eXRD hits the markets
The distribution and trading debut of eXRD has been hotly awaited in the Radix community, especially by those who were not able to participate in the token sale.
eXRD was unlocked at just after 16:30 GMT on 17 November, allowing owners to trade their tokens on Uniswap and lock them in the USDC/eXRD liquidity pool. Blockfolio, Coinmarketcap and Coingecko have already listed eXRD for you to add it to your portfolio and to check statistics and details about the token.
As expected, initial volatility was very high. In the first minutes of trading, few users had had the opportunity to lock their tokens in the liquidity pool to provide liquidity for other traders. This meant that even limited demand had a large effect on price, due to the way that Uniswap’s Automated Market Maker algorithms price tokens.
Tradingview has added the eXRD chart: https://www.tradingview.com/chart/VkS0XTH5/
In these initial low liquidity conditions, the price of eXRD rocketed to $0.55, before more users locked their tokens and others took advantage of the 1,000+% gains from their initial purchase. The price dropped back fast and temporarily stabilised in the $0.15–$0.20 range – still approaching a 500% gain on token sale prices. Towards the end of the first day, trading volumes began to fall and eXRD drifted downwards from $0.19 to $0.16. Currently eXRD is sitting at around $0.14 which is a bit more than 300% of the token sale price.
Many traders are awaiting the unlocking of the next tranches. As investors with a long term perspective none of this really matters too much to us. We expect the token price to stabilise at some point, followed by an accumulation range forming and a bullish breakout. We are looking at the timeframes that truly matter to us: testnet in Q1 2021 and mainnet (RPN1) in Q2 2021. We encourage you to use this time to learn about Radix technology and history. It is truly remarkable and expected to change the DLT space for ever:
Today, eXRD is listed on Uniswap and has also been listed by Bilaxy and Hotbit. Of course, we cannot guarantee any third-party platforms and encourage traders to do their own research and due diligence, but Uniswap and Bilaxy seem like the best options for eXRD trading at the moment.
Uniswap has the best liquidity and tightest spread of the exchanges. Uniswap is a very popular decentralized exchange. You can find more information about how to trade on Uniswap here.
Trade on Uniswap here: https://info.uniswap.org/pair/0x684b00a5773679f88598a19976fbeb25a68e9a5f
Remember that liquidity providers receive both reward tokens from the liquidity mining programme, and USDC/eXRD from the fees charged to traders on Uniswap. Check out our post on Uniswap, which provides all the resources you’ll need to get started with trading or joining the liquidity programme, if you haven’t already.
If you want to learn about how to provide liquidity on Uniswap then you can also watch this short video:
If you prefer a more traditional exchange interface, then Bilaxy seems to offer solid liquidity for smaller and medium-sized traders. The spread is much better than on Hotbit, though not as tight as on Uniswap.
Bilaxy offers a conventional trading interface and relatively tight spreads: https://bilaxy.com/trade/EXRD_USDC
Remember, these early trading stats are for just the 1% of tokens that were unlocked. Due to the rules according to which new tranches of eXRD will be unlocked, we won’t see significant additional liquidity for several more days.
Each new tranche will only be unlocked when the simple moving average of the token price over the previous week hits the next price target. Given the significant early appreciation in the price of eXRD, it’s very likely that the next tranche will be unlocked on 25/26 November.
As detailed in the Radix Economic paper, an additional 4% of tokens will be unlocked when the average price holds over $0.05. Then, the circulating supply of eXRD will likely increase from 42 million to 210 million. That additional supply can only be a good thing for those looking to get into Radix, since the market will be better able to absorb those buys without spiking the price. And for liquidity providers, the higher the trading volumes, the better. By the way, you should definitely check out our Live Stats page for great info on the eXRD token.
That’s all for now! Next week we’ll be posting more blogs about Radix’s unique approach to DeFi, and some of the jaw-dropping tech that will begin rolling out with the launch of the Radix mainnet next year.
Your Radix Team
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