ZenSports, an ICON-blockchain based betting app, today launched its very own exchange for trading SPORTS tokens. Users can now buy, sell, and trade SPORTS without having to go to a 3rd-party exchange.
The decision to launch their own exchange stems from last month, when Dcoin, the only exchange where SPORTS token was listed committed negligence against ZenSports that left the team in a precarious situation with no ability for users to cash out their tokens.
Feature highlights of the new exchange:
- Trade SPORTS/USDT and SPORTS/BTC (additional trading markets may be offered in the future, pending legal approval and other factors).
- Both Limit Orders (Makers) and Market Orders (Takers) are available for all trading pairs.
- View Open Limit Orders, filled status, and cancel Open Limit Orders.
- Ability to view Order History of filled Limit and Market Orders.
- Simple fee structure. Limit Orders (Makers) pay a trading fee of 0.1% and Market Orders (Takers) pay a trading fee of 0.2%.
This new exchange feature is only open to non-U.S. residents. Further, there is strict enforcement of a 50% rollover requirement for all SPORTS tokens purchased through the exchange. This means users must wager at least 50% of the SPORTS utility tokens deposited directly or purchased through the exchange on actual sports bets within the app prior to making a withdrawal or selling the tokens through the exchange (wash betting to meet the 50% rollover is strictly prohibited).