Logium, The first DEX on Ethereum That Allows You To Bet On the Price Of Every Token On UniswapJuly 21, 2022
What is Logium?
Logium aims to solve the problem of decentralized finance and open the free market of derivatives. It claims to be the first platform that allows users to go long or short on any token on Uniswap.
With Logium, you can bet with other users on whether the token will go up or down in value and use a multiplier to predict the future value. Logium currently adds new tokens daily from Uniswap, and you can stay updated on new additions by following their official Twitter Profile.
The platform is fully transparent and does not hold any user assets; therefore, you can rest assured that your funds are secure. To read further on Logium’s security audit, follow this link.
How does Logium work?
It is pretty simple to take bets on Logium. The P2P betting system enables users to use leverage and trade over 500 assets on Uniswap by taking both long and short bets on leverage.
To participate, you would first need to connect your wallet with Logium. The current wallet supported is Metamask, but other wallets will be available soon, such as Wallet Connect, Coinbase Wallet, Formatic, and Portis.
Once your wallet is connected, simply choose any token you wish to bet on; currently, users can bet on ten tokens, including ETH, BTC, SHIB, HEX, APE, etc.
Users can choose a bet that already exists on the list or simply create a new chance. Professionally referred to as “option” or “position,” the “bet” is a peer-to-peer agreement between two users about the future price of any ERC20 asset.
Only one user that is right about the price prediction will earn 100% of the opponent’s bet. These transactions are settled for a fixed duration of time which can be up to 1 hour, 6 hours, one day, seven days, or 30 days.
All bets on the platform are secured by USDC deposits that the users make. Logium has only ten listed tokens on the beta phase; however, they wish to decentralize the process of listing additional assets in the future. This will make give the users the power to decide which tokens are listed.
Placing bets does not incur alternate fees, except the usual Ethereum network fees. After the bet is settled and taken out of the prize pool to the winner, Logium gets a small fee.
Problems that Logium aims to solve
Logium is contributing towards solving many issues currently in crypto. Users can now bypass KYC and take short and long bets on any token outside of a centralized exchange.
Liquidity is no longer an issue as users can take singular bets for each token on Uniswap even when liquidity is low.
Users can also short any token of their choice if they don’t believe in the future of that token. Prime examples are people who do not believe in the future of meme coins, such as Shiba, Doge, and others. Now they can easily “take bets” and short them using Logium.org.
Beginners and rookie traders will also be able to trade without committing real money on the platform.
At Logium, users trade directly from their decentralized wallets, eliminating the “not your keys, not your coins” problem.
“When trading on CEXs, you don’t have 100% control over assets; with us, you do.”
Logium is recently partnered with StudentCoin (STC), a crypto platform that allows users to design, create and manage personal start-up NFT easily and Defi tokens. STC assists Logium with technical and business development experience and marketing assistance. Student Coin will have a share on Logium’s revenue, which will then be thrown into an STC token buy-back from the market.
How will Logium hold up during market volatility?
Logium has the potential to perform despite market conditions. Users can profit from the volatility of crypto assets, allowing users to take advantage of crypto’s volatility.
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