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On March 1, the startup General Protocols announced that the company has raised $3 million in Series A financing led by some strategic investors. General Protocols is the company behind the Anyhedge protocol. The Anyhedge protocol is the first decentralized financial (defi) project built on the Bitcoin Cash network.
General Agreement revealed on Monday that the startup has completed a series of financing funded by many investors. News.Bitcoin.com has repeatedly reported on the universal agreement because the startup believes that “programmable currency smart contracts are the basis for the transfer of trillions of dollars to non-custodial and untrusted networks.”
At the end of December, the General Protocol and Detoken Decentralized Exchange (dex) jointly released the Anyhedge protocol in the wild.
As the first public Defi protocol built on the Bitcoin Cash (BCH) network, Detoken and Anyhedge smart contract users can hedge or do more of their Bitcoin Cash and obtain a capital premium, while holding their funds in a non-custodial manner. Key.
In Monday’s announcement, the first non-custodial BCH derivatives exchange revealed that its total daily value lock-up (TVL) is approximately $130,000 and total historical value lock-up (THVL) is approximately $4 million.
The company stated in the financing announcement: “We prove that decentralized defi can run on Bitcoin Cash without trust and there is a real demand for it.”
General Protocols stated that the company has completed the first round of A round of financing and received $3 million in investment from cryptocurrency industry executives, blockchain movers and shakers, and early Bitcoin adopters. Investors who led the $3 million “General Agreement” Series A financing include Marc De Mesel, Roger Ver, Christopher Wu, Margus Kokk and Mike Komaransky.
The company stated that investors are pioneers in helping to establish “the Bitcoin ecosystem and are now continuing to spread peer-to-peer electronic cash through the establishment of the Bitcoin Cash (BCH) ecosystem.”
BCH-centric defi startups stated that it has been a year since they started to build decentralized financial solutions focused on leveraging the Bitcoin Cash network. The team’s vision is to help solve the volatility problem that plagues crypto adoption, and also benefit from low fees and instant payments through the BCH blockchain.
“The general agreement announcement concluded: “The first form is Anyhedge, a non-regulated hedging/long agreement. “The team added: “As speculative liquidity grows, it is becoming easier for companies to have all the advantages of Bitcoin Cash and the stability of the U.S. dollar, gold, oil or any asset they like. “
According to the statistics of market aggregator defipulse.com, by 2020, the explosive growth of defi on the Ethereum blockchain will bring the TVL scale to more than 38 billion U.S. dollars. However, from the second half of 2020 to 2021, many other blockchains such as Tron, EOS and Bitcoin Cash have introduced defi projects.
Supporters of cryptocurrency hope that blockchains like Ethereum will eventually be able to scale up to ease the pressure. Some supporters believe that alternative blockchain solutions will help alleviate congestion and high fees, which currently plague the Ethereum network and its defi users.
What do you think of the $3 million general agreement raised from strategic cryptocurrency investors? Let us know your thoughts on this topic in the comments section below.
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