Calyx Token: Worth the Wait?
Calyx is not yet a cryptocurrency. The token is still in its presale stage, so it cannot be discovered on credible price listing websites, nor can you get a price forecast anywhere. However, Calyx is on track to become a full-fledged cryptocurrency shortly.
Calyx is meant to be permissionless. This means that two separate users can carry out a transaction without requiring the consent of a network central authority figure.
Calyx token - Concept of decentralisation
Calyx is meant to be a liquidity protocol for what it will do, indicating that it is compatible with liquidity pools. These are pools of cryptocurrencies managed by smart contracts - computer programmes that execute automatically when specific criteria are satisfied and are used to facilitate trading on a decentralised exchange (DEX).
A decentralised exchange is a cryptocurrency exchange that, rather than having an organisation in charge of deciding which coins and tokens can and cannot be listed, lets users buy, sell, and trade whatever tokens they choose.
Calyx token - Removal of the exchange element
One of the possible challenges with DEXes is that it can be difficult to work with tokens and currencies that do not exist on the blockchain on which the DEX is built.
Calyx intends to address this issue. Typically, users who do not have access to the native token of a network or DApp must resort to exchanging and acquiring some tokens before they can participate. This makes the entire process time-consuming and expensive, according to the whitepaper.
However, with a very intuitive and lightweight CalyxSwap, requirements for this procedure will be eliminated by allowing users to quickly swap between tokens in a single transaction at the best rates available across all pooled liquidity sources (DEXs).
Users will not need to establish an account or register on Calyx to participate in this simple process of exchanging their existing tokens for the token of the network or DApp they like. For now, the token exchange will be carried out via the Ethereum blockchain for transparent transactions. The development roadmap includes plans to expand support for other commonly used blockchain networks.
Calyx token - What is it
CLX is a token rather than a coin because it is based on the Ethereum blockchain. Everyone will hear allusions to the Calyx currency at this early stage. It has the same meaning. Calyx token (CLX) has the same crypto ticker as Celeum, CargoLink, Coin Clix, and Consistency Labs, which needs to be clarified. It will be critical to avoid becoming confused when Calyx hits the open market. However, if users see CLX on any exchange, it is not the Calyx token.
Calyx token - How it will work
Calyx, like most other blockchain networks, will have a token. Calyx token (CLX) will be used to help operate the system, with cryptocurrency holders able to vote on network changes.
Holders can also stake the token in exchange for incentives, effectively earning interest on their cryptocurrency. CLX will collect fees from traders, exchanges, currencies, and tokens in the system.
To keep the price of Calyx stable, a fixed amount of CLX received in fees will be burnt at unspecified periods. CLX will have a maximum supply of one trillion units.
The Calyx website is promoting the third stage of its presale, which was supposed to finish on 4 July, 2022. A potential investor could be concerned about the site being two days out of date, which could be resolved at any moment.
A roadmap for the system and the coin is available on the website. It plans to deploy its main net this year, build a DEX aggregation algorithm, provide support for cross-chain transactions, create a trader dashboard, and establish its digital autonomous organisation (DAO) before the end of the year.
The identities of Calyx's founders are not included on the website or anywhere else. While this is not uncommon in the crypto world, anyone conducting due diligence on an unpublished coin should keep this in mind.
CLX's presale price is on the site as $0.0007. It is usual for newly released cryptocurrencies to have volatile pricing. Another question is how long CLX will remain at that price once it can succumb to market forces. Since the cryptocurrency market is now bearish, there is a good chance that CLX will fall before rising.
Some less reputable crypto sites are pushing CLX as the closest thing to a sure thing in crypto. Many websites are eager to produce paid articles supporting specific cryptocurrencies not governed by compliance regulations.
Remember that other cryptocurrencies, like PI, have been marketed for an extended period without making it to the market. Furthermore, there are no named founders for CLX, which
may put some people off if they want someone to hold them accountable for a cryptocurrency that has yet to trade.
As with any cryptocurrency, users must use caution. Prices can fall and rise, so users should only invest an amount that they can afford to lose.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.