The Solana-based DeFi protocol Hxro has launched in beta a decentralised platform that supports trading perpetual swaps and USDC-collateralised futures.
1/ Core contributors are pleased to announce the beta launch of Hxro’s USDC collateralized perpetuals and expiring futures live on @Solana mainnet.🔥
To access the network beta and start your Hxro journey, just join the Hxro Community Discord.👇https://t.co/cR6IK7qycE pic.twitter.com/O2SF0l6L9z
— HXRO (✖️,✖️) (@HxroNetwork) September 20, 2022
Bitcoin-based contracts with weekly, monthly and quarterly expiries are available to a number of firms and individuals on the whitelist. In the coming weeks the project plans to roll out derivatives based on Ethereum and Solana.
The developers hope to attract a range of firms to test advanced trading strategies.
According to Hxro founder Dan Gunsberg, the decentralised platform provides a high level of transparency, as well as risk-management tools not available on traditional markets.
“Even in some of the most progressive centralized systems in the world, you still have a central point of failure,” he noted.
Hxro is also building a protocol intended to become the payments infrastructure for a wide range of applications — from metaverses to decentralised exchanges.
“Essentially, anyone will be able to come and create a derivative instrument of any type on the basis of the Hxro Network protocol,” emphasised Gunsberg.
The turnover of decentralised exchanges is still modest compared with that of centralised futures-trading platforms, accounting for 1.32%.
In June 2021, Hxro raised $15 million in a private sale to hedge fund Commonwealth Asset Management.
In November of the same year, following the next token sale, the platform secured $34 million in funding from Blockchain Capital, Jump Crypto and Susquehanna International Group.
In December 2021, Hxro closed a Series A round with participation from LedgerPrime.
Back in September 2022, the NFT startup Dust Labs on Solana raised $7 million.
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