Should You Buy RabbitX RBX Token in 2024?

Should You Buy RabbitX RBX Token in 2024?


Should You Buy RabbitX Perp DEX in 2024?
Should You Buy RabbitX Perp DEX in 2024?

YEREVAN ( — Should you buy RabbitX in 2024? To answer that question, we need to dive deeper into the project itself and the overall situation on the market and determine whether the project can grant returns in the coming year. Without further ado, let’s jump in.

RabbitX — Perp DEX on a Discount

RabbitX is a “Perp DEX.” The term refers to a decentralized exchange (DEX) offering perpetual contracts, commonly known as “perpetual swaps.” These are types of derivatives in the cryptocurrency market. Unlike standard futures contracts, perpetual contracts don’t have an expiration date.

This means traders can hold a position for as long as they want. They mimic a margin-based spot market and trade close to the underlying reference Index Price. The main purpose of perpetual contracts is to allow traders to speculate on a cryptocurrency’s future price without owning the actual cryptocurrency.

According to a K33 Research report, “Perps,” or perpetual swap platforms, have grown in popularity among traders.

Perps remain the preferred product of choice for on-chain traders. Derivatives volume in decentralized exchanges reached a yearly high last month of~$85 billion.

read the report.

What about the RBX token? Let’s see how it fared among other DEX tokens

RBX Price Consolidates

As of Dec 15, the RabbitX perp DEX token traded at $0.18 in the European session after four days of sideways consolidation.

Generally, decentralized exchange DEX tokens rallied in the current quarter due to a lack of investor trust in Binance and centralized platforms. Additionally, they caught the overall crypto bullish wave, as investors were increasingly willing to park their cash with digital assets.

Mikkel Morch, Chairman of crypto investment fund ARK36, told CoinChapter that the declining Binance dominance could signify a push toward decentralized exchange tokens.

Binance’s waning dominance highlights the rising preference in the market for decentralized alternatives; their recent market-share slide comes as investors, wary of centralized exchange vulnerabilities, exposed by regulatory and legal issues, pivot towards DeFi and decentralized exchanges.

said Morch.

So, let’s look at RabbitX and Perp DEXs to determine if they’re a catch or a dead end.

RBX On-chain Metrics Bullish

According to the K33 report, RabbitX could be the ‘rising star’ of perp DEXs, as it offers NO INCENTIVES to buy RBX, i.e., it does not offer airdrops, staking rewards, liquidity mining, or trading competitions. For example, Vortex, RabbitX’s direct competitor, offers VRTX airdrops and Arbitrum (ARB) incentives. The chart below compares their 24-hour volume and open interest.

RabbitX perp DEX
Open Interest vs Trading Volume. Source: K33 Research

The chart demonstrates that RabbitX has a $404 million difference between the two, while Vertex’s difference stood at $1.46 billion. K33 researchers concluded that a smaller difference means RabbitX perp DEX has more “real” deal makers on the platform, translating into a higher trust level.

The incentive programs of these protocols bring into question the validity of the DEX derivates volume
data above or the degree to which it is skewed by these incentives. What does become clear as day, however, is how well-received RabbitX is by genuine on-chain traders

read the report.

Additionally, while the RBX price did not impress with high returns this week, the platform’s total value locked (TVL) grew to its all-time high of $4.69 million on Dec 11, correcting to $4.45 million on Dec 15.

RabbitX total value lockedRabbitX total value locked
RabbitX TVL and Trading Volume. Source: DeFillama

Strong TVL confirms high user trust, while high trading volumes suggest the RBX price could surge in the coming sessions.

RabbitX perp DEX seems a contender for user interest in the coming year if the derivatives market continues to grow. Additionally, several bullish macro-factors might propel the crypto market in the coming year, including the possible Bitcoin ETF approval, the Fed’s dovish policies, and the upcoming BTC halving.


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