Leading Chinese gaming company lines up $100M crypto investment

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.

Aevo, the Singaporean crypto derivatives platform, is gearing up to broaden its ecosystem by allowing other protocols to build on its rollup infrastructure. ‘The future is modular’Currently, Aevo exchange is the sole application on its rollup, but according to Julian Koh, co-founder of Ribbon Finance, the platform's parent protocol, the intention is to open it up for other developers. On Tuesday, Koh retweeted a social media post by the company which stated “The future is modular,” adding the comment “build whatever.” Koh told The Block that "the primary angle here is we are currently built on our own rollup — but Aevo exchange is currently the only app on this rollup. Our plan is basically to open this up for other [developers] as well and build an ecosystem around our exchange."Photo by Shubham Dhage on UnsplashTransitioning to CelestiaAevo, specializing in options and derivatives trading, operates on its own Layer 2 network, built using the OP Stack and running atop the Ethereum blockchain. In a cost-saving initiative, the platform plans to transition to Celestia for storing transaction data in the near term. Celestia launched on mainnet last October with the aim of enhancing blockchain scalability. It’s a modular data availability network which securely scales relative to the number of network users. This expansion is part of a broader roadmap set to be unveiled in the coming weeks, as Aevo looks towards achieving aggressive growth. According to DeFi data aggregator DeFiLlama, Aevo has already been hitting ever higher numbers in recent months. Only two months ago, the protocol had $10 million total value locked (TVL). At the time of writing that metric has increased to $50 million. Last month, the platform achieved a new record-high weekly trading volume level in excess of $500 million. Julian Koh attributes this growth in part to Aevo's yield-bearing balances. Users deposit their crypto, which is then sent to MakerDAO to generate yield. In return, users receive a derivative token to trade on the Aevo platform, providing a mechanism for traders to earn yield while actively engaging in trading. 2023 rebrandRibbon Finance, which initially launched Aevo separately, merged the projects under the Aevo branding in July 2023. As part of the rebrand, an Aevo token will be introduced, with a 1:1 exchange rate for RBN token holders during migration. Post-rebrand, Aevo plans to roll out an incentive program aimed at boosting the platform's metrics.  Looking ahead, Aevo plans to delve deeper into yield offerings, drawing inspiration from Ribbon Finance. The platform aims to launch yield strategies in Q1 of this year, allowing users to lock up their crypto in various setups designed to generate returns, with the tokens being unavailable for trading during this period. One notable strategy that has contributed to Aevo's appeal is the pre-launch trading of upcoming tokens. The platform supports trading for tokens expected to launch soon, often through airdrops, providing an opportunity for traders to hedge against airdrops or lock in specific prices before the official launch. The project team membership draws on past experience at Coinbase, Kraken and Goldman Sachs, with academic backgrounds attained from Stanford, MIT and Cornell University. 

PDAX gears up for trading surge amidst Binance market exitThe Philippine Digital Asset Exchange (PDAX), an order book exchange, is planning to take full advantage of Binance’s regulatory issues in the Philippines, with the expectation of an uptick in trading volume as a direct consequence.Photo by iSawRed on UnsplashMarket opportunityAccording to a Filipino English-language broadsheet publication, The Daily Tribune, PDAX CEO Nichel Gaba sees the exit of Binance, flagged by the Securities and Exchange Commission (SEC) as an unauthorized exchange in the Philippines, as a pivotal moment for local virtual asset service providers (VASPs) to expand their market presence. Gaba envisions that the anticipated migration of traders from Binance could propel the country’s cryptocurrency trading volume to an estimated $6 billion by 2024.Data from the Bangko Sentral ng Pilipinas (BSP) demonstrates that there are currently 17 VASPs in the Philippines, with 10 operational and seven inactive. As one of the operational ones, PDAX is preparing for the expected growth in the local sector.The SEC in the Philippines has been actively working towards imposing a ban on Binance, citing various issues both locally and internationally. Gaba predicts that this development will prompt a substantial number of Filipino cryptocurrency traders to seek alternative, legitimate trading platforms. Gaba stated:“Now that Binance is being banned, there are a lot of users wondering where they can go and the best option for them is to go to a licensed exchange like PDAX. Our strategy as a company is to focus on being the best alternative.”Binance ban countdownAccording to local news outlet BitPinas, the head of the Philippines SEC, Kelvin Lee, clarified that Binance and any other unregistered exchange issued with an advisory have three months before they are banned from the country.Addressing the confusion surrounding the ban during a panel discussion on Wednesday, Lee stated that the ban would be in effect three months from the issuance date of Nov. 29. In that way, time has been allowed for feedback and potential extensions.While the original recommendation was for a shorter transition period, Lee extended it, considering the upcoming Christmas holiday, stating, “Not to make it hard for Filipino investors during that time.”Two additional exchanges bannedIn addition to Binance, Lee mentioned that OctaFX and MiTrade, along with other exchanges that have received advisories for unregistered operations, will also face bans after three months. The local SEC disclosed having a sizable list of unregistered exchanges that will gradually emerge.Responding to criticisms of the ban, given that some users find Binance to be “cheaper” than other registered exchanges, Lee emphasized the importance of compliance costs and consumer protection. He urged local investors to “invest in registered entities” among the 17 VASPs registered in the country that offer fiat-to-crypto services.The BSP-regulated VASPs are expected to process crypto assets worth approximately $3 billion by the end of the year. However, this estimate does not take into account unregulated transactions occurring outside of VASP channels.