Described as the first platform to allow users to long and short tokens, Logium is a decentralized derivative that aims to enable you to seamlessly predict the value of some of your favorite assets.
Are you skeptical about DAO tokens? Do you think emerging meme tokens cannot live up to the SHIBA and DOGE hype?
You can predict the outcome of these tokens by placing a bet on Logium.
How Does Logium Work?Scheduled to launch on Monday, July 11, 2022, Logium aims to solve the extant decentralized finance [DeFi] problem by opening the free market for derivatives. Based on the peer-to-peer [P2P] principle, Logium would allow users to bet against themselves on the possible price outcomes of tokens.
Logium incorporates a multiplier feature that will aid users in predicting the future of all tokens on the Uniswap decentralized exchange [DEX]. While not all tokens on the DEX are available on Logium, talks are underway to add them all soon after the official launch.
Logium introduces a P2P betting system that enables users to trade and leverage multiple assets, over 500. This decentralized platform allows you to trade short or long for hundreds of digital assets. Each option or bet placed on Logium is an agreement between users about the future price of a select ERC-20 token. Like the traditional betting format, one user must predict an increase in value while the other a decrease.
The winner receives 100% of the opponent’s funds based on a set of terms.
On Logium, betting durations range from one to six hours, one day, seven days, and 30 days.
How to Use LogiumBesides delivering the first platform to long and short tokens, the Logium team aims to prioritize users, hence the integration of a straightforward and transparent entry process.
Logium is working on adding Coinbase (NASDAQ:COIN), Wallet Connect, Portis, and Formatic wallets to its platform. However, to get started, you must download and connect a crypto wallet—MetaMask for now.
After successfully connecting MetaMask to the platform, you must select tokens. Only a few digital assets are available on Logium currently, but plans are underway to add over 500 in the coming weeks.
The next step is to pick from a set of betting options available.
Logium takes things further by allowing you to create new bets as well as increase your winnings with the leverage feature.
Features of LogiumPioneering a shift in the crypto market, Logium allows users to bet on tokens, regardless of the level of liquidity. Currently, the team is working to support all of the tokens on Uniswap, offering you myriads of options.
Unlike other decentralized platforms in the space, Logium is super secure and, surprisingly, does not hold users’ assets. That's not all; Logium does not mandate users to complete KYC requirements. This feature aligns with the team’s goal to safeguard your data.
Logium is a P2P-based platform, meaning that you bet against other users. Additionally, this platform transfers control over to you, unlike centralized betting platforms.
According to the team, the Logium smart contract has undergone an advanced audit, cementing its position as a genuinely secure platform users can easily short and long tokens.