AscendEX Overview

AscendEX, formerly known as BitMax, is a leading full-stack digital asset platform that provides a range of financial services in the cryptocurrency landscape. It embodies a blend of essential elements that cater to both retail and institutional investors, marked by its catchphrase: Don't Climb—Ascend.

Founded By Wall Street Vets

Launched in 2018, AscendEX taps into the crypto sphere with leadership steeped in over a century of combined Wall Street and crypto industry experience. Its foundation was laid by Dr. Jing Cao, an alumnus of the University of Science & Technology of China and The University of Chicago, whose extensive background in financial management and trading contributes to AscendEX's strategic direction.

The team is comprised of individuals who've delved deep into the intersection of finance and technology, ensuring that they can navigate both the traditional and emerging aspects of today's financial landscape. They understand that success in the volatile crypto market requires both discipline and an openness to new ideas - a balance they strive to maintain in all their endeavors.

What is AscendEx?

AscendEx is a global digital asset financial platform that was established in August 2018 by a group of Wall Street quantitative trading veterans. The platform is built on core values of efficiency, resilience, and transparency, and it caters to a wide customer base, boasting users from over 200 regions.

The exchange offers a multitude of trading products such as spot, margin, and futures trading. With over 200 trading pairs, AscendEx provides users with the ability to engage in margin trading of more than 50 tokens and futures trading with both cross-asset and isolated margin modes. As a global entity, AscendEx operates its headquarters out of Singapore and is backed by Industry leaders such as Polychain Capital Hack VC and Jump Capital.

The ASD Ecosystem

ASD stands as the native utility token for AscendEx and serves multiple purposes within the exchange's ecosystem:

• Staking Rewards: Holding ASD tokens can make users eligible for staking bonuses which are payouts from a portion of the platform's profit.
• Fee Discounts: Users holding certain amounts of ASD can receive transaction fee discounts up to 80%, depending on their holding levels.
• Investment Products: ASD can be used in AscendEx investment products, potentially offering daily rewards and heightened investment returns.
• Auction and Private Sales: ASD tokens are also integral to AscendEx auctions, and a portion of ASD consumed on the platform is allocated to private sale releases and permanent lock-ups.

Security and Incidents

Despite robust security measures, AscendEx has not been immune to security breaches. In December 2021, the exchange’s hot wallets were compromised, leading to significant losses across Ethereum, Binance Smart Chain, and Polygon networks.

• Supported Currencies and Fees - AscendEx lists over 250 digital assets, providing more than 320 trading pairs for users to engage with. The exchange has implemented a tier-based fee structure with nine VIP levels, which hinge upon the user's 30-day trading volume and ASD holdings. Fees can be as low as 0% for makers of large market cap assets and range from 0.02% to 0.1% for takers. Altcoin fees may vary slightly.

• Margin and Leverage Trading - For users seeking to engage in more advanced trading strategies, AscendEx provides margin trading with leverage options up to 25X, depending on the chosen market and the user's risk management preferences.

• The ASD Token: Supply and Lock-Up Mechanisms - A notable aspect of the ASD token is its deflationary mechanism. Effectuation of a new smart contract in October 2019 has reduced the total supply of ASD from 1 billion to a current figure that continues to decrease as a portion of ASD consumed on the platform is permanently locked up, contributing to potentially increased scarcity and utility for the token.

Conclusion

AscendEx, through its utility token ASD, represents a broad spectrum of services and functionalities for cryptocurrency enthusiasts and professional traders. With a foundation established by experts, the exchange seeks to deliver a reliable and comprehensive trading experience. The platform's features, including rewards, discounts, and investment opportunities tied to its ASD token, highlight AscendEx's commitment to creating a robust ecosystem that supports both the everyday trader and the institutional investor.

AscendEx Price Analysis

As of November 24 2024 AscendEx has a marketcap of $30M. This is {{percentagefromath}} from its all time high of $3.26. In terms of its tokenomics, there's a total supply of 743M with 100% currently outstanding. Keep in mind AscendEx has a fully diluted value of $30M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude