ICP Traders Pile $243 Million Into Multi/DEX Where Nobody Can Lose a Cent
DFINITY launched MULTI/DEX, a absolutely onchain, multi-chain alternate on Internet Computer (ICP), in Play Mode on July 11. Simulated buying and selling quantity handed $243 million in 24 hours by July 13, in accordance with the platform’s public dashboard.
All balances on the alternate are dummy property, so no actual cash is in danger. The trial will resolve whether or not the group fingers the platform to the Network Nervous System (NNS) for ownerless execution.
What MULTI/DEX Brings to Internet Computer
MULTI/DEX runs totally on the Internet Computer and lists Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and ICP in opposition to an ICPUSD quote asset. It combines a central restrict order ebook with a market-making automated market maker (AMM), in accordance with the undertaking’s documentation.
Traders can place spot orders or open margin positions with as much as 10x leverage. An insurance coverage fund constructed from 5% liquidation penalties absorbs dangerous debt. Meanwhile, each stability change writes to a hash-chained public ledger that anybody can confirm within the browser.
DFINITY founder Dominic Williams announced the discharge on July 6 and positioned it as a direct problem to centralized exchanges.
“MULTI/DEX — the world’s most superior DeFi — can be launched in sport mode later this week, along with supply code for ICP group eval. Players to get $100k dummy property to compete. Will be supplied to the NNS for autonomous/ownerless execution. *True* DeFi that mimics CEXs.”
Each participant begins with $100,000 in simulated property and competes on a public leaderboard. The alternate recorded over $162 million in quantity and greater than $129,000 in charges on its first day.
The NNS Vote Will Decide Who Controls the Exchange
The launch adopted a seen governance path. NNS proposal 142,743 created a second SEV-enabled subnet with confidential computing to host MULTI/DEX. The subnet spans seven nodes throughout seven unbiased suppliers and 7 jurisdictions.
A follow-up proposal on July 9 licensed the deployment of the alternate canisters on that subnet, in accordance with the developer forum. However, the decisive vote that may make MULTI/DEX autonomous and ownerless has no date but.
Activity has accelerated since launch somewhat than pale. The dashboard confirmed $243.2 million in 24-hour quantity on July 13, alongside $352,061 in lifetime charges and $2.7 million in whole worth locked throughout 4 seeded swimming pools.
The SOL market led with $85.9 million in day by day quantity, forward of BTC at $75.3 million, ETH at $51.5 million, and ICP at $30.5 million. For scale, Robinhood Chain’s DEX record stood at $563.9 million in actual buying and selling final week.
These figures measure engagement somewhat than financial demand, since each stability comes from a free play allowance. Still, the tempo suggests merchants are stress-testing the venue in numbers properly past a typical testnet.
ICP Price Ignores the Launch Hype
The token has not adopted the thrill. According to BeInCrypto’s Internet Computer price data, ICP traded close to $2.22 at press time, down 1.5% in 24 hours, with a $1.23 billion market cap at rank 60. The value sits simply above its all-time low of $2.02, set in February 2026.
On the 4-hour chart, ICP has moved inside a descending parallel channel since mid-June. Sellers rejected the token on the $2.33 to $2.36 resistance zone on July 9, two days earlier than the launch. The value then slid again to the $2.17 to $2.20 assist space, the place it bounced on Sunday.
Declining quantity has accompanied the entire construction, signaling fading participation regardless of the launch information.
The weak value contrasts with sturdy community fundamentals. Internet Computer processed a document 98.3 million transactions in someday on July 8, per Chainspect knowledge. The community already beat Solana in transactions over a 30-day stretch in May, and ICP joined June’s AI token rotation with double-digit positive aspects.
Skeptics stay vocal on DFINITY’s personal discussion board. One consumer described ICP DeFi as a skinny market with years of low quantity. Others criticized the Google sign-in requirement and flagged lacking safety headers on the MULTI/DEX web site.
The actual take a look at arrives when DFINITY submits the alternate to the NNS vote. Whether play-mode engagement converts into actual deposits, and whether or not an ownerless order ebook can maintain up beneath actual cash, will outline the experiment’s subsequent section.
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