EOSFinex Reaches Launch Deadline, Boosted by Tether (USDT)

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EOSFinex, the exchange based on the EOS network and the EOS digital asset, has finally reached the launch date. The market, a part of the iFinex group of exchanges, adds to the portfolio, following the influential Bitfinex exchange, and the more recently created Ethfinex.

The creation of EOSFinex arrived after the announcement that new Tether (USDT) would be minted on the EOS network.

EOSFinex started working in beta mode at the end of March. A month ago testing was completed, and the official launch is on schedule. EOSFinex is a decentralized exchange, to be used by traders already owning an EOS account.

The altcoin-based decentralized exchanges see a relatively small trading volume. Ethfinex hosts $2.5 million’s equivalent of daily trades, despite the minting and transfer of 1.45 billion USDT to the Ethereum network. The EOS network still hosts just 10 million USDT, based on the token explorer data.

Despite the setbacks related to liquidity and access to funds, the iFinex company continued with the expansion and the launch of the new exchange. It is still unknown if a decentralized exchange can circumvent the limitations for trading. Bitfinex is currently under investigation for allowing New York residents to transfer funds and trade, despite the exchange lacking a BitLicense to operate in the state of New York.

The EOS network has continued to expand over the past year since its mainnet launch, allegedly carrying up to 87 million transactions in 24 hours. The EOS market price has remained relatively stable, though still hampered by the sell-offs in July.

EOS trades at $4.56, up 10% in the past day, boosted by the overall market recovery. EOS recently peaked around $8, then erased most of the gains. In the past year, there have been accusations that the price of EOS was artificially stabilized, using ETH coins from the ICO haul.

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