The start General Protocols is developing its vision of decentralized funding (DeFi) in Bitcoin Cash after over $ 1 million in a round of seed funding.
This round of funding enables the Singapore-based team to develop their flagship AnyHedge product in Bitcoin Cash. AnyHedge is an open source derivative tool that exchanges and OTC desktops can integrate to create new markets with smart contracts.
Financing was provided by investors such as cryptocurrency trader Marc De Mesel and the “thought leader” from BCH Molecular.The team consists of two former employees of Bitcoin.com and employees who contributed to the development of the voluntary donation project Flipstarter.cash by BCH Cash.
DeFi is currently all about Ethereum
DeFi refers to digital assets and intelligent decentralized financial applications, protocols and DApps that are based on different blockchains.
The President of the General Protocols said:
“We are delighted that targeted investors are supporting us in our vision to bring DeFi to Bitcoin Cash. At General Protocols, we’re building a team of dedicated peer-to-peer e-money supporters. “
The DeFi at Bitcoin Cash faces a tough battle due to the network effects of projects based on Ethereum. According to defiprime.com Of the 213 DeFi projects listed, 199 are based on Ethereumand about 10% support other platforms like Bitcoin (BTC), EOS (EOS) or Tron (TRX).
In February this year The amount blocked on the defi market reached $ 1,240 million before falling to $ 887 million (at press time) with 99% of it on Ethereum. Bitcoin’s Lightning Network is only blocking $ 9.3 million (1.05% of the total).
Total value blocked on DeFi markets, May. 8. Source: defipulse.com
The most sincere form of flattery
Last year, Bitcoin Cash launched its own version of a generic ERC-20 token using the Simple Ledger Protocol (SLP).. While only 30 SLP tokens have been created so far, the main stablecoin tether has been introduced in Bitcoin Cash.