With the mainnet getting closer, Cypher adds crypto pair futures and indices to its devnet.
Creating New DeFi Markets
Synthetic asset protocol—Cypher—is launching crypto pair futures, allowing users to trade the relative performance of two digital assets.
The team announced on April 25 via Twitter the launch of the first two trading pairs. SOL/ETH and SOL/LUNA will be available on April 28 and are allegedly the first pair futures on Solana. For instance, regarding the SOL/ETH future, users who go long expect SOL to outperform ETH, while users who take a short position expect the opposite.
“So, if you think Ethereum is a bunch of overpriced stuff built by jokers who don’t know how to code, hammer the long button for SOL/ETH,” tweeted the protocol jokingly. “And if you think Solana is just a non-decentralized corporate chain, smash the short.”
This way, traders can profit even in a bear market while both tokens go down if they determine which can weather the storm better.
In addition to the new crypto pairs, the protocol will release indices soon, exposing investors to a diversified basket of underlying products. Component indices will include the leading protocols from a particular Layer-1, and thematic indices will offer a wider selection of blue-chip and newer DeFi projects.
Last year, the protocol raised $2.1 million to build a platform for retail and institutional participants to gain exposure to assets without having to own them. Cypher´s synthetic assets are called cAssets, and they unlock a multitude of new and previously untradable markets. Now, the team is working towards the mainnet release, scheduled for Quarter 2 2022.
What is Cypher Protocol:
Cypher is a decentralized synthetic asset protocol on Solana that facilitates price and demand discovery in pre-public markets. Users will be able to mint and trade synthetic assets representing the valuation of late-stage private companies (such as SpaceX) before they go public. Stablecoins, such as $USDC, will back up these synthetic assets.
Where to find Cypher?
Source : web3wire.news