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Cryptex

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Cryptex?

Cryptex (CTX) is a decentralized governance token built on the Ethereum platform. It operates as a utility and governance token within the Cryptex Finance ecosystem, allowing holders to participate in decision-making processes, vote on proposals, and manage the treasury. CTX is designed to support innovative, open-source financial solutions for the global cryptocurrency community.

How is Cryptex used?

Cryptex (CTX) is the governance token of the Cryptex Finance ecosystem. It has several key use cases within the platform:

  1. Governance: CTX token holders have voting rights to manage the Cryptex treasury and propose changes to the protocol. The more CTX tokens held, the greater the weight of the vote.

  2. Compensation for Black Swan Events: CTX tokens can be used to compensate for black swan events that may leave TCAP vaults under-collateralized.

  3. Staking and Rewards: Users can stake their CTX tokens to earn rewards. This incentivizes users to participate in the governance and maintenance of the platform.

  1. Proposal Creation and Voting: CTX holders can create and vote on proposals to advance the Cryptex decentralized autonomous organization (DAO).

  2. Single Siding Staking: Users can stake and delegate their CTX to a Crypt Keeper, which helps maintain the decentralization of the platform.

These use cases ensure that CTX token holders have a direct say in the development and management of the Cryptex Finance ecosystem.

How do I store Cryptex?

To store Cryptex (CTX) tokens, you can use a variety of options. Here are some steps to follow:

  1. Choose a Wallet: You can store CTX tokens in a digital wallet that supports ERC-20 tokens. There are several types of wallets available, including hot wallets and cold wallets. Hot wallets are connected to the internet and are more accessible but less secure. Cold wallets, on the other hand, are offline and considered safer for long-term storage.

  2. Hot Wallet Options: You can use online exchanges or software wallets like MetaMask to store your CTX tokens. These wallets are easy to set up and use but are more vulnerable to hacking and cyber attacks.

  3. Cold Wallet Options: For more secure storage, consider using cold wallets like Ledger or Trezor. These wallets are offline and store your information securely. You can purchase cold storage devices specifically designed for this purpose.

  1. Set Up Your Wallet: Once you have chosen your wallet, follow the setup instructions to create an account and generate a wallet address. Make sure to keep your wallet address and private keys secure to prevent unauthorized access.

  2. Transfer CTX Tokens: After setting up your wallet, you can transfer your CTX tokens to the wallet address. Ensure that the wallet you choose supports ERC-20 tokens and follow the transfer instructions carefully.

  3. Secure Your Wallet: Always keep your wallet and private keys secure. Use strong passwords, enable two-factor authentication, and keep your wallet software up to date to minimize the risk of hacking or theft.

By following these steps, you can securely store your Cryptex (CTX) tokens in a digital wallet that suits your needs.

How to buy Cryptex?

To buy Cryptex Finance (CTX) tokens, follow these steps:

  1. Choose a Centralized Exchange (CEX):

    • Select a reliable and trustworthy CEX that supports CTX purchases, such as Binance or Coinbase.
    • Consider factors like ease of use, fee structure, and supported payment methods.
  2. Create an Account:

    • Register on the CEX's official website or app.
    • Enable two-factor authentication (2FA) for added security.
  3. Verify Your Identity:

  • Complete Know-Your-Customer (KYC) verification, which may require government-issued identification documents.
  1. Add a Payment Method:

    • Follow the exchange's instructions to add a payment method, such as a credit/debit card, bank account, or wire transfer.
  2. Buy Cryptex Finance (CTX):

    • Use your added payment method to buy a popular cryptocurrency like USDT, ETH, or BNB.
    • Then, exchange this cryptocurrency for CTX on the CEX.
  3. Store Your CTX:

  • Transfer your purchased CTX to a secure wallet, such as a non-custodial wallet like MetaMask or KuCoin Wallet, for long-term storage and control.

Alternatively, you can also use decentralized exchanges (DEXs) or crypto wallets that support CTX trading, but the process may vary depending on the specific platform.

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History of Cryptex

Cryptex Finance (CTX) is a cryptocurrency that was launched in April 2021. It is the governance token of the Cryptex protocol, which aims to bring traditional assets to the decentralized world through a synthetic asset called TCAP. TCAP's price represents the total market capitalization of all crypto assets divided by 10 billion, making it a token linked to the size of the overall cryptocurrency market.

The founders of Cryptex Finance are Preston Van Loon, Joe Sticco, and Cristian Espinoza. The token operates on the Ethereum blockchain and is based on smart contracts that automatically execute once certain conditions are met. The protocol uses Chainlink-powered oracles to update TCAP's price on-chain in a fast and efficient manner.

Cryptex Finance has undergone significant price fluctuations since its launch. Initially priced at around $4, it dipped below $3 before surging to an all-time high of $65.15 in November 2021. The token then fell back down to close the year at $12.26. In 2022, it continued to experience volatility, dropping to $2.81 in May before recovering to $9.28 in June. At the time of writing in September 2022, the token was worth around $3.85.

The current market capitalization of Cryptex Finance is $22.88 million, ranking it 971 among all known cryptocurrency assets. The token has a circulating supply of 5.97 million and a maximum supply of 10 million CTX.

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How Cryptex works

Cryptex Finance (CTX) is a decentralized autonomous organization (DAO) that aims to provide a comprehensive platform for investors to gain exposure to the entire cryptocurrency market. Here's an overview of how it works:

Governance and Token
  • CTX Token: CTX is an ERC-20 utility and governance token that allows holders to participate in decision-making processes within the Cryptex Finance ecosystem. Token holders can vote on upgrades, treasury management, and other proposals that shape the future of the protocol.
Total Crypto Market Cap Token (TCAP)
  • TCAP: TCAP is a synthetic asset that tracks the total market capitalization of all cryptocurrencies. Its price is calculated by dividing the total market capitalization by 10 billion. This token is backed by two ERC-20 assets, ETH and DAI, which are deposited into Ethereum-based smart contracts called Vaults.
Vaults and Liquidity Pools
  • Vaults: Vaults are smart contracts that hold the collateral (ETH and DAI) used to back TCAP. These Vaults are overcollateralized, meaning they must hold at least 200% of the token's current value. If the collateral value drops below the required level, the Vault can be subject to liquidation.
  • Liquidity Pools: Users can participate in Uniswap-based liquidity pools by depositing TCAP tokens. These pools earn TCAP LP tokens, which can be staked on Cryptex to receive CTX-based rewards.
Oracles and Price Updates
  • Chainlink Oracles: Cryptex leverages a suite of Chainlink-powered oracles to update TCAP's price in real-time. These oracles gather data from leading providers like CoinGecko to ensure accurate and efficient price tracking.
Community and Voting
  • Community Governance: CTX holders can vote directly on proposals or delegate their stake to a representative who casts votes on their behalf. This ensures that only those invested in the project have a say in its development.
Risks and Security
  • Risks: Investing in CTX carries various risks, including volatility, liquidity, demand, forking, code defects, regulatory, electronic trading, and cybersecurity risks. Additionally, the protocol faces intense competition, and changes to applicable law may affect the use and value of CTX.
  • Security: Cryptex Finance has undergone third-party audits, and CTX tokens remain overcollateralized to ensure security and stability.

In summary, Cryptex Finance offers a comprehensive platform for investors to gain exposure to the entire cryptocurrency market through TCAP, a synthetic asset tracking the total market capitalization. The CTX token governs the protocol, allowing holders to participate in decision-making processes and ensuring the project's continued development and security.

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Cryptex's strengths

The token Cryptex (CTX) has several strengths that make it an attractive investment opportunity:

  1. Governance and Voting Power: CTX is the main governance token for Cryptex Finance, providing holders with voting rights on the platform. The more CTX tokens held, the more weight the vote carries, ensuring that those invested in the project have a say in its future developments.

  2. Community Governance: CTX empowers the community to participate in decision-making, ensuring that the project remains decentralized and community-driven.

  3. Transparency and Accuracy: Cryptex Finance leverages Chainlink’s decentralized oracles to ensure accurate pricing and transparency in the system. This approach helps maintain the integrity of the platform and its tokens.

  1. Passive Income Opportunities: CTX holders can earn passive income through various means, such as minting TCAP tokens, participating in liquidity pools, and staking LP tokens. These opportunities provide a low-risk way to generate returns.

  2. Integration with DeFi: Cryptex Finance supports DeFi farming, allowing users to mint TCAP tokens, join farming pools, and stake LP tokens. This integration expands the potential for users to earn rewards and participate in the DeFi ecosystem.

  3. Total Market Capitalization Exposure: The TCAP token, which is closely tied to CTX, provides exposure to the total market capitalization of the crypto market. This unique financial instrument allows investors to benefit from the growth of the entire crypto market without needing to research individual assets.

These strengths position CTX as a robust and versatile token with a range of benefits for investors and users.

Cryptex's risks

Cryptex Finance (CTX) carries several financial risks that investors should be aware of. These risks include:

  1. Volatility Risk: CTX is subject to significant price fluctuations, which can result in substantial losses for investors.

  2. Liquidity Risk: The liquidity of CTX can be low, making it difficult for investors to quickly sell their tokens without significantly affecting the market price.

  3. Short History Risk: CTX has a relatively short history, which makes it challenging to predict its long-term performance and stability.

  1. Demand Risk: The demand for CTX can be unpredictable, and a decrease in demand can negatively impact its value.

  2. Forking Risk: The protocol is susceptible to forking, which can lead to the creation of alternative versions of the token, potentially affecting its value.

  3. Code Defects: The underlying code of the protocol can contain defects or vulnerabilities, which can be exploited by malicious actors, leading to financial losses.

  1. Regulatory Risk: Changes in regulatory environments can negatively impact the use, transfer, or value of CTX.

  2. Electronic Trading Risk: Technical issues or disruptions in electronic trading platforms can affect the ability to buy or sell CTX.

  3. Cybersecurity Risk: The protocol is vulnerable to cyber attacks, which can result in the theft or loss of CTX tokens.

  1. Competition Risk: The protocol faces intense competition in the decentralized finance (DeFi) space, which can impact its adoption and success.

  2. Lack of Disclosure: The CTX community and DAO are not obligated to disclose material information to the public, which can make it difficult for investors to make informed decisions.

These risks highlight the importance of thorough research and risk assessment before investing in CTX or any other cryptocurrency.

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Cryptex's ecosystem

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Cryptex’s team

  • Joe Sticco: Co-founder and CEO, a lifelong trader and investment manager, combining Wall Street expertise with blockchain development.
  • Thomas Matzner (Matz): Co-founder and brand lead, experienced in planning, branding, and marketing initiatives at world-class companies, focusing on community growth and partnerships.

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