The crypto industry has its fair share of bullshit.
Many projects are guilty of overusing buzzwords, pushing out useless updates and making announcements of announcements to try and create noise, instead of focusing on building and shipping their product.
Insiders know that a lot of crypto is a facade. But people play along with the fake news, in hopes that “number go up” and they can offload their bags before the next person.
At PowerTrade, we are not here to play that game.
We are here to play long term games with long term people. We have been in the cryptocurrency space for many years, and plan to be here for many years to come.
Our strategy is simple
Build awesome products that increase the maturity of the ecosystem, and enable a larger audience to easily take part in the new and better financial system we have been building for over a decade.
To do that, we need to rise above the short term thinking that many projects fall victim to, and make this commitment to the community:
We will not bullshit you.
- In our marketing, we’re not going to manufacture an announcement just because prices are volatile
- In our product, we will not trick you with hidden fees or wide spreads
- In our communications, we will not lie or mislead you
- In our exchange, we will not unfairly liquidate; no scam wicks, no rekt bullshit
Our mission is to build a platform that is a fair and reliable place to trade for everyone; a place that helps you make more profitable trades.
Too many exchanges in crypto rely on burning through their customers by encouraging them to enter into bad trades, which gives the exchange larger short term profits, but ends up losing their customers for the long term.
We think that crypto can be better than this, and PowerTrade is the place to create long lasting value in the ecosystem.
So, no bullshit, here is what we’re up to:
What we’ve accomplished
Over the summer, we assembled a world class team that has experience building exchanges in crypto and the traditional equities and forex markets, designed some of the first digital banks in Asia, traded options at some of the largest banks, built decentralized technologies and designed new crypto economic systems.
In September we announced our token and backing from some of the top crypto funds, including long time crypto investors Pantera Capital, veterans of DeFi Framework Ventures, trading experts CMS, and more.
The product team has been hard at work building out PowerTrade, having designed and coded a beautiful and easy to use mobile app and built out very performant exchange technology that executes each trade in less than 25 microseconds.
The Uniswap staking program was successful, growing PTF/ETH Uniswap liquidity from $50k to $400k, while stakers earned 300% - 600% APR along the way.
What is happening in the background
Currently the PowerTrade team is testing an internal alpha on testnet, which is running trades on the exchange testnet. This testing is primarily focused on UX and UI improvements, which is typical after receiving the initial build based on static designs.
In parallel, the margining and liquidation system is being built out, which is a critical component to get perfect when running an options exchange, as any errors here would result in unfair losses for traders or for PowerTrade.
We are hooking up our MPC based wallet system to the exchange, which will allow traders to have super fast withdrawal times while also maximizing security.
While we’re not ready to announce any partnerships, we have been chatting with various large options traders and market makers about getting them integrated with the PowerTrade API.
Finally, the design team is working on the designs for PowerTrade futures, which will be critical for options writers to hedge their delta exposure.
What you can expect next
In the coming days and weeks, we will be publishing plans around our beta and product roadmap, and details of our futures and options products that we’ll be offering, so traders can prepare their strategies in advance of the product release.
We will also be publishing our API docs so traders who want to trade algorithmically will have time to integrate with the PowerTrade system before the exchange is live.
The PTF staking program will be adjusted based on learnings from month 1; a new program will be announced for month 2.
What we need from you
As part of the PowerTrade community, there are ways you can help fulfill the PowerTrade vision! Some things we are looking for right now:
- Options traders - We’d always like to speak to options traders and market makers
- Options content creators - An excellent content creator who would be excited to create high quality educational content on options trading
- Growth marketers - Experienced growth marketers with experience in trading or gaming industries
And as always, we embrace community support, suggestions, and memes.
We have the PowerTrade Bull, but not the bullshit 💩
The PowerTrade Team