Sell Token is a decentralized short-trading exchange based on smart contracts. Its operation is completely based on the unmodifiable smart contract code. According to the short-trading request submitted by the user, the smart contract can automatically execute user’s short-trading operation. SellToken has vast difference compared with traditional CEX’s contract trade. The fundamental difference is that SellToken never conduct forced liquidation when opening a short price position, which avoids the malicious manipulation of token prices by giant whales.