Yesterday, Vedomosti announced the start of the launch of a private testing blockchain Telegram. Now you can put an end to disputes that have been going on for six months now: there will be a Telegram blockchain. There is a high probability that soon the GRAM token will become one of the main cryptocurrencies: not so much in terms of capitalization, as in terms of the volume of transactions, both direct and stock. GRAM is also likely to become one of the truly liquid instruments. These include Bitcoin and, in part, Ethereum.
Trading in any contract or asset, including all cryptocurrency-related assets, involves “price discovery” - identifying prices during open trades. All factors and probabilistic assessments of events influence the price determination by market participants. As a result, an equilibrium point is formed, where supply is balanced by demand. This process is hampered by any restrictions on the purchase or sale, commissions and the complexity of the execution of transactions.
Price discovery is different from valuation because it is based on market methods, and any valuation is based on models and assumptions that may be true or erroneous. For asset owners, the process of identifying prices is more important, since it is confirmed liquidity and the price at which this liquidity can be collected (buy or sell an asset) affects the financial performance of an economic entity, and the estimates serve as an auxiliary method.
In mid-March, Xena Exchange launched the first contract for GRAM. The company provided an opportunity to take a long position on GRAM to those market participants who could not do this due to restrictions on the sale of tokens.
The company expected a large trading volume and a large volume of demand for a new contract. In the first month after the launch of the contract, the price for it increased 4 times.
When GRAM appears on the spot platforms, the price of our contract will immediately depend on the index, which will be calculated based on their prices, so we do not offer the possibility of spot-trading GRAM. What we represent is the ability to take a long or short position in accordance with all known factors, offering the market a primary price determination. Most likely, many small buyers will come to our contract, and large holders will wait for the release of GRAM on spot platforms, which may have a positive effect on the price of GRAM itself.
However, we also see market participants who, for one reason or another, are not interested in identifying a price, or are interested in a drop in the cost of GRAM (for example, if they could not buy earlier but want to buy a large package and lower the price before that). We do not support such participants, we are interested in honestly identifying prices and are positive regarding the prices of the contract, a large number of small participants would like to take a long position in such a contract, so we create it. It should be borne in mind that large sellers need GRAM access to spot platforms, and after the appearance of GRAM on them, the price of the token itself may feel the pressure of sellers, which we do not expect on our contract, since it is not deliverable.
Interest in both the GRAM token itself and its XGRAM contract shows that this is a very promising asset. We are actually waiting for the launch of the Telegram blockchain, because on its basis there may be a whole economy with payments in the Telegram ecosystem and many companies integrating these payments.
DeCenter