El Dorado - Perpetual Dex With 50x on BNB Chain , Regular GMX Fork or Not?

[Review Master]

Many of us missed GMX at early stage which is a perpetual dex on arbitrum and avax. Now we know how successful it's, even it's already listed into Binance. Also after FTX collapse, many users started using DEX rather than trusting CEX. While DEX ecosystem is growing, there is a lot of fork of GMX nowadays, however many forked perpetual Dex has unique feature which makes those unique to be successful in the ecosystem. So today i will share a project with you all which is fork of GMX with extra unique feature on the BNB ecosystem. FYI, i participated into the early stage of testnet and really like the unique feature of it. So it's not a shilling or promotional content and sharing with you all, a low cap gem which could do well. Also DYOR as it's NFA

Note: Currently El Dorado is having a trading competition with $20,000 Prize pool, so perp traders can participate as it's easy to get into top 5 position.  

According to DefiLama chains data, BNB Chain is the 2nd chain with TVL as well as volume, however Arbitrum is still in 4th position. So it's great opportunity for projects like this to be successful in the BNB Chain and attract more users in the long run.

Q: So is it just another regular fork of GMX?
A: There is a lot of fork of GMX nowadays, so we can't trust every one of those. We need to find out if new project is providing any unique features or not. So El Dorado Exchange or EDE is a fork of GMX for perpetual trading like others, however team did from ground up, the staking mechanisms for governance token , $aEDE, $EUSD, $ELP ( it's an index, rather than an LP token like GLP ) & #ESBT ( El Dorado Soul Bound Token). Also other products are on the pipeline like social & copy trading, De-fund (Fund Manager), Lending option for $ELP & many more.

So it's not just a regular fork of GMX to me, now others can dig down to research on it.  

Q: Is it a really low capped gem?
A: EDE is not having infinite supply like GMX as it's having max supply only 30.3 Million tokens and there will be token burn by governance vote as well. FYI, team already burned 2 Million tokens.   If you're wondering about vesting or token schedule, then vesting is 4 years for team and IDO/incentivized token will have 90 to 365 days based on the ESBT level which means not selling pressure from IDO or team allocation. Also community allocation will have 20 years on vesting.

Max Supply: 30.3 Million EDE
Total Supply: 28.2 Million EDE
Circulating Supply: 242,479 EDE

Wondering what's ELP-1 or EUSD or ESBT, then do check out the twitter thread to know every details on it. Also don't forget to participate into the trading competition if you want. So i just cover major things in here.  

So reply/comment what do you think about this project and are you going to participate in the trading competition like me?

Important Links:
Website: https://ede.finance
Stats: https://stats.ede.finance
Docs: https://docs.ede.finance
BitByte Crypto: https://twitter.com/officialbitbyte

[1713514898]

1713514898

[Review Master]

Well, none showed interest into this topic. However sharing some data as i posted this content in here.

If anyone's invested or bought EDE after reading the twitter thread, here's some interesting facts for you:
ATH of EDE: $16.90
ROI (since i posted): 2x
ROI (During ATH): 5.5x

Now, lets look into some interesting facts. EDE will expand into Arbitrum which is the most emerging blockchain right now and even ranked 4 based on the data from Defilama. Not only this, team's working in the synthetic pools like GNS (Gains Network). TBH, it's still a good gem for next bull season. 

So DYOR and feel free to comment if you like the twitter thread. 

[Tytanowy Janusz]

FYI, i participated into the early stage of testnet and really like the unique feature of it. So it's not a shilling or promotional content

Well it looks like it is. Also you mentioned twice about "unique feature" but what are they? No one knows.

Q: Is it a really low capped gem?
A: EDE is not having infinite supply like GMX as it's having max supply only 30.3 Million tokens and there will be token burn by governance vote as well. FYI, team already burned 2 Million tokens.   If you're wondering about vesting or token schedule, then vesting is 4 years for team and IDO/incentivized token will have 90 to 365 days based on the ESBT level which means not selling pressure from IDO or team allocation. Also community allocation will have 20 years on vesting.

Max Supply: 30.3 Million EDE

16$ * 30.3M = 500 mln $. Damn thats definitely not a low cap gem. That's more than GDP of some countries and its just a fork of DEX that no one is using.

Also the fact that team burned 2 mln tokens means nothing. I can create token in 5 min with 100 mln supply. Sell 2 mln i ico and burn 50 mln (that cost me 0$). I still have 48 mln left (96% supply). Who cares about such burns?

[Review Master]

Well it looks like it is. Also you mentioned twice about "unique feature" but what are they? No one knows.

As expected, just reply or comment without checking the full twitter thread. Now worries, last time i just included those unique features in to the QnA of "Q: So is it just another regular fork of GMX?"

Q: So is it just another regular fork of GMX?
A: There is a lot of fork of GMX nowadays, so we can't trust every one of those. We need to find out if new project is providing any unique features or not. So El Dorado Exchange or EDE is a fork of GMX for perpetual trading like others, however team did from ground up, the staking mechanisms for governance token , $aEDE, $EUSD, $ELP ( it's an index, rather than an LP token like GLP ) & #ESBT ( El Dorado Soul Bound Token). Also other products are on the pipeline like social & copy trading, De-fund (Fund Manager), Lending option for $ELP & many more.

So it's not just a regular fork of GMX to me, now others can dig down to research on it. 

Now lets look into those in details:
EDE : It's the main token for El Dorado
aEDE : It's the reward token which can be vested into EDE for 1:1 ratio based on ESBT level ( ESBT is the interesting thing), also boost ESBT rank/level and can be swapped into EDE using PCS, however not 1:1 ratio.
gEDE: Governance token and users can get it by staking EDE
ESBT: It's the most interesting thing to me as SBT or Soul Bound Token is the key innovation right now of on-chain data verification or checking. EDE is using ESBT aka EDE Soul Bound Token to store data of trading or activity within EDE contracts to give XP and level up. Based on ESBT rank, you can vest aEDE into EDE from 90 days to 365 days. Also ESBT ranks will provide rebates or discount to users while interacting with EDE perpetual dex.
Trade to Earn: Team's distributing 5000 aEDE daily to users who are trading into EDE for trading.

Again, check the twitter thread for detailed information: https://twitter.com/officialbitbyte/status/1608634593623830530

16$ * 30.3M = 500 mln $. Damn thats definitely not a low cap gem.

If you just look into the FDV, then you will get big amount like that. For GMX case, they don't have any limited supply which means, FDV of GMX will increase more day by day. So

its just a fork of DEX that no one is using.

Really none's using it?  Then why stats page is showing such data(24 Hours):

Average trading volume: $20 Million+
Accrued Fees: $20k+
OI (Open Interest): $1 Million+




Not only that, EDE is the top 3 projects based on fees or revenue on BSC chain according to defilama.  Also ranked 26 position for overall chains.

Also the fact that team burned 2 mln tokens means nothing. I can create token in 5 min with 100 mln supply. Sell 2 mln i ico and burn 50 mln (that cost me 0$). I still have 48 mln left (96% supply). Who cares about such burns?

Yes, anyone can create tokens, however what would be the utility in your case?

When team's burning 50% of the vested tokens every month and 16.50% of total supply is allocated to the team, means 8.25% will be burned from total supply if they continue to do this. Maybe any defi enthusiasts would care about it because it's not a shit/memecoin project.

Well, i'm happy to explain this things to you and also really excited for the future development as it's a project with #RealYield, not those old defi projects. Also, i'm an early user of Level Finance which i also covered in BitByte Crypto and it's the top derivative dex in BSC chain. Even ranked top 12 position for fees/revenue and overtake arbitrum chain. Better check that out as well. 
Twitter thread on Level Finance: https://twitter.com/officialbitbyte/status/1606782836425777152

[Tytanowy Janusz]

Now lets look into those in details:
EDE : It's the main token for El Dorado
aEDE : It's the reward token which can be vested into EDE for 1:1 ratio based on ESBT level ( ESBT is the interesting thing), also boost ESBT rank/level and can be swapped into EDE using PCS, however not 1:1 ratio.
gEDE: Governance token and users can get it by staking EDE
ESBT: It's the most interesting thing to me as SBT or Soul Bound Token is the key innovation right now of on-chain data verification or checking. EDE is using ESBT aka EDE Soul Bound Token to store data of trading or activity within EDE contracts to give XP and level up. Based on ESBT rank, you can vest aEDE into EDE from 90 days to 365 days. Also ESBT ranks will provide rebates or discount to users while interacting with EDE perpetual dex.
Trade to Earn: Team's distributing 5000 aEDE daily to users who are trading into EDE for trading.

Yea we all know this crazy advanced projects that needs 4 tokens to exist.

BNB - reduce trading fees on biggest CEX
BNB - gives you cashback using binance card all around the word
BNB - is the token you can load your binance card with (together with many other coins)
BNB - is a native token of binance beacon chain
BNB- is a native token of binance smart chain
BNB - is a token needed for lauchpads
BNB - is a token needed for lauchpools
BNB - is the token you use to stake

BNB need one token for all this usecases (possible even more). GMX fork needs 4?

All this bonus token for this, bonus extra token for locking token, and uberduper token is you do something else. In the end of the day all of them need liquidity and investors to have any value. Value does not comes from creating 5 types of tokens and connecting each other randomly. It may create a value in short term just like ponzi shames.

Where real unique feature that someone should care about?

"If you just look into the FDV, then you will get big amount like that. For GMX case, they don't have any limited supply which means, FDV of GMX will increase more day by day. So"

There are more than 10 000 tokens. The fact that worse token exist doesn't make it a great investment. GMX is worse in this case ... So? So nothing...

Really none's using it?   Then why stats page is showing such data(24 Hours):
Average trading volume: $20 Million+
Accrued Fees: $20k+

20k fees daily? Even if its correct and not based on fake volume its 7.3 mln $ annually. Which gives P/E at 70. 15 times more overvalued than BNB.

When team's burning 50% of the vested tokens every month and 16.50% of total supply is allocated to the team, means 8.25% will be burned from total supply if they continue to do this.

But they wont They burned 2 mln tokens worth 30 mln $ using 20k$ daily from fees? Its 1500 days. They minted too much coins and now they burned them to be able to boast of the first big success. They neither earned the 30 million nor probably never saw it. They generated them from the air and than took them from the air.

[Review Master]

<-- snip -->

Yea we all know this crazy advanced projects that needs 4 tokens to exist.

BNB need one token for all this usecases (possible even more). GMX fork needs 4?

Haha, not 4 tokens. It has only one token, however there is other forms of token which has different functionality. For example, aEDE can be vested into EDE and team implemented it so that whales can't dump EDE into the market. So again look into the twitter thread instead of just replying without knowing the full details of those as i just gave you the short description of it. 

Twitter Thread Link: https://twitter.com/officialbitbyte/status/1608634593623830530
EDE Docs: https://docs.ede.finance/tokenomics/usdede-tokens

Value does not comes from creating 5 types of tokens and connecting each other randomly. It may create a value in short term just like ponzi shames.

Where real unique feature that someone should care about?

Indeed, no need various tokens. However you need to understand how that ecosystem works in here. Also it's realyield, not those shit defi project or ponzi scheme. If you don't know about realyield, feel free to research on it. Here's a short description of realyield: Revenue from the platform is distributed to the users/yield farmers of the platform instead of just showing ridiculous APY/APR. So whatever fees is generated from the EDE exchange is distributed to the LPs (60%) and EDE stakers of that platform (40%).

One more thing, 76% of the circulating supply is already locked into the staking pool with an average of 3.5 years locking period. 

There are more than 10 000 tokens. The fact that worse token exist doesn't make it a great investment. GMX is worse in this case ... So? So nothing...

Indeed, a lots of shit/meme coins in the market. However everything doesn't have RealYield system into it. GMX has and other perp derivative has it. So it's a new narrative in the space. Try to research on it and you will wonder, how much it's evolving in the crypto space.

20k fees daily? Even if its correct and not based on fake volume its 7.3 mln $ annually. Which gives P/E at 70. 15 times more overvalued than BNB.

Yes, EDE is generating $20k or more platform revenue daily. Also remember, those fees aren't going to team's pocket as those are distributed to the LPs of EDE platform who provides LP to run those derivative dex.


If you're just wondering with the fees/platform revenue of EDE, then just look into Level Finance which is generating on an average of $80k to $100k in the past 24 hours.


Personally i found this two projects from the early stage when it was on testnet. Happy to share that i got 4 digits of ROI from both platform just by using 2 digits of amount, which is 100x of my initial amount. 

But they wont They burned 2 mln tokens worth 30 mln $ using 20k$ daily from fees? Its 1500 days. They minted too much coins and now they burned them to be able to boast of the first big success. They neither earned the 30 million nor probably never saw it. They generated them from the air and than took them from the air.

According team, they burned it because most are complaining with the FDV and none's checking the emission rate and not even the long term perspective of team. You can check the docs that team/strategic investment allocation is having 4 years of linear vesting. So emission rate is high at early stage and slowly it will reduce. Also EDE emission rate is having 20 years of vesting period. Now it's up to you to do research and take your decision.

Again happy to reply on those. Looking for more question on it.