Synthetix has reportedly disclosed details regarding its new decentralized asset management solution, dHedge, out of stealth mode.
Specifically, dHedge reportedly utilized non-custodial mimetic trading for Synths, or tokens which offer exposure to a wide variety of assets, nominally gold, Bitcoin and the U.S. dollar on the Ethereum blockchain.
Synthetix founder Kain Warwick reportedly revealed that dHedge will make the best use of the maximum power of the protocol.
“dHedge is one of the first platforms to fully utilise the power of the Synthetix protocol. I’m extremely excited for its impact not just on the Synthetix ecosystem, but for DeFi at large. I can’t wait to see what dHedge will ship in the weeks and months ahead”.
The firm reportedly disclosed that dHedge is reportedly coming up with new approaches to utilize the “derivatives liquidity the Synthetix protocol enables.” It’s native governance token, DHT, will reportedly contribute to establishing decentralization. dHedge is reportedly backed by Framework Ventures, Three Arrows Capital, BlockTower Capital, DACM and Maple Leaf Capital.
The mainnet will reportedly be available in September, following a smart contract audit.
Synthetix will reportedly organize a competition on Ethereum’s Ropstein testnet throughout the next 2 weeks, to make crypto traders familiar with the dHedge platform. First place will be eligible for 37,000 DHT, together with an extra Synthetix Network Token (SNX), as well as their own channel on the DHedge Discord.