CTX is an Ethereum token that governs Cryptex Finance, a platform that issues a token (called TCAP) that tracks the total market capitalization of the crypto market. CTX can be used to vote for upgrades to the Cryptex protocol.
What Is Cryptex Finance (CTX)?
Cryptex Finance or TCAP is a blockchain technology that aims to provide real-time asset volatile information to the users along with exposure to the complete crypto market. The platform is completely backed by collateralized assets that seek to ensure security and stability for the users. The mission of Cryptex Finance is to emphasize decentralization by providing benefits to the community.
There is no denying that the overall cryptocurrency market capitalization is the most widely quoted and known cryptocurrency data metric. However, even after being referenced and quoted every day by numerous investment communities from around the globe, the total cryptocurrency market capitalization cannot predict development in a real-time manner. This is where Cryptex Finance enters with its tokenized crypto data metric and aims to provide users with nominalized exposure of crypto price movement.
As the website says, the TCAP platform of Cryptex Finance aims to be the world’s first Total Crypto Market Cap token, a token that seeks to introduce its users with real-time price exposure to the total cryptocurrency market cap. Moreover, TCAP is a fully collateralized, backed, and audited asset that aims to truly represent the entire cryptocurrency complex based on the total market cap. According to the whitepaper, TCAP functions as an ERC-20 compatible smart contract fashioned to tokenize real-time total market capitalization. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. This aims to allow crypto traders, funds, and institutions to get an idea of crypto price movement from all listed crypto assets and tokens worldwide.
Additionally, Cryptex Finance (CTX) has launched its decentralized governance token, called CTX. CTX seeks to operate as a governance token designed to power and secure the Cryptex ecosystem. The network token holders have the right to vote for future developments of TCAP and Cryptex products and services. Moreover, Cryptex Finance aims to utilize CTX for rewarding its users. The TCAP protocol seeks to reward the early adopters of the network with CTX tokens. Not only this, the network’s liquidity providers are incentivized in the form of CTX tokens as well.
History of Cryptex Finance (CTX)
The foundation of Cryptex Finance was laid in October 2018; however, the platform was launched on April 8, 2021, along with publishing its whitepaper. Joe Sticco, Preston Van Loon, and Cristian Espinoza are the founders of the Cryptex Finance ecosystem. The maximum total supply of CTX is 10,000,000.
