ByteDex, a team creating a new exchange by merging aspects of the two dominant (centralised and decentralised exchanges, CEXs and DEXs) exchange models into a functional hybrid, could very well be successful in its search to define a feature-rich next generation platform. Many projects are throwing their hat into the ring, but with the imminence of ByteDex’s launch all eyes are on them as the crypto community is set to put the project to a trial by fire as early as July 31st, the day after the end of their token ICO. Their ByteDex token will be a native exchange token.

ByteDex ICO comes to an end on July 30th, and the token is available for purchase on their website, ByteDex.io, the place to visit for more information on the project, what features it will incorporate and the philosophy behind it.

ICO price is currently 0.03USDT and ByteDex accepts a wide variety of payment methods.

Exchange based tokens: The Battle For Market Dominance

By far the most popular exchange based token is Binance’s BNB, which launched with the primary utility being reduced trading fees on their platform.

Holding BNB also meant that users could participate in Binance Launchpad, giving somewhat exclusive access to BNB holders regarding platform IEOs.

 Kucoin Shares, or KCS, is another exchange based token, however it’s primary use is to give out dividends on trading fees to its holders.

As these coins have become adopted more widely, they have continued to innovate and borrow from each other. As such the race for maximum utility continues to accelerate.

Binance eventually used BNB to create their own blockchain, the Binance Smart Chain, Kucoin added referral and staking features, Huobi token introduced voting rewards.

ByteDex token will likely be much the same. The project’s whitepape, available on their website(once again, ByteDex.io), is a wealth of information pertaining to the planned utilities of the token, the exchange, and ByteW - their wallet.

Why Invest In An Exchange Token?

With a current ICO price of only 0.03USDT, the potential for a rise in value of exponential proportions depends entirely on the wider success of the project. One should do one’s own research at all times before investing in anything, but ByteDex has to say the very least a well thought out concept with the funds and will to implement it.

As far as an example of success, one need only look at one of the above mentioned examples, KCS by Kucoin, which debuted at less than one dollar and is now trading at close to 14 dollars.