While the cryptocurrency market digests the latest shocks and continues on its way, some tokens are attracting attention. One of these was FLIP, the native token of the cross-chain platform ChainFlip. The token more than doubled in its first day of operation. The altcoin project has received praise from THORChain developers.
This altcoin entered the market and made 2X!
As you follow from Kriptokoin.com, some tokens jumped off the board today with listing news. One of these was FLIP, the native token of the cross-chain exchange platform ChainFlip. FLIP made its investors happy by more than doubling on its first day of trading. ChainFlip sold 4.5 million tokens at $1.83 in August. On Friday, the altcoin began trading at $2.50. The token, listed on various exchanges such as Bybit, Crypto.com, Kucoin and Gate.io, gained more than 150% and rose to $ 5.94. Trading volume has reached $79 million across all platforms since its launch, according to CoinMarketCap.
1. ⛓️ BREAKING: The FLIP Token is now live!
You can trade FLIP on the following several prominent exchanges, including @Bybit_Official, @kucoincom, @gate_io & soon @cryptocom. Furthermore, the token will be available on-chain through @uniswap.
LFG. pic.twitter.com/kHX7HOo8LY
— CHAINFLIP LABS (@Chainflip) November 23, 2023
The performance of FLIP, which has just been introduced to the market, has been amazing. Meanwhile, the altcoin continues to show high performance at press time. At the time of writing, FLIP is trading up nearly 100% on a daily basis.
FLIP daily price chart. Source: CoinMarketCapA new project at KuCoin expands its asset set
Crypto exchange KuCoin announced that it has launched a new project by listing Chainflip (FLIP) on its spot trading platform. KuCoin shared an official message on X, announcing the launch of FLIP, with the platform supporting token activities including deposits and withdrawals via the ERC-20 network.
https://twitter.com/kucoincom/status/1727261419350147194
According to the notification, it is possible for investors to start depositing FLIP tokens into the KuCoin platform from the date of announcement. Meanwhile, FLIP trading started on November 23 at 15:00 UTC. However, withdrawals became active on November 24 at 13:00 CET.
Altcoin project receives praise from THORChain developers
By the way, it should be noted that the developers created ChainFlip using the Rust coding language. Additionally, the project is based on Uniswap’s V3 design on the Ethereum Blockchain. It describes itself as a “JIT (Just In Time) automated market maker” that aims to increase efficiency and reduce slippage when trading. Slippage can occur if there is a lack of liquidity when large orders are executed.
With ChainFlip and other cross-chain exchange platforms, there is no need to bridge or wrap assets. Instead, market makers automatically purchase an asset on a traditional centralized crypto exchange when a transaction is made. ChainFlip validators then send the purchased assets to the wallet address the trader provided at the beginning of the process. The protocol has received praise from decentralized liquidity protocol THORChain, whose developers said it would work with ChainFlip to “dethrone today’s centralized gatekeepers.” Meanwhile, ChainFlip raised $6 million in a round led by Framework Ventures in 2021.
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