Singapore, May 1, 2023 / AlexaBlockchain/ – General Protocols, a leading blockchain development firm, has announced the full production release of BCH Bull, a decentralized trading platform built on Bitcoin Cash. This innovative platform uses smart contracts on the Bitcoin Cash mainchain to allow users to create long or hedge positions against a variety of assets, including precious metals, cryptocurrencies, and fiat currencies.
Since its beta release in October 2022, BCH Bull has already created and redeemed over 3,000 smart contracts. The platform is built on the AnyHedge protocol, which leverages the UTXO-based protocol of Bitcoin Cash to avoid high transaction fees and ensure network fees do not rise with increasing transaction volume. AnyHedge has already been listed on DefiLlama and has achieved over $1 million USD total value locked.
One key advantage of BCH Bull over Ethereum-based applications is the individuality of each trade’s smart contract. As soon as two traders agree on terms, the smart contract is initiated, eliminating centralized contract risks.
The production release of BCH Bull introduces several enhancements to improve the user experience. These include doubling the contract size (up to $25,000 USD hedge positions and $6,250 USD 5x long positions), tripling the contract duration to 90 days, cutting fees by approximately 30%, incorporating Chinese Yuan as an additional trading asset, integrating a premium tracker, and offering language localization to Chinese users.
BCH Bull is an excellent example of Bitcoin Cash’s expanding ecosystem for smart contract deployment and DeFi DApp creation. The upcoming Bitcoin Cash network upgrade on May 15, 2023, promises even more possibilities, such as CashTokens for identity tokens, covenant-tracking identity tokens, voting with fungible tokens, sealed voting, multi-threaded covenants, NFTs, and multi-covenant decentralized applications.
As CashTokens emerge with the upcoming Bitcoin Cash network upgrade, BCH Bull users could potentially trade contract positions, offering an alternative to traditional stablecoins. This development promises to enhance user experience on BCH Bull and expand the reach of Bitcoin Cash-based financial solutions.
With the full production release of BCH Bull, General Protocols has established itself as a leading blockchain development firm. The platform’s use of smart contracts on the Bitcoin Cash mainchain and the AnyHedge protocol’s scalability make it a highly attractive option for traders looking for a decentralized trading platform that is fast, secure, and cost-effective.
About General Protocols
General Protocols specializes in UTXO and is committed to developing open-source financial tools and services on the Bitcoin Cash blockchain. Their mission is to create a truly global and accessible digital economy that empowers everyone, regardless of their location or economic status. By advocating for trustless, permissionless, and non-custodial solutions, General Protocols aims to promote economic freedom and empower individuals worldwide. https://blog.generalprotocols.com/
General Protocols Contact
John Nieri (President)
enquiries@generalprotocols.com
Source: General Protocols
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