On December 30th, the decentralized financial platform Detoken and General Protocols announced the launch of Anyhedge, the first public Defi product based on the Bitcoin Cash network. Detoken users can secure or extend their Bitcoin cash and earn a funding premium while not keeping their keys on custody.
This week, Bitcoin Cash (BCH) users will have the opportunity to take advantage of the first public Defi product based on the BCH blockchain. The Detoken team and General Protocols organization recently launched the Anyhedge Protocol and Detoken, a non-custody, browser-based wallet. In essence, Detoken describes itself as “a trustless 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 said. “This is a smart contract that allows users to secure or renew their BCH while earning a funding premium. Users also remain in control of their own money throughout the process. “
News.Bitcoin.com reported on general logs in April 2020 when the company first revealed the blockchain-enforced synthetic derivatives for BCH. Anyhedge’s developers 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 an unguarded, browser-based wallet with a custom Anyhedge integration,” explains the team member’s announcement. “Working with General Protocols, Detoken has developed proprietary market making and contract entry systems that allow traders to fully speculate in the chain on the price of BCH.”
The announcement of the launch adds:
Hedge and long positions are made possible by a smart contract in the BCH blockchain in which both parties pay into a P2SH (Pay-to-Script-Hash) address using a custom financing transaction.
The launch has been in the making for quite some time when General Protocols revealed Anyhedge 2019 at the Bitcoin Cash City Conference. Detoken was created by Semyon Germanovich and the team that developed Cryptophyl, the SLP (Simple Ledger Protocol) exchange. Germanovich decided to retire Cryptophyl so that the team could devote all of their energy to the Detoken Defi project.
“Bitcoin Cash has great potential for building innovative financial products,” emphasized Germanovich when announcing the launch. “Low transaction fees and a simple scripting language bring a powerful toolset to the table. We have shown that with this product launch Defi can be done on Bitcoin Cash. I encourage everyone to try Detoken and see how cheap Defi can be. “
The General Protocols guys did a fantastic job. The next step is to allow users to provide automatic liquidity and increase contract portability. I can’t wait to continue working with common protocols to achieve this. This is just the beginning.
Additionally, in the two hours after launch, Detoken users have created over $ 10,000 worth of Anyhedge contracts, all in the chain, instantly and with near-zero network fees. In addition, due to the built-in privacy of Bitcoin Cash Smart contracts, the contract details are private until settlement. By 8:30 a.m. EST, Detoken stats with a contract value of over $ 30,000 were traded on Anyhedge.
What do you think of Detoken and the Anyhedge Protocol? Let us know what you think on this matter in the comments section below.
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Anyhedge, Anyhedge Protocol, BCH Network, Bitcoin Cash, Code Base, Contracts, Kryptophyl, Decentralized Financing, Derivatives, Detoken, Futures, General Protocols, Protection, Protection, Non-Depot, Open Source, Oracle, Semyon Germanovich, Short, Software, technology, white paper
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