Gemini Adds DeFi, Infrastructure Data Management Crypto Tokens: ALCX, ANKR, FTM, MIR, API3, DDX

The team at digital asset firm Gemini notes that they are adding trading support for a new set of decentralized finance (DeFi), infrastructure, and data management tokens.

Gemini is adding Alchemix (ALCX), Ankr Network (ANKR), Fantom (FTM), Mirror Protocol (MIR), API3 (API3), and DerivaDAO (DDX). All of these crypto tokens are now supported for deposits and custody on the Gemini exchange.

As noted by the Gemini team, trading for ALCX, ANKR, FTM, and MIR will “soon follow, with API3 and DDX remaining available only for custody.” The announcement confirmed that trading will first open on the platform’s API/FIX and ActiveTrader™ app for USD trading pairs. It will then open on their Gemini Mobile App and official website “on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD and SGD pairs.”

With the launch of these crypto tokens, Gemini will be offering trading and custody for 45 different digital assets, with an additional 13 cryptos “available for custody.”

Gemini’s management says they are pleased to confirm that they’re the first regulated platform in the US and the UK to offer trading and custody support for FTM and ALCX tokens.

Gemini adds that as they continue to expand their list of supported tokens, they also look forward to adding more DeFi, infrastructure, and data management tokens that are able to “help drive the crypto ecosystem forward and further support the scalability and utility of blockchain networks.”

Here’s a summary of the new tokens added by Gemini:

DeFi Tokens

Alchemix (ALCX)

ALCX token is “an ERC-20 token used to govern and incentivize liquidity for the Alchemix protocol.” Its primary use cases are “governing the Alchemix decentralized autonomous organization (DAO) and rewarding network participants for providing liquidity.” Alchemix is an innovative, hybrid DeFi application that “allows for the creation of yield-backed synthetic assets.” With its unique ability “to provide collateral that can also generate yield, Alchemix can offer a self-paying loan that has effectively no risk of liquidation.”

This product, “Vaults”, is “the centerpiece of the Alchemix ecosystem and uses Yearn.finance as a building block for yield on underlying assets like DAI, with support for ETH and others coming soon.”

Mirror Protocol (MIR)

MIR is “a utility and governance token that powers the Mirror Protocol. We support the Ethereum (ERC-20) version of MIR, which is a multi-chain asset.” MIR “purchased on Gemini can be withdrawn to Ethereum compatible wallets and swapped to the native version of MIR using a bridge.”

MIR has various use cases “including protocol governance and rewarding liquidity providers on the platform.” Holders of MIR can also “engage in yield farming on other DeFi platforms by staking MIR tokens.”

In the future, users will be able “to use MIR tokens as collateral to mint mAssets and a variety of derivative products.” Mirror Protocol is a DeFi protocol “powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (i.e., mAAPL, mTSLA, etc.).” These mAssets “mimic the price behavior of real-world assets and give traders price exposure without the burdens of owning or transacting real assets.”

Infrastructure Tokens

Ankr Network (ANKR)

ANKR is an ERC-20 token that “powers the Ankr Network. Its use cases include being a mode of payment for services on the Ankr platform, such as node deployment and API services, participation in on-chain governance, and serving as insurance for network participants.” Ankr Network “provides Web3 infrastructure for easy, accessible, and affordable deployments of a broad range of blockchain nodes, APIs, and decentralized cross-chain staking infrastructure.”

It is “designed to lower entry barriers for retail and enterprise clients and developers who want to contribute to blockchain ecosystems.” To increase adoption and contribution to various blockchain ecosystems, Ankr has “teamed up with a range of notable partners over the years, including but not limited to companies like Avalanche, Binance, Blockstack, Compound, Covalent, Celo, Curve, Elrond, Harmony, Oasis, Polygon, Skale, and many more. You can see the ANKR price and more information by following the link.”

Fantom (FTM)

FTM powers the Fantom network, and is “used for staking, on-chain governance, and as payment for network fees.” We support the Ethereum (ERC-20) version of FTM, which is a multi-chain asset. FTM “purchased on Gemini can be withdrawn to Ethereum compatible wallets and swapped to the native version of FTM using a bridge.”

When interacting with the Fantom network, “users pay gas fees (or transaction fees) in FTM tokens.” The Fantom network is a smart-contract platform that “allows developers to write, compile, and deploy smart contracts the same way they can on Ethereum.” It runs on a directed acyclic-graph-based distributed ledger and is “integrated with the Ethereum Virtual Machine (EVM) and the Web3JS stack.”

It “uses an asynchronous Byzantine Fault-Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism called ‘Lachesis.'”

DerivaDAO (DDX)

The DDX token is an ERC-20 governance and utility token “with various use cases. DDX allows token holders to participate in the governance of DerivaDAO from day one with their token holdings (or delegated voting power) to determine the evolution of the exchange.”

DDX can also be “used to pay reduced trading fees on the platform, and the token is staked (or bonded) by operators who run price feeds or matching engines.” Lastly, DDX holders can “stake the token to receive increased referral payouts from traders they have referred to the platform.”

DerivaDAO is the decentralized autonomous organization (DAO) that “governs DerivaDEX, a Coinbase-backed decentralized exchange (DEX) for derivative contracts built on Ethereum.” It features an open order book and on-chain settlement, and “leverages off-chain price feeds, matching engines, and liquidation operators to enable fast and efficient transactions of synthetic assets.”

Data Management Tokens

API3 (API3)

API3 is an ERC-20 utility token. API3 is a “collaborative project that delivers traditional API services to smart contract platforms in a decentralized and trust-minimized way.” Token holders must stake their assets in API3’s insurance collateral pool “to participate in the protocol’s governance.” The collateral pool “protects against issues that may arise from any disruption caused by the data distribution.”

When a user receives erroneous data, the collateral pool “gets slashed and the user receives the slashed funds as compensation.” API3 is “governed by a decentralized autonomous organization (DAO), namely the API3 DAO. API3’s code is open source, and its operations are transparent.”


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