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How to buy DerivaDAO (DDX) in South Africa
Learn how to buy DerivaDAO (DDX) easily by following a step-by-step guide and compare 10+ crypto exchanges.
How to buy DerivaDAO
Look for an exchange that supports both fiat and cryptocurrency to simplify buying DerivaDAO.
- Open an account on an exchange that supports DDX.
Unfortunately, at this time no major exchanges in South Africa offer DDX, but you may be able to purchase it with another cryptocurrency. Just be sure to follow all legal restrictions and requirements.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy DerivaDAO.
- Buy DerivaDAO.
Complete your DerivaDAO purchase and then find the best wallet to store DDX.
What is DerivaDAO?
DerivaDEX is a decentralized exchange for crypto derivatives trading on the Ethereum blockchain, and DDX is its utility token. If the past ‘generation’ of crypto trading were first, the centralised exchanges like Coinbase, then second margin trading platforms like Bitfinex, DerivaDEX presents itself as standard-bearer for the third generation, claiming it blends the benefits of decentralization with the user experience of more seasoned centralized platforms. According to DeFi Rate, the project raised USD$2.7 million in its initial investment round. The trading platform isn’t live yet, but insurance mining and governance apps are. Where does DDX fit into this? Any and all holders are entitled to votes on the course of the project in proportion to their holdings, and they have been able to vote from day one. As the exchange isn’t live yet, DDX tokens are being used as rewards for users who stake stablecoins on DerivaDEX’s platform, which in turn helps the operators grow a liquidity pool for insuring the exchange’s ultimate users’ funds. Some of the terminology can get a bit fuzzy with this project, so for clarity: DerivaDEX is the exchange (or will be), and DerivaDAO is the decentralized autonomous organisation (DAO) that governs it.
DerivaDAO (DDX) is in the top 1,000 cryptocurrencies in the world by market cap, valued at $130,232,285. The current price of DerivaDAO is $4.99, which is -4.000% lower than yesterday. Prices have ranged between $5.33 and $4.5 over the past 24 hours. All prices are listed in US dollars and accurate as of December 06, 2021 09:12 UTC.
Where to buy DerivaDAO
Unfortunately, at this time no major exchanges in South Africa offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
DerivaDAO at a glance
|Total DDX supply||52,641,387|
|All time high||US$15.28|
|All time high date||August 31, 2021|
DerivaDAO price performance over time
How to sell DerivaDAO
You can cash out your DDX with the same exchange you bought it through:
- Sign in to the exchange you have DDX on.
If you store your DerivaDAO in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of DDX you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of DerivaDAO.
What to consider when buying DerivaDAODerivaDEX is still a very young project – but is it something worth getting in on at the ground floor? Here are a few things that might help you make your decision:
- You can stake stablecoins on the insurance mining platform and receive DDX tokens as your reward. You can stake Gemini Dollar (GUSD), Tether (USDT), cTether (cUSDT), USD Coin (USDC), cUSD Coin (cUSDC), and HUSD. Staking entails gas fees, and there is a 0.5% fee for unstaking.
- As a utility token intended primarily for governance management, DDX has limited application as a crypto outside the DerivaDEX ecosystem. Its value will fluctuate and trading opportunities will always arise, but you should be aware that this is not an investment in the future of the platform, but a certificate of entitlement to a say in its future.
- You can get DDX on Binance, Bittrex and Poloniex, among other exchanges.
- Of the 50 million tokens initially minted, just over 34 million went to the team – a common caveat to claims of true decentralization in crypto.
- US residents can’t trade DDX legally, and you can’t buy it directly with fiat money.
DerivaDAO (DDX) in news
Colombia’s Biggest Bank To Offer Bitcoin Trading
The Verdict Is In: ‘Faketoshi’ Craig Wright To Pay $100 Million In Landmark Bitcoin Lawsuit
ZK-Rollups Will Take “Years of Refinement”: Vitalik Buterin
Disclaimer: Cryptocurrencies, including DerivaDAO, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DDX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the DerivaDAO or any other cryptocurrency discussed.
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