On December 30, the decentralized finance (defi) platform Detoken and the firm General Protocols announced the launch of Anyhedge, the first public defi product built on the Bitcoin Cash network. Detoken users will be able to hedge or long their bitcoin cash and earn a funding premium while holding their keys in a noncustodial fashion.
This week, bitcoin cash (BCH) users will get a chance to leverage the first public defi product built on the BCH blockchain. The team from Detoken and the organization General Protocols recently launched the Anyhedge protocol and Detoken, a noncustodial, browser-based wallet. Essentially, Detoken describes itself as a “trust-less and secure way to access peer-to-peer financial products from anywhere in the world.”
“The first product available on Detoken is the Anyhedge BCH-USD futures contract,” the announcement details. “This is a smart contract which allows users to Hedge or Long their BCH while earning funding premium. Users also retain control of their own money throughout the entire process.”
News.Bitcoin.com reported on General Protocols in April 2020, when the firm first revealed the blockchain-enforced synthetic derivatives for BCH. The creators of Anyhedge include well known software developers such as John Nieri (emergent_reasons), Jonathan Silverblood, Eric Teng, and Imaginary_username. The Anyhedge protocol is also open source and anyone can access the libraries and documentation.
“Detoken is a noncustodial, browser-based wallet with an Anyhedge custom integration inside it,” the team member’s announcement explains. “In collaboration with General Protocols, Detoken has developed proprietary market making and contract entry systems which allow traders to speculate on the price of BCH completely onchain.”
The launch announcement adds:
Hedge and long positions are made possible by a smart contract on the BCH blockchain, where both parties pay into a Pay-to-Script-Hash (P2SH) address using a custom funding transaction.
The launch has been under construction for quite some time as General Protocols revealed Anyhedge in 2019 at the Bitcoin Cash City Conference. Detoken was created by Semyon Germanovich and the team that developed Cryptophyl, the Simple Ledger Protocol (SLP) exchange. Germanovich decided to retire Cryptophyl so the team could dedicate all of its energy toward the defi project Detoken.
“Bitcoin Cash has huge potential for building cutting edge financial products,” Germanovich stressed during the launch announcement. “Low transaction fees and a simple scripting language bring a powerful toolset to the table. We’ve demonstrated that defi can be done on Bitcoin Cash with this product launch. I encourage everyone to try Detoken and see just how cheap defi can be.”
The guys at General Protocols have done a fantastic job. The next step is to allow users to provide automatic liquidity and add transferability to the contracts. I can’t wait to continue working with General Protocols to make this happen. This is just the beginning.
Moreover, in the two hours after launch, Detoken users created more than $10,000 of Anyhedge contracts, all onchain, instant, and with almost zero network fees. Additionally, the contract details are private until settlement due to the built-in privacy of Bitcoin Cash smart contracts. By 8:30 a.m. EST, Detoken stats shown over $30,000 USD of contract value had been traded on Anyhedge.
What do you think about Detoken and the Anyhedge protocol? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Detoken, General Protocols,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The post Blockchain Projects Detoken and Anyhedge Launch Bringing Defi to Bitcoin Cash appeared first on TechFans.