Hxro Commences Test Phase of Platform for Trading Crypto Derivatives on Solana with Dummy Collaterals
- While the network is being stress-tested by the developers, trading will be limited to fake collateral.
- A layer of the cryptocurrency derivatives marketplace Hxro tested a few of the Bitcoin futures contracts on the Solana mainnet on Friday.
- There are other initiatives to introduce DeFi futures trading to Solana besides Hxro, including Drift, Cypher, and Zeta.
Hxro’s test launch on the Solana mainnet Friday went well, with a handful of bitcoin futures contracts using a dummy token as collateral. The platform performed as expected, allowing users to trade the futures contracts without issues.
The success of the test launch bodes well for Hxro’s plans to roll out its crypto derivatives marketplace on the Solana mainnet. The platform is designed to offer a variety of derivative products, including options and swaps, that will allow users to hedge against price fluctuations in the digital asset markets. Hxro’s team is confident that the platform will be able to provide a robust and user-friendly experience for traders looking to take advantage of the growing market for crypto derivatives.
Real Money Not Required During the Test Phase
The alpha sandbox is designed to let traders test the platform and hone their skills without putting any real money at risk. The contract collateral is a simulated stablecoin called UXDC, which is minted by Hxro to stress-test the network before public launch. Gunsberg said that the aim of the alpha sandbox is to get feedback from users so that the team can improve the platform before it goes live.
He added that they would be rolling out more features and games in the coming weeks. So far, the response from users has been positive, with many saying that they are enjoying learning how to trade in a safe and fun environment. Gunsberg noted that they are looking forward to seeing how people use the platform once it goes live.
The test phase brings Hxro’s institutionally supported Decentralized Finance (DeFi) derivatives hub one step closer to being live. The Chicago Trading Company, Alameda, Jump, and Susquehanna International Group, a quant trading business, are some of the sponsors and players in Hxro who help with essential tasks like market creation.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
