MoonX Challenges Fintech Firms in Million-Dollar Speed Contest

MoonX Technologies announced in April 2020 a challenge offering one million dollars to fintech companies. The competition aims to demonstrate that other electronic trading software can outperform MoonX's own system.

The challenge, which ran from April 23 to May 10, 2020, is based on the claimed speed of MoonX's trading software. The company states its system achieves 20 million transactions per second (TPS) with a matching engine latency of 6 nanoseconds and a gateway-to-gateway latency under 1 microsecond.

MoonX is offering the prize to any electronic trading system that can prove higher speed and lower latency. Participants must submit performance proofs for MoonX to validate. The challenge was open to developers of trading software in both traditional and digital asset markets, requiring a minimum of one million TPS and less than 3 microseconds roundtrip latency.

According to MoonX, its trading software is designed for high-frequency trading and operates on commodity hardware. The company also provides other fintech solutions, including wallets and custodial services.