Crypto futures platform WOO X began a prelaunch perpetual futures market that lets customers wager on the costs of upcoming tokens which have but to be issued, a consultant instructed CoinDesk on Wednesday.
Such markets can allow merchants to interact in value discovery and hedging methods properly earlier than the tokens are formally launched.
Particular person tasks will likely be vetted for premarket itemizing based mostly on a due diligence course of, anticipated itemizing timeline, high quality of venture, and anticipated liquidity of the token upon itemizing, WOO X stated.
Topic to market situations and regulatory compliance, upon the token’s official launch and itemizing on main exchanges, the prelaunch perpetual futures contract will seamlessly convert into an everyday perpetual futures contract.
The ORDER token of Orderly Community, an on-chain liquidity supplier, is being supplied as the primary available on the market, with costs down 5% since its itemizing at 08:00 UTC.
The protocol’s native WOO tokens are up 4.5% up to now 24 hours, beating a 2.5% rise within the broad-based CoinDesk 20.
