Sheesha Finance Partnership Spotlight: FXDX
Sheesha Finance is a leading decentralized staking platform that provides investment solutions for crypto portfolio diversification and rewards across the DeFi space, allowing token holders to become early investors in some of the hottest DeFi projects.
Today, we are excited to be announcing our latest partnership with the FXDX Exchange (https://www.FXDX.exchange/)
FXDX is revolutionizing the exchange industry by creating a trustless, permissionless, and non-custodial trading platform that enables users to trade derivatives such as perpetuals and utilize leverage without the need to worry about price manipulation.
Today’s currency exchanges are predominantly centralized and have fallen victim to security breaches, hacks and price manipulation. As a result, several traditional exchanges have been accused of unethical activities such as wash trading, manipulating prices, and taking the opposite trading positions of the traders on their platform without their client’s consent or knowledge. Lack of transparency of the internal operations and business practices used by centralized exchanges has caused a lot of mistrust in the trading industry and FXDX is looking to provide a much-needed overhaul and upgrade to the traditional industry by utilizing blockchain technology to create a Web 3.0 trustless, open-source, decentralized and non-custodial trading platform.
FXDX provides a fair and accessible financial system, open to anyone, with a vision of creating a global permit-free market that can improve and build upon the financial markets that are available today and update the economic tools used to deliver better results to everyone.
Sheesha Finance Makes Our Stand on Algorand!
The Sheesha team are strong believers in multi-chain support and want to ensure that everyone, regardless of their network of choice will be able to benefit from the Sheesha Finance network. Already supporting multiple projects within the Ethereum, Binance Smart Chain, and Polygon ecosystems, we are very excited about this partnership with FXDX, our first supported partner project that is built on the Algorand network.
“The financial exchange industry has been rife with the unethical treatment of clients, unfair practices and scams for years, resulting in multiple lawsuits and the need for the formation of regulatory authorities around the world to protect investors and traders. This has resulted in a lot of mistrust, loss of funds and a general black eye for the retail trading industry. FXDX is providing a solution to many of the issues that exist in the industry by creating a safe exchange for traders by utilizing blockchain technology and Web 3.0 to revolutionize and propel the exchange industry into the future.” Says Sheesha Finance CEO, Saeed Al Darmaki.
The FXDX platform will allow for the lightning-fast execution and settlement of trades and will use a tiered and incentivized fee structure to ensure low transaction fees. Traders can use the platform’s utility token $FXDX to cover fees and receive a discount.
Traders on the platform will maintain control of their own keys and assets through FXDX’s unique non-custodial exchange system which can be verified as they built the platform with open-source code, acting on their strong belief in transparency. The source code will undergo multiple security audits of their smart contracts by audit firms and the public to ensure the highest requirements for security are met for enhanced user trust of the platform.
Blockchain technology has allowed for the rapid innovation in the decentralized and centralized finance space. With more users adopting crypto and digital assets at an astonishing rate the derivatives market has a lot more room to grow and FXDX is looking to capitalize on this expansion by providing a robust and scalable decentralized trading platform. This is done by improving upon the decentralized financial system; adding a layer of transactions and the execution of high-performance financial products that can potentially outperform relatively slow cryptocurrencies, tokenized assets and general-purpose smart contract-based products.
FXDX has chosen to utilize Algorand and BSC blockchains to overcome the high fees that exist on the Ethereum network, allowing for a scalable and decentralized consensus system, lightning-fast transactions, Ethereum compatibility and interoperability, a native stablecoin, and affordable fee system. This will provide traders with an advantage as these blockchains can significantly speed up trading activity, allow traders to perform gas-free trades (as the low gas fees will only be charged during deposits and withdrawals), and the give customers the ability to use the same wallet e.g. Metamask, which can be used for both BSC and Polygon traders. FXDX is also currently testing on the Binance Smart Chain, with plans of integrating with the Algorand blockchain in the future.
About Sheesha Finance
Sheesha Finance is a leading decentralized DeFi staking platform which allows for premium cryptocurrency portfolio diversification and rewards. Sheesha Finance rewards investors of any size, from small to large ticket holders, with unlimited DeFi tokens from a diversified portfolio of projects. Sheesha Finance’s easily convertible assets can be freely utilized to maximize rewards and gain exposure to existing and upcoming DeFi projects. With plans to become a member-managed Decentralised Autonomous Organization (DAO), Sheesha Finance is dedicated to upholding full transparency and integrity within the DeFi space.
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