Cyptocurrencies are Going to the Moon and Should You Buy some Altcoins during this bear market, but the major challenges most people face is Which Cryptos Should You Buy.
Recently I have been surfing NEWDEX exchange
a crypto currency built on the EOS Blockchain, its a decentralized exchange that works with smart contract its an awesome place to trade alt tokens. Newdex continues to explore the "multi-chain and cross-chain" decentralized trading model. Upholding the characteristics of safe, fast and transparent transcations, Newdex is devoted to creating a new-generation digital assets trading platform, opening a new era of decentralized trading, by both individuals and cooperate entity. It was at newdex I came across challengedac token known as CHL and CHLP on steem-engine and would love to look at its economy.
Challenge is a user-friendly blockchain App that allows users to create and fulfill geo-specific time-sensitive tasks for real blockchain rewards. A challenge is a selected place and time a player has to be in order to unlock the challenge and receive their EOS blockchain REWARDS in CHL which is the native currency of challenge app. The Challenge application uses geolocation on user’s smartphones to verify the requirements and reward winners. Challenge is free to download and first-time users will receive CHL tokens just for downloading. The app is currently downloadable in the apple app Store on both Android and IOS
challenge is traded on multi chain on both EOS Blockchain and the steem block chain as CHLP on steem-engine. Which are same token trading on two different chain. So I decided to study the trend of event on the price chart activities on both CHL and CHLP.
There is a wide price gap between CHL and CHLP gives room for arbitrary trade as the spread between the ask and bid price of CHL on Newdex is higher than that of steem-engine trading at $0.000096 and $0.0000144 with a spread of $0.0000816 giving traders the opportunity for scrap trading.
Also on volume CHL trades more volume on newdex with about 1642191 CHL ~ $157 when compared to steem-engine
Whose trading volume is in dust, which may be as the result of challenges token been originally issued first on the EOS blochains before being listed as a pegged asset on steem-engine which made CHL to have more volume on newdex due to early adopters and traders on newdex.
Steem-engine also has lower volume due to auto cancelation of all open orders after 30 days which usually clears all open orders (Transactions) which is a major down side trading tokens on steem-engine.
On order book also newdex has more open others when compared to that of steem-engine which is also a factor why there is hug spread on the price.
Seeing this huge price spread I places some buy orders on steem-engine as the price of CHLP is cheaper than that of CHL and I believe with more adoption and with the bull run coming to the cryptocurrency market price will pump.
Disclaimer: This is not a financial advise is mainly of the opinion of the writer seek the advice of a professional investor before putting resources into any token.
Posted via Steemleo