Just recently the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel and since then, 284 smart contracts were created onchain, and more than $32,900 in funds hedged using the alpha protocol. Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that allows anyone to long bitcoin cash against a myriad of tradeable assets.
General Protocols to Launch a Decentralized Application 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. One protocol called Anyhedge just released the protocol’s alpha version, which allows users to create smart contracts onchain. Furthermore, the team behind Anyhedge, General Protocols, recently summarized the Anyhedge Extension, which was made possible after the new ruleset changes were applied to the BCH network last May.
This month, General Protocols has plans to launch a dapp called BCH Bull, an application that allows people to long BCH against a number of tradeable assets. BCH Bull is a permissionless and noncustodial dapp built on the BCH chain. Tradeable assets that can be used to long or hedge bitcoin cash include assets like the U.S. dollar, bitcoin (BTC), ethereum (ETH), or the precious metal 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:
On the other side of the contract, those users wishing to stabilise their purchasing power will also be able to create hedging positions against those same assets, thus providing a trustless and novel crypto stability solution, essential for risk-averse users such as merchants, miners, and other businesses operating with cryptocurrency.
General Protocols details that because Anyhedge smart contracts leverage the unspent transaction output (UTXO) properties offered by the BCH network, the smart contracts have 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.
What do you think about the upcoming BCH Bull application built by General Protocols? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman
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