dHedge launch brings non-custodial mimetic trading

Synthetix dHedge launch brings non custodial mimetic trading

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dHedge launch has been confirmed officially. It delivers asset management solutions based on non-custodial mimetic trading technology. dHedge’s mimetic trading is powered by Ethereum and lets traders mirror the trading decisions of their mentors. Numerous well-known crypto firms are behind dHedge, including Framework Ventures, Maple Leaf Capital, and DACM.

Operating in shadows till now, dHedge has now come out in the open arena. Riding on the back of Synthetix, an asset issuance protocol, it will now offer its services directly to the consumers. Synthetix uses Ethereum blockchain to provide users with cryptocurrency and fiat derivative trading solutions.

dHedge launch features a trading competition available on Ethereum Ropsten testnet. Best performers will win 125,000 DHT in the prize. DHT native token powers the bootstrap and allows decentralization.

dHedge launch finally out in the open

The launch competition aims to build awareness about the non-custodial mimetic trading concept. Also, it would help build a dedicated trading community. The project is geared towards delivering decentralized trading and investing experience by combining the best features of Synthetix and Ethereum.

Synthetix founder, Kain Warwick, says that the platform fully exploits the diverse feature-set of the Synthetix protocol. Its launch will leave a massive imprint on the DeFi landscape.

Synthetix is the fourth largest DeFi protocol and has around $434 Million staked at present. SNT is the native token in Synthetix protocol carrying a market cap of $378 Million. The pooled-collateral concept behind Synthetix is similar to MakerDAO. Users can deploy smart contracts to convert Synths directly without any need to use counterparties.

dHedge to usher a fresh wave of liquidity

The Synthetix protocol allows the creation of synthetic Bitcoin (sBTC) or synthetic US dollars (sUSD) using Synths (SNX). At present, Synths come with an 800 percent collateralization ratio. The token availability in the market depends on the staking. Thus, more staking would mean less availability and therefore higher token value.

Synthetix system requirements entail that accurate pricing information is received from trusted sources including centralized price feeds and Chainlink decentralized oracle system. Latest prices of both digital assets and fiat currencies benefit the users.

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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