Chinese decentralized contract exchange, Sun Wukong, launches its proof-of-reserves page which contains the platform’s current stablecoin reserves standing at $64.14 million.
Summary
- Sun Wukong unveils its proof-of-reserves page with a 100% stablecoin reserve ratio, with nearly all of its $64.14 million reserves held in USDT.
- Since it was launched in October, the Chinese DEX has reached nearly $5 billion in total trading volume with an active user base of more than 58,000.
According to the Chinese platform’s main website, its stablecoin reserve ratio currently stands at 100%. The page allows traders to view real-time updates on its asset reserve status. As the platform mainly facilitates trading for perpetual contracts, it is no surprise that it maintains stablecoin reserves.
Data from the page reveals that its stablecoin reserves as of Nov. 11 have reached $64.14 million. Out of the total stablecoin reserves held by the DEX, as much as 99.9% of it is stored in USDT (USDT). Meanwhile, USDC (USDC) only contributes about $3,179 and USDD (USDD) makes up $1,131.
Based on the proof-of-reserves provided by Sun Wukong, the largest amount of USDT is stored in a Tron vault labeled “vault layer 3,” which amounted to $48.9 million worth of USDT. The rest of its USDT is stored in vaults spread across four blockchains: Arbitrum (ARB), Binance Smart Chain (BNB), Ethereum (ETH) and TRON (TRX).
Sun Wukong’s Proof-of-Reserves suggest that its ecosystem is mostly made up of USDT trades. Users on the platform apparently have a stronger preference for Tether’s USD-pegged stablecoin compared to all other tokens. This fact could have prompted the DEX to stock up on more USDT.
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Sun Wukong’s rapid rise as a Chinese DEX
As of Nov. 12, Sun Wukong has recorded a trading volume of $4.87 billion. This indicates a $1.2 billion rise compared to the platform’s total trading volume just eight days ago. In due time, the DEX trading platform could even reach $5 billion. Such a feat is impressive considering the platform had just been launched last month, specifically on Oct. 9.
In the past 24 hours, the perp trading site has seen its trading volume rise by $221.46 million. The number of active users on the Chinese DEX has risen from 35,600 address to 58,707.
Sun Wukong’s top asset remains to be Bitcoin (BTC), with a $30.9 million in 24-hour trading volume. This is followed by Ethereum with a daily trading volume of $25.2 million. Solana (SOL) is the third most traded asset on the platform, lagging behind BTC and ETH by a significant margin as its daily trading volume sits at $7.16 million.
Sun Wukong is the first native decentralized futures exchange on the Tron ecosystem. It is largely known across the crypto space as the world’s first Chinese decentralized contract exchange. This is because the platform is mainly marketed towards Chinese-speaking traders.
It launched in October following a successful public test phase that garnered over 10,000 users and a trading volume that reached at least $900 million.
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