General Protocols Launches New BCH Bull Trading Platform, Built on Bitcoin Cash’s AnyHedge Protocol
Singapore, Singapore, 1 May 2023, Chainwire
General Protocols announces the full production release of BCH Bull, a pioneering decentralized trading platform built on Bitcoin Cash. Using smart contracts on the Bitcoin Cash main chain, BCH Bull allows users to create long or hedge positions against a variety of assets, including gold, silver, BTC, Ethereum, and fiat currencies such as USD, CNY, and INR.
Built on the AnyHedge protocol, BCH Bull leverages the scalable UTXO-based protocol of Bitcoin Cash to avoid high transaction fees and ensure that network fees do not rise with increasing transaction volume. Since its beta release in October 2022, BCH Bull has already created and redeemed more than 3,000 smart contracts. The AnyHedge protocol, which forms the basis of BCH Bull contracts, has already been listed on DefiLlama and has achieved over $1 million USD in total value locked.
A distinguishing feature of BCH Bull compared to Ethereum-based applications is the individuality of each trading smart contract. As soon as two traders agree on terms, the smart contract is initiated, thereby eliminating centralized contract risk.
The BCH Bull production release introduces a number of improvements to improve the user experience. These include doubling the contract size (up to $25,000 hedge positions and $6,250 5x long positions), tripling the contract duration to 90 days, cutting fees by approx. and offers language localization to its Chinese users.
BCH Bull is a testament to Bitcoin Cash’s expanding ecosystem of smart contract distribution and DeFi DApp creation, paving the way for further innovation. The upcoming Bitcoin Cash network upgrade on May 15, 2023, promises even more possibilities, such as CashTokens for identity tokens, pact tracking identity tokens, voting with fungible tokens, sealed voting, multi-threaded pacts, NFTs and decentralized multi-pact applications.
When CashTokens emerge with the upcoming Bitcoin Cash network upgrade, BCH Bull users will be able to trade contract positions in the future, offering a potential alternative to traditional stablecoins. In light of recent failures with algorithmic stablecoins and concerns about other stablecoin centralization risks, CashTokens presents a fully supported, liquid solution to combat cryptocurrency price volatility. This development promises to improve the user experience on BCH Bull and expand the reach of Bitcoin Cash-based financial solutions.
About general protocols
General Protocols are UTXO experts who build peer-to-peer, open source financial tools and services on the Bitcoin Cash blockchain. General Protocols’ aim is to help develop a true peer-to-peer, global digital economy, accessible, affordable and useful for everyone in the world. General protocols believe in trustless, permissionless and non-custodial solutions that allow economic freedom for all.
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General protocols
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Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basics. Readers are encouraged to do thorough research before making investment decisions. Crypto Basic is not responsible for financial losses.
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