CEX.IO Discover Token Metrics, New API Tools, and Industry Updates
CEX.IO is pleased to offer a 40% discount on Token Metrics, a leading cryptocurrency research and analytics platform that monitors both on-chain and off-chain data.
In this blog post, you will discover how Token Metrics can improve your trading strategies and how you can get a 40% discount on a Token Metrics subscription plan.
We will also discuss important updates for CEX.IO API traders, as well as the recent developments in the cryptocurrency industry and altcoin products.
WebSocket API added to the API documentation
As you may remember, CEX.IO added all REST API codes into a single resource back in May so that API traders could find the codes for receiving real-time information about currency trading pairs and accessing market orders and account balances under one roof.
Now, CEX.IO integrates all WebSocket (WS) API codes and commands into the same webpage.
This will allow simple access to additional capabilities, such as subscribing to exchange order books, receiving live data about outstanding buy and sell orders, and placing market and limit trade orders.
In addition to the existing WebSocket API code repository, the API page will also provide codes for new functionalities such as creating signature and authorization requests with Java and C#.
With the integrated API page, you can create better trading strategies simply by copying and pasting the relevant WS API codes to your terminal.
Token Metrics offers a plethora of indicator charts and gauges to better evaluate the state of the cryptocurrency market. Its flagship product is the Analytics Platform, which calculates ratios about the level of bullishness and bearishness in the crypto market and illustrates them on different charts.
Some of these ratios are:
The ratio of the top 300 coins that trade above or below their monthly highs and lows
The ratio of coins that trade above or below their 60-day moving averages
The cumulative returns of altcoins relative to Bitcoin (to identify whether we are in an Altcoin Season)
The historical volatility of the crypto market (Crypto Volatility Index)
Other than the ratios above, Token Metrics leverages machine learning and AI to generate prediction models and model portfolios on different time horizons and market caps.
Token Metrics offers four different subscription plans – basic, advanced, premium, and VIP. The more expensive the plan is, the more indicators, gauges, and other research material you will have access to.
The Basic plan is $19 per month and provides access to a limited number of indicators like crypto ratings and portfolio tracking. At the other end of the spectrum is the VIP subscription at $749 per month which includes all the available tools on the platform in addition to community access.
If you are an active CEX.IO API trader, you will automatically qualify for the 40% discount for any plan you like and you will receive your promo code within a week.
On the other hand, unverified CEX.IO users need to complete their verification process and deposit at least $50 to receive the discount.
For those that are already verified, but never traded on CEX.IO, you need to deposit and trade at least $100.
Import API Calls to your Postman API Account
CEX.IO allows you to import API calls available at the API documentation page straight to your Postman account
Postman is an API platform for developers to design, test, and iterate different API algorithms. It aims to simplify each step of the API life cycle and enable collaboration with multiple code repositories so that you can create faster and more profitable API algorithms.
To import your API calls to a Postman account, you need to find the relevant code fields on the CEX.IO API docs page that exhibit how to:
select the Postman version you want to import (desktop app or web browser)
select a workspace on your Postman account to import the calls
view and use the imported calls on your Portman account
Finally, CEX.IO has a new Telegram channel specifically set up for API traders where they can get together for their API coding-related inquiries and requests.
New coin listings/trading pairs
CEX.IO has listed two new cryptocurrencies with the USD trading pair – Audius and Filecoin.
Audius is a decentralized music streaming platform that operates on the Solana blockchain.
Audius aims to solve the challenges that artists face in the traditional music industry, such as low earnings and a lack of control over the sale of their content, by monetizing content via its native cryptocurrency, AUDIO.
When artists upload content to Audius, they produce immutable records for their work in the form of NFTs which give them the sole ownership of their music.
With the tokenization model, Audius eliminates the intermediaries between artists and their audience and does not need to take a cut from artists’ revenue (in contrast to traditional music streaming services). Music curators receive 90% of the music revenue in AUDIO tokens while the remaining 10% is distributed to stakers that support the Audius network.
Audius has grown to five million active users and hosts over 100,000 artists, making it one of the first truly adopted consumer-facing Web3 apps.
You can now trade the AUDIO token on CEX.IO using the AUDIO/USD trading pair.
Filecoin is a decentralized storage blockchain powered by the FIL token. The platform allows users to rent unused hard disk space and earn FIL tokens in return.
Filecoin aims to become an alternative to centralized storage services like DropBox spaces and Amazon S3 storage buckets. On the Filecoin blockchain, customer storage data is split up and stored on different computers around the world, instead of being stored on a single company’s centralized server.
When participants have free available storage in their computers, they can become storage miners, who are responsible for storing client data on the Filecoin network. In return, clients pay FIL tokens to storage miners both to store and retrieve data. More storage mining means more clients which increases the demand for the FIL token.
You can now trade the FIL token on CEX.IO using the FIL/USD trading pair.
Crypto industry news
Lummis Gillibrand bill
Although cryptocurrency bills have so far failed to turn into laws in the U.S., the most recent attempt may change the tides forever for many crypto assets.
The bill recently introduced by senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York proposes to classify Bitcoin and Ethereum as commodities and most altcoins as securities.
This may not be the best news for altcoins because a security, by definition, is a centrally regulated investment contract that represents a fractional ownership right and is backed by an asset. Most altcoins are not backed by any other asset and they do not give their investors ownership rights.
Considering this, the legislation of the bill might potentially put many altcoins into jeopardy in terms of their value proposition and accessibility.
Three Arrows Capital facing troubles
Three Arrow Capital (3AC), one of the most prominent crypto hedge funds, is facing potential insolvency after failing to honor the margin calls by its lenders.
Sources declined to share the names of the liquidating lenders but three people said the liquidation totaled at least $400 million.
The major trigger for this insolvency was 3AC’s $560 million long position in Terra, which practically went to zero during May. Its backing of some other prominent crypto projects like Avalanche (AVAX), Polkadot (DOT), and Ethereum (ETH) did not help the cause either since they are all down around 50% from their May prices.
Celsius lawyers advocate for bankruptcy
Only two days after Goldman Sachs announced that it seeks to raise $2 billion from investors to buy Celsius assets at a discount, news hit the market that the troubled crypto lender’s lawyers are advocating for Chapter 11 bankruptcy.
If Celsius enters bankruptcy protection, client positions will be sold into US dollars at the current market prices and clients will be added to the list of the firm’s creditors. This is where Goldman Sachs plans to step in by buying the client positions at a huge discount (paying $2 billion for the formerly $10 billion worth of funds).
For more information about the recent industry updates as well as a very detailed analysis of Bitcoin’s price action, you can check out our latest crypto ecosystem update report.
Crypto product/altcoin news
Ethereum merge update
Early in June, Ethereum successfully passed a performance test on the Ropsten testnet. This was a critical step forward before the “merge” to the new Beacon Chain could be completed.
In July, the Ethereum developer team will repeat the same experiment on the Sepolia testnet. Sepolia has recently launched its Beacon Chain, meaning it will reach consensus with a proof of stake (PoS) protocol instead of the prior proof of work (PoW) protocol.
As of now, Ethereum’s full merge with the Beacon Chain is planned for the end of August.
Axie Infinity reopens the Ronin bridge
Axie Infinity, 2021’s phenomenal play-to-earn game, reopens the Ronin sidechain bridge that was hacked for $600 million back in March 2022.
The Ronin blockchain allowed Axie Infinity players to transact with very low fees on the gaming platform, compared to using the Ethereum blockchain. Ronin has been unavailable for Axie players since the hacking incident in March.
The Ronin development team stated in a Twitter post last week that the sidechain bridge for the popular blockchain game will reopen on June 28 with all user funds returned.
The return of low transaction fees, along with the hacked user funds, may bring a portion of the formerly astronomical gaming volumes back to the Axie Infinity ecosystem.
Uniswap Labs acquires Genie
Uniswap Labs, the developer of the crypto industry’s largest decentralized exchange (Uniswap) announced its acquisition of the NFT marketplace aggregator, Genie.
Although Uniswap is the largest decentralized exchange with a locked value of over $4.77 billion, the DeFi field has generally failed to gain mainstream adoption so far due to technical barriers, complex dynamics, and difficult user experience.
Uniswap seeks to regain traction for its platform and increase transaction volume by integrating an NFT marketplace, as NFTs have comparatively been much more successful in gaining mainstream adoption.
The acquisition of Genie, a leading NFT marketplace aggregator could facilitate a new kind of NFT that does not only rely on rarity factors and exclusivity, but also on actual financial utility as Genie gets integrated with Uniswap’s DeFi capabilities.