Sun Wukong, a Chinese decentralized contract exchange, has launched a reserve proof page containing the platform’s current stablecoin reserves of $64.14 million.
summary
- Sun Wukong published a reserve proof page showing a 100% stablecoin reserve ratio with almost all of the $64.14 million reserves held in USDT.
- Since its launch in October, the China DEX’s total trading volume has reached nearly $5 billion, with an active user base of over 58,000.
According to the Chinese platform’s main website, its stablecoin’s reserve ratio is currently 100%. This page allows traders to view real-time updates on the asset’s readiness status. The platform primarily facilitates the trading of perpetual contracts, so it is not surprising that it maintains stablecoin reserves.
According to the data on this page, stablecoin reserves as of November 11th amounted to $64.14 million. Of the total stablecoin reserves held by the DEX, 99.9% of it is stored in USDT (USDT). Meanwhile, USDC (USDC) only contributed about $3,179, while USDD (USDD) accounted for $1,131.
Based on the proof of reserve provided by Sun Wukong, the largest amount of USDT is stored in the Tron vault labeled “Vault Layer 3”, which is equivalent to $48.9 million worth of USDT. The remainder of USDT is stored in vaults across four blockchains: Arbitrum (ARB), Binance Smart Chain (BNB), Ethereum (ETH), and TRON (TRX).
Sun Wukong’s Proof-of-Reserves suggests that its ecosystem consists primarily of USDT trading. Users of this platform clearly have a strong preference for Tether’s USD-pegged stablecoin compared to all other tokens. This fact may have prompted DEXs to hoard more USDT.
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Son Goku is rapidly emerging as China’s DEX
As of November 12th, Son Goku has a trading volume of $4.87 billion. This represents an increase of $1.2 billion compared to the platform’s total trading volume just eight days ago. Over time, DEX trading platforms could reach $5 billion. Such a feat is impressive considering the platform just launched last month, especially on October 9th.
In the past 24 hours, trading volume on the PERP trading site increased by $221.46 million. The number of active users on DEXs in China increased from 35,600 addresses to 58,707 addresses.
Sun Wukong’s largest asset remains Bitcoin (BTC), with a 24-hour trading volume of $30.9 million. This was followed by Ethereum, with daily trading volume of $25.2 million. Solana (SOL) is the third most traded asset on the platform with a daily trading volume of $7.16 million, well behind BTC and ETH.
Sun Wukong is the first native decentralized futures exchange in the Tron ecosystem. It is widely known throughout the cryptocurrency industry as the world’s first Chinese decentralized contract exchange. This is because the platform is primarily marketed towards Chinese-speaking traders.
It was launched in October after a successful public testing phase that attracted more than 10,000 users and a trading volume of at least $900 million.
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