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.
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.
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.
Images CreditsShutterstock. Pixabay. Wiki Commons. BCH Bull website.
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.