What is Centcex crypto and why has it soared to an all-time high?

March 10, 2022 12:50 AM AEDT | By Raza Naqvi

What is Centcex crypto?

According to the whitepaper, Centcex is a protocol designed to solve two significant issues in the cryptocurrency industry. One is the security issue, and the other one is the user experience problem.

Centcex comprises Centcex Exchange, Centcex Labs, and Centcex staking. Meanwhile, CENX is the native token of this protocol and has several use cases.

The protocol's major feature is Centcex Exchange, and it is one of the use cases of Centcex crypto. The exchange helps users to directly trade one crypto to another while maintaining full privacy, high security, and high speed.

Meanwhile, the whitepaper mentions that Centcex staking allows stakers to earn a high annual percentage yield (APY) from the revenue generated through products of the protocol.

The network collects a three per cent fee on every transaction of CENX token, and this money is expected to be used for building unlimited products via Centcex Labs.

Centcex crypto is a utility token and powers the protocol's products and acts as a link between the users and products.

Bottom line

According to CoinMarketCap data, despite the price surge, the one-day volume of Centcex crypto was down 19.6 per cent. Meanwhile, it ranks at 3324th position, and its market cap details are not available.

Despite the high price surge, there's not much information available on Centcex and there was no specific reason behind the sudden increase in prices.

Crypto market is known for its high volatility and evaluation of digital currencies is necessary before investing in them.

Also Read: Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?

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