On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).