13:58 on July 27, 2018, David, sitting in front of his computer, was anxiously refreshing YEX's website. Two minutes later, when the page said, "you've managed to grab an early Bird Mining number," David relieved and he knew he hadn't missed this rare opportunity. David studies in a public university in Singapore. Just like other young Singaporeans, he joined the investment of digital coin. David said his first try was investing on a Singapore-based exchange, YEX, a platform launched in February 2018. Since the public test, it has been running stably for more than 7 months.
What David does not know is that, YEX is more than an exchange, it is the forerunner of the Token Economy and also a Community exchanges.
According to the introduction, YEX officially launched on February 10, 2018. Due to the lovely sudden-wealth stories creating by Fire Coin, OKEX, Bitfinex, Bithumbe, Upbit, Block chain drives people crazy. It was the period that hundreds of exchanges are making cruel competition. However, when a reporter asked Huang Jian, the founder of YEX, if he worried about the fierce competition between those head exchange, he answered beyond all expectations. "There is no competition between the exchanges," "They don't have to get users and markets from each other because the Market Size today is still far away from saturated. The existing exchanges may probably occupy just 10 percent of the potential market." Not only the founder of YEX, Huang Jian was also one of the earliest bitcoin investors and one of the world's largest Over-The-Counter traders.
YEX has taken protective measures since its inception, such as signing partnership agreements with regular law firms and auditing firms (one of the Big Four), conducting asset assessments, and cooperating with compliance agencies indeed to face any adjustment.
More importantly, when YEX went live, Huang immediately announced that YEX would use 100 percent profits to buy back the YEX platform currency which allows users to share the profits indeed. It was said that Fcoin’s deal was based on this 100 percent repurchase measure which could also be called a new milestone in the development of digital currency trading. Furthermore, it is also the first step for YEX to participate in the token economy and become a community exchange. Later, YEX held up some activities such as “Free Trading Fee”, “Inviting friends for bonus” which attracted tons of users. In case of that, YEX had to urgently upgrade the server to keep the access stability.
On March 19th, YEX held the first "You Set" vote which attracted 19 projects including BCH, BTS, LRC, RUFF. Finally, four projects (RED, RNT, NKC, BCH) were successfully listed on YEX. The free-voting activity has changed the traditional exchange's profit model and returned the token-listing right to users, it’s the second step that YEX has taken to explore the token economy and community exchange.
At the same time, YEX has launched an original “Task Box” which users can be rewarded for completing various tasks. Just like playing games, more and more users poured into YEXand projects like VET, INT decided to join this game by participating “free vote” and giving bonus. Eventually, the world starts to notice this young but powerful exchange.
When it comes to June, YEX experienced two large events. First event is to cooperate with AISI Community which is Chinese first blockchain community, listed the AISI token and set up the YEX Super Node. On its first launching day, the AISI token rose 4900%. The highest price once reached to 3.14 million, making AISI the most expensive digital currency in the world. At the same time, the first Super Node is given to all AISI token holders, and the node who holds the AISI and has registered totally got 10 million YEX Token airdrop.
The other event is to hold the “Crazy World Cup”, a series of activities, such as “Top Team Guessing”, “Championship Guessing”, “Daily Competition Guessing”. YEX collaborate with the project side to provided Ten BTC, 2 million MTC, 50, 000 OCT, 3 million BCG which was totally $100, 000 worthy to reward the players. The World Cup was originally belonging to forecasted blockchain projects, however, when all block-chain projects began to collapse because the fierce competition among themselves, the “Crazy World Cup” launched by YEX had become closely the most interesting blockchain activity during the World Cup.
After the World Cup, FCoin's “trading and mining” model became popular with the whole block-chain world. When all exchanges were launching "trading and mining" system, YEX did not choose to follow, but intended to "miss" the most precious follow-up time to think indeed. After that, YEX launched innovative "trading and mining of legal tender " and "Token economy listing" on the basis of trading and mining. Exchange and mining in legal tender means that users can get more benefits in more ways. The " Token economy listing " system means that YEX has created a new model that can subvert traditional exchanges. YEX will offer only 200ETH or 200ETH equivalent tokens to airdrop to users who hold YEX coins from the listing project so that " Token economy listing "converts the YEX coin into the certificate of listing project, and the user can receive the candy airdrop continuously by holding the YEX.
Compared with the currency system of the traditional exchange, the “Token economy listing” system gives new value to the platform currency by sharing 100% hidden income with users which makes the user become the real owner of the YEX. Furthermore, it creates the ecological closure of the platform currency and makes a winning situation for user, project and exchange.
This is the third step to the age of Token Economy and Community Exchange. David feels very glad that he got the number of YEX early bird mining. According to his words, 500 numbers were sold out as immediately as it could and YEX token rose 2562.5%. Those who participated in the mining were able to earn nearly 2500% profits.
When we asked why David chose YEX, he replied: "For it's convenient, fast, safe, or maybe just it's built in Singapore. Perhaps it will become the world's top 10 exchanges? All in all, no one knows about the future. "