Whales Market Points Exchange Lets Users Cash In Early – Hype or Innovation?

Written by

Eddie Mitchell

Cryptocurrency Writer

Published Feb 13, 2024 at 4:18 PM
Last updated Feb 13, 2024 at 4:45 PM

Decentralized over-the-counter (OTC) exchange (DEX) Whales Market has launched its own decentralized application (dApp) and native token, WHALE, onto its mainnet – bringing numerous novel trading options to the Solana blockchain.

Whales Market

The multichain platform is setting out to improve the efficiency and security of peer-to-peer (P2P)/OTC trading. Though it’s not revolutionary by any means, it does offer popular and novel trading options such as pre-Token Generation Event (TGE) trading, OTC markets, and point markets, which are an emerging trend in decentralized finance (DeFi).
Whales Market

Points Trading

Solana (SOL) points are a way to quantify a user’s contribution to a protocol and reward them. Actions such as staking tokens, joining liquidity pools, and referring friends can accrue points, which is then usually followed by a token distribution or airdrop event.

It’s a novel idea that many Solana-based DeFi platforms have adopted, notable mentions include Solend, MarginFi, Jito, and Cypher.

On Whales Market, you can trade these points and cash in early. This highly speculative practice certainly highlights the fervor to trade crypto, even if it’s in a hypothetical “points” state. As Solana points are becoming increasingly ubiquitous with the continued development of Solana’s ecosystem, the points market may prove extremely lucrative to a certain extent, or at least a certain audience.

Pre-TGE trading

In traditional finance, pre-marketing trading refers to the trading of assets before the market opens. This type of trading takes place on alternative trading systems (ATS) and electronic communication systems (ECNs), giving investors a way to capitalize on opportunities outside of regular market hours.

Crypto markets trade 24/7, and so the concept of pre-market trading doesn’t really apply. However, before the TGE of new crypto, projects typically hold presale events where investors can purchase a predetermined amount of tokens before their release onto the market. 

Pre-TGE trading refers to investors who have secured a token allocation and are willing to sell it. This has often required the use of external channels such as private messages and centralized platforms to coordinate the trade. 

According to Whales Market, these lack the adequate security measures needed and expose traders to scams, frauds, and other potential losses of funds. Whales Market is positioning itself as the intermediary for such trades, leveraging smart contracts and other mechanisms to secure settlement between buyers and sellers.

OTC markets

This portion of the platform dedicates itself to the P2P trading of non-fungible tokens (NFTs) and other cryptocurrencies. Again, the platform acts as an intermediary for traders, facilitating secure and transparent transactions. 

Is it any good?

Whales Market occupies a very specific corner of the crypto market, which is one dedicated to decentralization, P2P operations, and the cypherpunk ability to trade the most speculative of digital assets. 

So long as the platform’s smart contracts are audited and secure, Whales Market will prove favorable for DeFi users who currently or are interested in farming points and airdrops on Solana.

Whales Market (WHALES) price

The platform comes with the native WHALE token, which serves various functions within the platform, including staking. Since going live on 5 February 2024, WHALES has gained 57.16% trading for $2.79, with a circulating market capitalization of more than $50million.

WHALES monthly chart. Source: CoinMarketCap