TLDR
- OKX has launched pre-market futures for upcoming tokens
- Hamster Kombat’s HMSTR token is the first addition to this new product
- The pre-market futures allow trading before official token launches
- Hamster Kombat has gained massive popularity but faces regulatory concerns
- OKX’s move follows Bybit’s earlier listing of Hamster Kombat for pre-market trading
Major exchange OKX has launched a new pre-market futures product, with the popular game Hamster Kombat’s HMSTR token as its inaugural listing. This development, announced on July 29, 2024, marks a step in providing traders early access to emerging tokens.
OKX’s pre-market futures allow users to trade expiry futures on cryptocurrencies that haven’t yet been officially listed. These futures are USDT-margined and are typically delivered before the new crypto is available on the spot market. This innovative product aims to assist in the price discovery process for early-stage tokens while offering traders the opportunity to capitalize on potential price movements before official launches.
Lennix Lai, OKX Global Chief Commercial Officer, emphasized the exchange’s unique approach:
“Our robust risk engine and extensive experience back our method of assisting in the price discovery process for early-stage tokens. By opening up new avenues to participate in crypto, we aim to make trading more accessible, efficient, and appealing.”
The choice of Hamster Kombat’s HMSTR token as the first addition to this product is particularly noteworthy. Hamster Kombat, a Telegram mini-app game, has become a sensation in the crypto gaming world.
Created by anonymous founders, the game allows users to “tap and earn” virtual coins, attracting a staggering 142 million users in just 77 days. This rapid growth has set new records and driven increased interest in blockchain technology.
However, Hamster Kombat’s meteoric rise hasn’t been without controversy. Despite its popularity, the game has faced scrutiny from global regulators.
Russian authorities have warned that it might be a “pyramid scheme” built on passive income deception, while in Iran, the army chief labeled the game a “soft war” against the country.
These regulatory concerns add an element of risk and intrigue to the HMSTR token’s pre-market debut.
OKX has been careful to note that the addition of HMSTR to the pre-market futures doesn’t guarantee the token’s listing for spot trading. This caveat underscores the speculative nature of pre-market trading and the need for traders to exercise caution.
The listing of Hamster Kombat on OKX for pre-market futures trading isn’t an isolated event. Three weeks prior, Bybit, another popular crypto exchange, also listed Hamster Kombat tokens for pre-market trading. This trend of major exchanges offering pre-market opportunities for highly anticipated tokens suggests a growing demand for early access to potential high-growth cryptocurrencies.
OKX has provided detailed information on how the delivery price of listed tokens for pre-market futures trading will be calculated. For tokens that will be listed on the OKX spot market, the actual delivery price will be the average index price over the last hour before delivery, calculated every 200 milliseconds. An estimated delivery price, based on a rolling average, will also be provided.
Importantly, OKX has clarified that the prices in the pre-market futures are determined by market behavior and may not accurately reflect the actual listing price of the new crypto. While pre-market futures may reflect market expectations, the listing price may be influenced by other factors and does not have a direct correlation with pre-market futures prices.
This development comes at a time when Play-to-Earn (P2E) and Web3 projects like Hamster Kombat are gaining significant traction globally.
In countries like Nigeria, Hamster Kombat has joined the ranks of popular P2E games like Tapswap and Pixel verse, playing a role in onboarding the local crypto community to Web3 technologies.
