Press Release

Whales Market Announces the Launch of Its Revolutionary Dapp and Token on the Solana network

News Desk · Jan. 3, 2024 at 5:45 pm UTC · 3 min read
Whales Market Announces the Launch of Its Revolutionary Dapp and Token on the Solana network

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Whales Market, a new OTC decentralized exchange (DEX) on the Solana blockchain, has achieved a significant milestone with the launch of its decentralized application (Dapp) and the introduction of its native token, $WHALES, on Mainnet. This launch marks the latest venture from the LootBot team, which is highly regarded for its innovative airdrop automation Telegram Bot. Building on this foundation, the LootBot team has strategically developed Whales Market, specifically targeting the OTC trading landscape within the Solana ecosystem.

The Dynamics of an OTC Dex

The OTC (Over-the-Counter) market serves as a decentralized platform for direct trading of financial instruments like stocks, bonds, and cryptocurrencies, bypassing centralized exchanges. It offers advantages such as transaction confidentiality, reduced price slippage, and customizable deals. However, the OTC market is not without drawbacks. Risks arise from the absence of guarantor guarantees, increasing counterparty default risks, especially when dealing with unfamiliar or unregulated counterparts. Fraud is also a concern, as these methods often lack robust security measures, leaving traders vulnerable to scams and unfulfilled token promises

Whales Market is leading the charge in revolutionizing cryptocurrency OTC trading. It offers a secure and trustless platform for seamless trading of pre-TGE allocations, tokens, and NFTs. By leveraging smart contracts, Whales Market directly tackles the concerns of the traditional OTC market, ensuring transparency and efficiency. With no intermediaries involved, the platform enhances accessibility while minimizing the risk of fraud. This groundbreaking solution sets a new standard for security and accessibility in OTC trading, empowering participants to engage in transactions with confidence. Whales Market paves the way for a seamless and trustworthy OTC trading experience in the cryptocurrency landscape.

The platform offers two types of markets: the Pre Market and the OTC Market. The Pre Market revolutionizes P2P trading of pre-TGE token allocations, replacing conventional practices conducted through social groups and private messages with smart-contract facilitated transactions. This innovation enhances accessibility while significantly reducing the risk of fraud, ensuring a transparent and efficient trading environment.

In parallel, the OTC Markets facilitate P2P trading of tokens and NFTs. Traditionally, such trades occurred through informal channels like online forums and social media platforms, leaving participants vulnerable to scams. Whales Market addresses this issue by offering a secure platform, protecting traders from fraudulent activities and providing peace of mind.

Economic Modelย 

Whales Market derives its revenue primarily from trading fees, utilizing the $WHALES token as the functional token. This fee structure enables revenue sharing and Buyback and Burn mechanisms. Additionally, a portion of the fee is allocated to further development expansion. Notably, $WHALES’ performance-based emissions tie team incentives to trading volume, ensuring sustainable growth within the protocol.

While currently focusing on pre-TGE tokens and allocations on Solana, Whales Market has ambitious plans for expansion. Future endeavors include venturing into Ethereum, encompassing both EVM and non-EVM chains, as well as exploring opportunities within ZK blockchains and other projects within the ecosystem.

In 2023, the traditional securities OTC market reached an astounding capitalization of over $100 trillion. While the financial industry has a long history of development, the cryptocurrency space has emerged as a pioneering force, making remarkable progress in recent decades. With ETF funding on the brink of approval, there is a significant shift in major cash flows from traditional markets to the world of cryptocurrencies. This breakthrough represents a pivotal moment as the cryptocurrency market attracts growing attention and investment, driving its total market cap to unprecedented heights. Decentralized OTC trading stands as a disruptive solution, offering investors a streamlined avenue to invest in digital assets without the complexities and unique economics of the Defi ecosystem, which can pose obstacles for newcomers from traditional finance.

About Whales Market

Whales Market is a game-changer in the OTC DEX landscape, offering a safe haven for OTC traders. This groundbreaking platform is designed to capture the huge trading volume that is on the rise on Solana, and cater to the needs of exchanging tokens and airdrop allocation inย  a transparent manner. By seamlessly launching the platform on the Solana chain, Whales Market envisions a bright future for itself on the leading Layer 1 network, establishing a strong position and harnessing the power of the LootBot ecosystem to achieve unprecedented success.

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