ApolloX V2 Brings More Transparent Perpetual Trading, Boosting Derivatives Ecosystem on BNB Chain

ApolloX, the biggest crypto derivatives decentralized exchange (DEX) on BNB Chain, has deployed its trading version 2 (V2) on BSC mainnet, moving perpetual trading fully on-chain. 

Trading V2 offers BTCUSD, ETHUSD, BNBUSD, GBPUSD and EURUSD contracts at launch. Traders can open buy/long or sell/short positions with up to 50x leverage for crypto pairs and up to 100x leverage for forex pairs from their non-custodial wallets without registration or deposits. 

The new V2 is a major milestone for ApolloX, which already comes out top in derivatives total value locked (TVL) and unique addresses on BNB Chain. It cements ApolloX’s position as a leader furthering the DeFi principles of decentralization and transparency in the huge derivatives ecosystem.

Full On Chain Transparency

All V2 trades are executed against the ALP pool on BNB Smart Chain. ALP is the platform’s liquidity provider token and represents a pool of stablecoins and blue-chip assets: BUSD, USDT, USDC, BTC, ETH and BNB. 

To maximise capital efficiency, liquidity for all V2 trading pairs is shared via the ALP pool. This allows for ApolloX to quickly list new crypto trading pairs and even non-crypto assets like token indices, forex and stocks.

Investors who mint ALP participate in the market making of V2 contracts. Thus, the fluctuation in ALP token price — resulting from the profit and loss (PnL) of the ALP pool’s positions — is inversely correlated with the PnL of V2 traders. If the pool loses, traders profit, and vice versa. All of this data can be easily verified on-chain. In addition, 50% of total V2 trading fee income will be injected into the ALP pool.

Reliable and Secure Trading

BNB Oracle and Chainlink power the price feeds for V2 and ensure their security. Real-time price feeds from both oracles are compared to ensure the most accurate pricing. The combination safeguards against potential risks like price manipulation and unexpected liquidations. ApolloX is also working with top blockchain security firms including Certik, Peckshield and Salus Security to conduct full audits for V2 smart contracts.

While trading V2 already offers cheaper fees as compared to similar products in the market, ApolloX plans to launch a trading incentive program in the near future. This would help traders further offset their costs and maximise value.

To cater to different trader profiles, ApolloX also offers order book perpetuals aside from V2. Those newer to derivatives trading may enjoy V2’s beginner-friendly trading interface, while those who prefer the look and feel of a centralized exchange may prefer ApolloX’s order book perpetuals. Ultimately, traders are empowered with freedom of choice to trade over 70 perpetual contracts across both types.

The launch of trading V2 proves ApolloX’s commitment to making decentralized trading accessible for the next generation of derivatives traders. Starting with more transparent and decentralized trades, ApolloX is taking a significant step towards its vision of shaping Web3 trading.