Breaking into a space dominated by traditional centralized exchanges, Hxro, a Solana-based DeFi protocol, has created a new option for trading decentralized Bitcoin derivatives. Hxro’s new beta decentralized platform will enable the trading of different types of BTC perpetual contracts using USDC as collateral.
The beta version of the marketplace will only allow white-listed trading firms and individuals to trade BTC against USDC futures contracts. It will feature two weekly, two monthly, and four quarterly contracts.
The project roadmap reveals that Hxro intends to launch derivates linked to Ether (ETH), SOL, and other highly liquid cryptos next month.
The crypto derivatives market makes up more than half of the crypto market’s trading volume. That makes it a very hot segment for exchanges to pursue. The market share of crypto derivatives in total crypto volume was 69% earlier this year, in July. As a result, the overall crypto trading volume on exchanges got a boost and managed to touch $4.51 trillion.
Meanwhile, crypto derivatives trading on the centralized exchange scene rose to $3.12 trillion.
DEXs are the new frontier of crypto trading for firms and individuals. So the launch of the new marketplace will help hardcore crypto traders choose decentralized options.
Decentralized options like this will provide real-time and better levels of transparency and risk mitigation compared to centralized marketplaces, according to Hxro founder Dan Gunsberg.
Hxro is backed by Jump Crypto and Alameda Research. To profit from the market even further, the company is looking to onboard other trading firms that deploy complex trading strategies with similar goals.