Daxa Has Introduced An Alert System For Detecting Spikes And Drops

The Digital Asset Exchange Alliance (DAXA), a consortium consisting of five South Korean cryptocurrency exchanges (Upbit, Bithumb, Korbit, Coinone, and GoPax), has announced the implementation of a cryptocurrency alert system starting from July 4th.

The system has been developed by the five member companies since the establishment of the council in June of last year and has undergone review and feedback from DAXA’s advisors. Additionally, a pilot phase has been conducted to ensure a stable introduction of the alert system.

The cryptocurrency alert system aims to address information imbalances and provides alerts for five types of events: ▲ price spikes and dips ▲ trading volume spikes ▲ deposit volume spikes ▲ price discrepancies ▲ concentration of transactions in a small number of accounts.

The alert system operates through real-time monitoring of each exchange. When a stock that meets specific conditions is detected, a badge notification appears in the stock’s trading window. The alerts remain visible for up to 24 hours, with the specific exposure time determined by each member’s internal standards. The specific threshold, exposure time, and exceptions to the alert may vary among exchanges as they are subject to each exchange’s internal regulations.

Kim Jae-jin, Executive Vice President of DAXA, stated that the member companies’ alert system focuses on resolving the information imbalance for users by promptly notifying them of information that is not readily available to the general public through charts or order books. He emphasized that it is a result of the accumulated data, expertise, and technological efforts of each member company. He also expressed hope that the alert system will contribute to resolving the imbalance in user information and confirmed their commitment to further upgrade the system.

People are concerned about potential incidents similar to last year’s Luna and Terra crisis, during which tens of trillions of won evaporated in a single day. The attention now centers on whether these measures will effectively prevent a repeat of such events.

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