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…