Blockchain
Index Coop Announces Launch of Market Neutral Yield Token (MNYe)
Index Coop announced the launch of the Market Neutral Yield token MNYe (pronounced “money”), a tokenized strategy that gives holders access to a compelling source of USD-denominated yield by executing a basis trading strategy on Perpetual Protocol’s Optimism market.
With MNYe, holders can earn a variable yield, settled in USD, that is not dependent on inflationary protocol incentives and has no price exposure to Ethereum. This is Index Coop’s first product to be released on Optimism’s Ethereum layer 2.
The Market Neutral Yield token democratizes a basis trade strategy that is most commonly performed by hedge funds and sophisticated financial professionals. The MNYe token simplifies this complex trading strategy into a simple erc20 token that is liquid on Optimism and composable throughout the network’s growing DeFi ecosystem.
Basis trading, also known as cash and carry arbitrage, is an established strategy for achieving price-neutral profit by arbing the difference between an asset price on the spot and near-term futures markets. In DeFi, perpetual swaps – also called perpetuals or perps – can be used in lieu of futures. First implemented by BitMEX, perpetuals are futures with no settlement date.
The MNYe product takes simultaneous long spot and short perpetual positions and derives yield from the funding rate, which is generally paid by long perp positions to short perp positions. By taking a fully hedged position, the product has no net asset price exposure. MNYe will use a 1x long ETH spot position and a -1x short ETH perp settled in USD. The yield will be further enhanced by thrice-daily auto-compounding when the USD funding balance is positive. The yield is used to maintain a leverage position between -1x and -2x.
MNYe is the second of Index Coop’s yield bearing products, after the Interest Compounding ETH Index (icETH), fulfilling the mission to create decentralized financial products that unlock prosperity for everyone.
CoinEx, a global cryptocurrency exchange known for its commitment to simplifying crypto trading, is thrilled to announce its participation in the upcoming Bitcoin MENA Conference, which will take place on December 9-10, 2024. This prestigious event marks the first-ever Middle East and North Africa (MENA) edition of the globally renowned Bitcoin Conference, recognized as one of the cryptocurrency industry’s most significant intellectual property platforms.
Bitcoin MENA: A Ground-breaking Milestone for the Crypto Industry
The Bitcoin Conference series has built a reputation as a cornerstone event for the cryptocurrency ecosystem, bringing together innovators, industry leaders, and enthusiasts from around the globe. Its expansion into the MENA region signals the growing influence of cryptocurrencies and blockchain technology in this dynamic market. The Abu Dhabi edition aims to foster dialogue, collaboration, and innovation in a region poised for rapid crypto adoption.
Keynote speakers include Eric Trump, Executive Vice President ∙ The Trump Organization, Marwan Al Zarouni, CEO of AI ∙ Dubai Department of Economy & Tourism, and Saifedean Ammous, CEO of Saifedean.com. Their presence underscores the global importance of the event, as they are set to share unique insights into the cryptocurrency space and its potential impact on economies worldwide.
CoinEx: Expanding Localized Outreach in MENA
CoinEx is proud to sponsor the BitcoinMENA Conference, reflecting its ongoing commitment to growing its presence in the MENA region. As part of its sponsorship, CoinEx has secured a prominent booth at the exhibition hall and has also placed large-scale advertisements at the venue’s main entrances and exits, ensuring high visibility throughout the event.
The sponsorship aligns with CoinEx’s strategy to deepen its localized efforts in the MENA market, a region characterized by a rapidly increasing appetite for digital assets and blockchain solutions. By actively engaging with local communities, CoinEx aims to make cryptocurrency trading more accessible while fostering trust and education in the space.
Exciting On-Site Activities and Giveaways
Visitors to the CoinEx booth will be treated to an array of interactive activities designed to make their experience both fun and rewarding. Attendees will have the chance to participate in prize-winning games and activities, with exclusive CoinEx-branded merchandise and crypto rewards up for grabs.
CoinEx invites everyone to stop by the booth, engage with the team, and learn more about the user-friendly platform and innovative offerings. Whether you are new to cryptocurrencies or a seasoned trader, the CoinEx team is ready to assist and answer questions, offering insights into the platform’s features, such as easy-to-navigate trading interfaces, robust security measures, and diverse asset options.
Building Bridges in MENA’s Crypto Space
With the MENA region emerging as a hub for fintech innovation, CoinEx sees Bitcoin MENA as the perfect platform to showcase our strengths and connect with industry stakeholders. The exchange aims to establish new partnerships, strengthen the regional network, and better understand the unique needs of users in this market.
CoinEx’s participation is a testament to the dedication to making cryptocurrencies accessible to users globally, regardless of their level of expertise or geographic location. By engaging directly with the vibrant MENA crypto community, CoinEx is taking significant strides toward shaping the future of digital finance in the region.
Join CoinEx at Bitcoin MENA
The Bitcoin MENA Conference is set to be an unforgettable gathering, featuring insightful keynotes, engaging panel discussions, and opportunities to network with some of the biggest names in the crypto world.
CoinEx warmly welcomes all attendees to visit their booth M-086! Participate in the fun activities and explore how the platform can empower them to navigate the evolving crypto landscape.
Don’t miss the opportunity to connect with CoinEx at Bitcoin MENA, December 9-10, 2024, in Abu Dhabi. Let’s build the future of crypto together!
The post CoinEx to Light Up Bitcoin MENA 2024: Join the Crypto Evolution in Abu Dhabi! appeared first on News, Events, Advertising Options.
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