Crypto futures platform WOO X began a prelaunch perpetual futures market that lets customers guess on the costs of upcoming tokens which have but to be issued, a consultant advised CoinDesk on Wednesday.
Such markets can allow merchants to interact in worth discovery and hedging methods nicely earlier than the tokens are formally launched.
Particular person tasks will probably be vetted for premarket itemizing primarily based on a due diligence course of, anticipated itemizing timeline, high quality of undertaking, and anticipated liquidity of the token upon itemizing, WOO X stated.
Topic to market situations and regulatory compliance, upon the token’s official launch and itemizing on main exchanges, the prelaunch perpetual futures contract will seamlessly convert into a daily perpetual futures contract.
The ORDER token of Orderly Community, an on-chain liquidity supplier, is being supplied as the primary in the marketplace, with costs down 5% since its itemizing at 08:00 UTC.
The protocol’s native WOO tokens are up 4.5% prior to now 24 hours, beating a 2.5% rise within the broad-based CoinDesk 20.