Half a year after the release of Logium v1, the devs welcome community feedback on their new platform that allows users to take up and down bets within very small timeframes of 15 seconds to three minutes — a sweet treat for the inner degen in all of us.
Right from the start, Logium team announced it has bold plans to set a new gold standard for the decentralized crypto betting platforms — and lived up to their promise. Their new DApp for short-term bets is everything a day trader looking to make a quick buck from the smallest moves in the market could ask for: a sleek, yet intuitive UI, simple and flexible charts with a lot of customizable options, real-time auto-refresh for the market data, blazing fast betting, P2P execution, and full transparency.
But before we dive into the features and benefits of Logium v2, let’s make a quick recap on what Logium is and how it aims to open an accessible crypto derivatives market for everyone.
The genesis of Logium
In the crypto industry, anonymity is nothing new — so it comes as no surprise that Logium devs chose to keep their identity secret while holding themselves to the highest standard to maintain the transparency and integrity of the platform. That being said, little is known about the early origins of Logium, except that the project has formed a partnership with StudentCoin and that the STC token was among the first cryptocurrencies listed on Logium v1.
The first version of the protocol launched in July 2022 and quickly won the hearts of many with its top-tier security and user-friendly interface. Logium v1 allows traders to bet with other users on whether the token will go up or down in value with up to 5x leverage. Since its launch, the platform listed 22 tokens, with an ambitious end goal to add all 500+ cryptocurrencies available on Uniswap.
In the future, Logium plans to “open up the listing process to the public so that anyone can suggest assets to be added to the platform,” the project's docs explained. And just FYI, the devs consistently list new coins, so if you want to keep up-to-date with the latest updates from Logium, consider following them on Twitter.
What is Logium?
Logium is more than just another DeFi protocol — it embodies the ethos and core values behind crypto, which are decentralization, democratization, and transparency.
Logium is decentralized. Every trade on the platform is executed peer-to-peer directly from users’ Ethereum wallets without any intermediary involved. The platform has no access to users’ funds and only withholds a small fee from the winning side of the bet.
Logium is secure. The prices of all tokens on the platform are pulled in from Uniswap V3 pools using the last block price method, which is meant to minimize the risk of oracle failure. What’s more, Logium successfully passed a third-party smart contract audit, with a report available for public review.
Logium is permissionless. Anyone can use it since there is no KYC/AML enforced. Just connect your wallet and start trading right away!
Logium is censorship resistant. Code is law, and no one can stop it.
Logium v1 vs v2
With DeFi protocols gaining momentum after the FTX collapse and CEX exodus, Logium has all chances to carve its niche in crypto derivatives trading. However, the ultimate goal for every protocol is to scale over time and attract a wider audience, hence the decision to launch Logium v2, which caters to high-frequency day traders.
The first thing to understand is that both versions have their own advantages and target audience, and both will exist independently, similarly to Uniswap v1, v2, and v3. While Logium v1 caters to the needs of swing traders, who hold their positions over a period of days or weeks, Logium v2 was designed for the so-called degens, a subgroup of crypto traders who invest in highly volatile altcoins and often seek to speculate on “sell-the-news” events.
Accordingly, the timeframes for bets on Logium v1 range from one hour to one year, while Logium v2 allows users to place bets within ultra-short timeframes from 15 seconds up to three minutes.
Another notable difference between Logium v1 and v2 is that the latter boasts a more intuitive and minimalistic interface to better the user experience for traders who rarely use technical analysis for their bets.
Logium v1 currently lists 22 tokens, with FTT, HEX, APE, and SHIB among them, while Logium v2 beta has just three trading pairs, namely ETH/BTC, WBTC/ETH, and WBTC/USDT. The projects don’t have their native token yet, but Logium devs hinted at rewarding early participants in the docs.
How to use Logium v2
To test Logium v2 beta, simply go to the platform[link]. There is no need to register, go through KYC, or connect the wallet — just ensure that your Internet connection is stable and you are all set up to start exploring Logium! While checking the balance on your virtual account, you will see 10,000 virtual USDC to explore the platform and practice your bets.
While it’s true that you can test the platform without connecting your wallet, you may still want to do it, perhaps for future perks and benefits for the early adopters (wink wink). Remember, connecting to the platform through Metamask does not enable you to trade with real funds, and your 10,000 virtual USDC can be used only on Logium v2.
First, choose from available trading pairs (ETH/BTC, WBTC/ETH, and WBTC/USDT) in the top left corner, right under the Logium logo. Then, from the right menu, select the timeframe and type the amount of your bet. You can also select to pledge 5, 10, 20, and 50 percent of your virtual funds, or even the entire sum, if you feel lucky! Next, decide whether the token will be above or below the strike price at the end of the selected timeframe, and click on the take higher/take lower button, accordingly.
Now you can view your open bets on the expandable menu. Take a deep breath and wait for your bet to settle. Congrats on the win (or sorry for your loss)!
It’s time to time the market
Undoubtedly, Logium is the rising star of crypto derivatives, offering a top-tier trading experience and seamless onboarding to the world of derivatives trading. And its exceptional service isn’t just about the sleek interface or state-of-art code — it’s about the dream and vision that Logium sells to its users.
In a bizarre world of crypto, where everyone is obsessively searching for the next alpha, Logium is offering precisely that — the chance to time the market. In line with its motto, Logium invites everyone to participate in the quest for Lambo and happiness.
And the first step towards the dream is to try Logium v2 beta — after all, even if you’re the world’s worst trader, losing all money from your virtual account won’t hurt your savings, but your feedback will be very helpful for the future development of the platform. With 10,000 virtual USDC, you can safely unleash your inner degenerate gambler — or just try it out of curiosity for recreational purposes (wink wink.)