Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets – Defi Bitcoin News

Recently, the Anyhedge Whitelabel alpha was published by developers of Bitcoin Cash-centric project Anyhedge. In the meantime, 284 smart contract have been created and $32,900 worth of funds has been hedged using the Anyhedge Whitelabel. General Protocols (the engineers behind Anyhedge) revealed that the team is planning to release a decentralized application on the Bitcoin Cash Blockchain. It will enable anyone to short bitcoin cash and trade it against any number of other assets.

A Decentralized App That Allows Users To Hedge Or Long Bitcoin Cash. Anyhedge Alpha Whitelabel recently Released

In recent times, there’s been a few different projects building within the Bitcoin Cash (BCH) ecosystem. Anyhedge, a protocol just emerged released the protocol’s alpha version, which allows users to create smart contracts onchain. The team behind Anyhedge also contributed to this release. General ProtocolsRecently, we summarized the Anyhedge Extension. This extension was possible because of new rulesets that were implemented to the BCH Network last May.

Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets
General Protocols will launch BCH Bull’s decentralized app (dapp), this month.

General Protocols will launch BCH Bull this month. This dapp allows users to trade BCH against many different assets. BCH Bull, a noncustodial permissionless dapp, is built on the BCH blockchain. There are many assets you can use to trade bitcoin cash, including the U.S. dollars, bitcoin (BTC), bitcoin (ETH), and precious metals like gold.

“Utilising the AnyHedge protocol (built by General Protocols), BCH BULL will allow users to instantly create up to 10x leverage smart contracts directly with their own wallets without the need for any sign-up,” General Protocols BCH Bull announcement explains. The team’s dapp announcement adds:

Users who wish to stabilize their buying power can also create hedging contracts against the same assets. This will provide a novel and trustless solution to crypto stability, which is essential for those risk-averse users like miners and merchants.

General Protocols explains that Anyhedge smart contract leverages the unspent transaction output properties (UTXO), which are offered by BCH network. This gives smart contracts an advantage. Benefits included “being able to handle high volumes with low fees, whilst all contracts are stateless and remain independent of each other, thus improving privacy and reducing any systemic security risk.”

So far, the project’s creators detail that the alpha testing saw more than 100 onchain contracts and every one of them executed “perfectly” and “seamlessly.” The Alpha testing of Anyhedge ended on September 28, and General Protocols summarized the achievements.

“284 smart contracts created onchain with over $32,900 hedged,” the team explained on October 2. The BCH Bull beta release is set to launch at some point this month and interested parties can check out the project’s updates via the General Protocols Telegram channel.

In this story, tags
alpha, Anyhedge Protocol. BCH Bull. BCH Bull Beta. BCH Network. BCH Cash Analysis. Codebase. Contracts, decentralized finance. Futures. Decentralized Finance, Futures. Futures. Futures. Futures. Futures. Futures. Futures. Futures. Futures. Futures. Futures and General Protocols. hedge, Hedge. Noncustodial. Oracle. Technology. White Paper.

How do you feel about the proposed BCH Bull application developed by General Protocols. Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

Images CreditsShutterstock. Pixabay. Wiki Commons. BCH Bull website.

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