Hxro, a crypto derivatives marketplace, performed a test launch on the Solana Mainnet with some Bitcoin futures contracts that make use of a dummy token as collateral.
Dan Gunsberg, the co-founder of Hxro, assured that the “alpha sandbox” of Hxro won’t risk the real money of traders since the contract collateral is a play on USDC and Hxro dubbed UXDC, which is a valueless, simulated stablecoin minted by Hxro to stress test the network before it is launched publicly.
The institutional-backed decentralized finance (DeFi) derivatives hub will come a little closer to carrying its institutional-backed decentralized finance (DeFi) derivatives hub to full operation with the test phase. The funders and participants of Hxro include a Quant trading company, Susquehanna International Group, the Chicago Trading Company, Jump and Alameda. These help participants with core functions like market-making.
Atop the Solana blockchain, the goal of Hxro is to become a hub for derivatives trading, said Gunsberg. The co-founder added that their major focus currently is to develop applications on the network while the liquidity from each of those networks will collapse Hxro.
Gunsberg said that staging a derivatives platform atop Solana or any blockchain translates to the fact that there is full transparency into each trader and trade. Adding that these can benefit the whole market by clarifying who is taking on inappropriate risks.
Gunsberg also added that a lot of times, the majority of their issues stem from a lot of risks ended by being managed by relationship, giving the example of Three Arrows Capital that there were all kinds of assumptions about them without performing the due diligence required to be done.
Other projects such as Zeta, Cypher and Drift are among the efforts that are being done to bring DeFi futures trading to Solana.
In other news, Caitlin Cook, who acted as the head of community and vice president of operations for its Onramp Academy, having joined the Onramp in 2021 through a tweet, announced that she had joined Hxro as head of marketing and communications.
She also shared why she decided to join Hxro in a tweet in which she wrote that she realized that the world is in the midst of a transformative period within financial services, which offers a unique opportunity “to rethink how markets work.”
Source: https://www.thecoinrepublic.com/2022/07/05/hxro-performs-test-launch-on-the-solana-mainnet/