• Whales Market serves as a decentralized over-the-counter (OTC) trading platform that allows users to directly exchange assets across multiple blockchains. 
• In 2023, it hosted an airdrop for its mainnet launch, with its native token $WHALE as a reward. A total of 5%, or five million tokens, were allotted for that activity. 
• As of this writing, the supported crypto points that can be sold and bought on the DEX are from Magic Eden, EigenLayer, friend.tech, and Hyperliquid.

When we describe decentralized exchanges (DEXs), it is a platform that allows users to swap and trade tokens without a centralized authority or middleman. By just connecting their web3 wallets, users can trade crypto in a non-custodial way—no other entity, except the user themselves, holds the assets. 

But there is a recently launched DEX in the Solana ecosystem that does not only allow well-established cryptocurrencies to be traded, but even airdropped tokens, crypto points, and even pre- token generated event (TGE) tokens from various projects on different blockchains.

(Read more: 24+ Potential Crypto Airdrops to Watch Out For in 2024 and Ultimate Guide to Solana Airdrops 2024 – How to be Eligible)

Whales Market Introduction

Whales Market (https://whales.market/) serves as a decentralized over-the-counter (OTC) trading platform that allows users to directly exchange assets across multiple blockchains. 

“The novel idea behind Whales Market is simple: to address the inherent risks of peer-to-peer cryptocurrency trading. While informal methods like social groups, private messages, and some centralized platforms have long facilitated P2P transactions, they often lack robust security measures. This exposes traders to potential scams and fraud, where sellers may fail to deliver promised tokens,” the team explained. 

The potential scams and fraud that may be experienced on P2P transactions can then be solved by bringing OTC trading in a single platform, they added:

“This allows buyers and sellers to facilitate mutually agreed upon on-chain transactions. Capital remains locked in smart contracts and is only released to the parties upon successful transaction settlement. This advancement not only streamlines the trading process but also significantly reduces the risk of financial losses due to deceptive practices.”

In 2023, it hosted an airdrop for its mainnet launch, with its native token $WHALE as a reward. A total of 5%, or five million tokens, were allotted for that activity. 

Whales Market Features

Whales Market allows P2P transactions of pre-TGE tokens, tokens and NFTs, and crypto points, with each asset on different market types. 

Pre Markets

The Pre Markets feature allows P2P trading of pre-TGE token allocations. Whales Market uses smart contracts to facilitate a mutually agreed on-chain transaction for both buyers and sellers of TGE tokens. 

“This innovation not only makes trading more accessible but also significantly reduces the risk of financial loss due to fraud,” its whitepaper read. 

To buy TGE tokens: 

• Step 1: Go to https://app.whales.market/. 
• Step 2: Connect a wallet. Accepted wallets include SolFlare, Ledger, and Fractal. 
• Step 3: Choose the “Buy” option. 
• Step 4: Choose from the list of TGE tokens for sale. 
• Step 5: Type in the desired amount of TGE tokens to be bought. 
• Step 6: Confirm the transaction. 

To sell TGE tokens: 

• Step 1: Go to https://app.whales.market/. 
• Step 2: Connect a wallet. Accepted wallets include MetaMask, Rainbow, and WalletConnect. 
• Step 3: Choose the “Sell” option. 
• Step 4: Choose from the list of TGE tokens with interested buyers.
• Step 5: Type in the desired amount of TGE tokens to be sold. 
• Step 6: Confirm the transaction. 

As of this writing, supported ecosystems include Solana, Manta Network, and Ethereum. 

OTC Markets

The OTC Markets feature allows P2P transactions of crypto and NFTs.  The DEX provides secure and transparent transactions for both buyers and sellers by integrating smart contracts. 

“This advancement not only streamlines the trading process but also greatly mitigates the risk of financial losses stemming from deceptive practices,” the developers wrote on its docs. 

To buy tokens: 

• Step 1: Go to https://app.whales.market/otc-market. 
• Step 2: Connect a wallet. Accepted wallets include SolFlare, Ledger, and Fractal. 
• Step 3: Choose the “Buy” option. 
• Step 4: Choose from the list of tokens for sale. 
• Step 5: Type in the desired amount of TGE tokens to be bought. 
• Step 6: Confirm the transaction. 

To sell tokens: 

• Step 1: Go to https://app.whales.market/otc-market. 
• Step 2: Connect a wallet. Accepted wallets include SolFlare, Ledger, and Fractal. 
• Step 3: Choose the “Sell” option. 
• Step 4: Choose from the list of tokens with interested buyers.
• Step 5: Type in the desired amount of TGE tokens to be sold. 
• Step 6: Confirm the transaction.

As of this writing, only the Solana ecosystem is supported by the feature. 

Points Market

Our recent article discussed ‌crypto points, which are points earned by users by doing tasks assigned by web3 projects. For every point system implemented by web3 projects, the higher the crypto points, the higher the rewards will be received by participants. 

Read our detailed guide here: Crypto Points 101: New Version of Airdrops?

However, some participants admit that they are not really interested in that particular project and just want to secure rewards that can be converted to money. If you are one of them, Whales Market allows you to sell your crypto points.

Meanwhile, if a points system on a particular project you are interested in has already ended, you can also buy crypto points. 

The Points Markets feature is an innovative OTC platform for Points P2P Trading. “Secured by smart contracts, Point Markets aim to facilitate a mutually agreed upon on-chain transaction for both buyers and sellers.” 

To buy crypto points: 

• Step 1: Go to https://app.whales.market/points-markets. 
• Step 2: Connect a wallet. Accepted wallets include SolFlare, Ledger, and Fractal. 
• Step 3: Choose the “Buy” option. 
• Step 4: Choose from the list of crypto points for sale. 
• Step 5: Type in the desired amount of crypto points to be bought. 
• Step 6: Confirm the transaction. 

To sell crypto points: 

• Step 1: Go to https://app.whales.market/points-markets. 
• Step 2: Connect a wallet. Accepted wallets include SolFlare, Ledger, and Fractal. 
• Step 3: Choose the “Sell” option. 
• Step 4: Choose from the list of tokens with interested buyers.
• Step 5: Type in the desired amount of crypto points to be sold. 
• Step 6: Confirm the transaction. 

As of this writing, the supported crypto points that can be sold and bought on the DEX are from Magic Eden, EigenLayer, friend.tech, and Hyperliquid. 

This article is published on BitPinas: What is Solana’s Whales Market? Protocol To Trade Pre-Market Points and Airdrop

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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