Goldex

Goldex (GLDX) is an ERC-20 token issued on the Ethereum blockchain with a fixed total supply of 33 million units. It was developed as part of the Goldexco.in ecosystem, a cryptocurrency exchange platform. The token is not backed by physical gold, despite the implications of its name.

According to the project’s documentation, GLDX is designed to follow an algorithmic pricing model that sets its base value using averages of unspecified commodity-based mutual fund data. The base price begins at 1.1 USDT and is derived from dividing a basket of fund values (e.g., 96.8 USDT) by a fixed divisor (88). The model aims to function as a buffer against large price swings, positioning itself as a form of resistance to market manipulation.

As trading volume increases, the algorithm incrementally adjusts the price upward. For every 200,000 USDT in combined buy and sell volume, the divisor is reduced step-by-step until the token theoretically reaches a 1:1 parity with the fund basket. The project claims this could result in a price appreciation from 1.1 USDT to 96.8 USDT after a cumulative trading volume of roughly 9 million USDT. These figures are based on internal modelling, and the whitepaper does not provide the specific identities or weightings of the referenced funds or commodities.

Although this mechanism is presented as a novel approach to price formation, actual market behaviour has diverged from the theoretical model. Historical trading data shows that GLDX has never approached the upper range projected by the algorithm, and it has traded below US$0.10 for more than a year.

GLDX is mainly intended for paying various fees on the Goldexco.in platform, including trading, withdrawal and listing fees. Users holding GLDX were offered platform-specific incentives such as access to commission-free trading, exclusive OTC services, staking options, and potential bonuses during syndicate campaigns.

Future use cases are outlined in the whitepaper, including the possibility of using GLDX as collateral for project-based funds, particularly within a proposed educational initiative called the "Goldex Academy". These plans remain unconfirmed and conceptual.

Unlike stablecoins or asset-backed tokens, GLDX does not reflect the price or reserves of any physical commodity. Its value depends on an algorithmic mechanism designed by the project team, which lacks public transparency in terms of data sources and computation methods.