users, you will play a key role in determining the future of Cobidex, and by extension, the growth in popularity of the Cobi Governance Token, of which you will hold a significant share based on your loyal history with us.
The heavily incentivized Trade Mining, Referral Mining, and CMM schemes that we are launching with the rebranded exchange are a small token of appreciation to show you just how important we believe you are to the future of the Cobidex platform. By empowering the Cobidex community, we hope to ensure the success of our one-of-a-kind crypto project.
Our team is incredibly excited about the impact that Cobidex will have on the crypto sphere in the coming months and years, and we are immensely proud that the Darico community will continue to be a core facet of that success.