What Is AscendEX (ASD)?
ASD is the native token of AscendEX, which is a crypto trading platform. It provides users with global spot, margin, and futures trading opportunities. Also, AscendEX supports various crypto wallets and allows token staking. Take a look at the ASD price chart above if you want to see the live ASD price.
In addition to that, it offers a compound mode, fast unbonding, and the capability to employ staked assets as margin collateral. The platform has become rather popular as a result of these capabilities and AscendEX's first-mover advantage in the cryptocurrency exchange market.
The Story of AscendEX
AscendEX crypto project was founded in 2018 by George Cao and Ariel Ling. Though it was formerly known as BitMax and its native token was called BTMX. However, on March 22, 2021, it rebranded to AscendEX (ASD). The goal of this new brand identity is to convey the uplifting nature of cryptocurrency assets as well as the company’s expansion.
The Purpose of ASD Tokens
ASD is the utility token of AscendEX. It was initially created with the sole purpose of serving as an exchange unit for network users to pay for AscendEX services.
However, after AscendeEX was rebranded, certain elements of the token were altered and more use cases were added. For instance, ASD tokens can be staked to get lower fees and rewards. The amount of fees they receive depends on the amount of ASD tokens staked.
Besides that, the previous version of ASD tokens could only be used on the platform, while the new version can also be utilized outside of its ecosystem.
Tokenomics of ASD
ASD tokens are inflationary, which means that there is no max supply set. Thus, whenever there’s a need, new ASD tokens can be minted. Talking about token distribution, approximately half of the total supply of ASD is dedicated to transaction mining. The other half is dedicated to seed investors, strategic partners, AscendEX foundation, team, and marketing purposes.
The ASD price is subject to change, so keep that in mind if you're thinking about purchasing AscendEX tokens. The main reason for the ASD price fluctuation is the general volatility of the whole crypto market that affects the prices of all crypto assets within it.
