On December 30, the decentralized financial (defi) platform Detoken and the firm General Protocols announced the launch of Anyhedge, the first public defi product built on the Bitcoin Cash network. Dedicated users can hedge or lunge their bitcoin cash and earn a funding premium while holding their keys in a non-custodial manner.
This week bitcoin cash (BCH) users will have the opportunity to use the first public defi product built on it BCH blockchain. The team of The token and the organization General protocols recently launched the Anyhedge protocol and Detoken, a non-custodial browser-based wallet. Essentially, 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 read. “This is a smart contract that users can use to cover or lunge BCH while you earn a financing premium. Users also retain control of their own money throughout the process. “
News.Bitcoin.com reported on general protocols in April 2020, when the company first introduced the blockchain-enforced synthetic derivatives for BCH. The makers 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 everyone has access to the libraries and documentation.
“The token is a non-custodial browser-based wallet with a custom Anyhedge integration in it,” the team member explains. “In partnership with General Protocols, Detoken has developed proprietary market making and contract entry systems that 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 in a Pay-to-Script-Hash (P2SH) address using a custom financing transaction.
The launch has been under construction for quite some time, as General Protocols unveiled Anyhedge at the Bitcoin Cash City conference. The token was created by Semyon Germanovich and the team that developed Cryptophyl, the Simple Ledger Protocol (SLP) exchange. Germanovich decided retire Cryptophyl so that the team could devote all its energy to the defi project Detoken.
“Bitcoin Cash has tremendous potential for building advanced financial products,” Germanovich stressed during the launch announcement. “Low transaction costs and a simple scripting language provide a powerful toolset. We have shown that defi can be done with Bitcoin Cash with this product launch. I encourage everyone to try Detoken and see how cheap defi can be. “
The General Protocols guys have done a fantastic job. The next step is to enable users to provide automatic liquidity and add transferability to the contracts. I can’t wait to continue working with common protocols to make this happen. This is just the beginning.
Additionally, in the two hours after launch, Detoken users created more than $ 10,000 worth of Anyhedge contracts, all onchain, instantly and with almost zero network costs. In addition, 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 statistics with more than $ 30,000 USD in contract value had traded on Anyhedge.
What do you think about Detoken and the Anyhedge protocol? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Detoken, Global Protocols,
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