Beyondfi Exchange on HECO
Beyondfi’s Synthetic Exchange seeks to be the most innovative yet user-friendly DEX in the entire DeFi space. While some DEXes are forks of pre-existing protocols and haven’t sought development towards improving user experience, Beyondfi emphasized building an ecosystem as a whole for users through a range of products, starting with our DEX.
Therefore, we will launch on HECO, a fast, low-cost, EVM-compatible public chain that is also highly efficient (process power), energy-saving, and of course, completely decentralized.
By Integrating HECO, we seek to be the first functional synthetic asset platform on the HECO Blockchain. Huobi Ventures & the HECO Team are both our early backers and strategic partner, and we are beyond excited to finally launch!
Decentralized Synthetic Exchange on HECO
What is Beyondfi Synthetics Exchange?
The Beyondfi platform enables the creation of synthetic assets that track the value of assets in the real world. Examples include assets from various asset classes such as fiat, commodities, and crypto assets.
What is a synthetic asset?
Synthetic assets allow you to gain the position of holding an asset, without actually holding, regardless of boundaries, limitations, or geographic location. This defines the true nature of DeFi.
How does it work?
To hold or trade synthetic tokens, a USD-based stablecoin is utilized as it is the most referenced source of pricing, a denomination widely accepted in many decentralized platforms.
Our platform uses BYN token, which can be locked to receive the USD-based stablecoin USDb. Users holding USDb can not only take a position with Synthetic tokens, but can earn immediate yield (as they locked BYN), for contributing to the ecosystem of the platform.
All holders share a collateral pool, allowing instant swaps, without a counter-party.The pool of all collateral holders, BYN holders that is, plays the role of both the issuer & contributor to the platform.
In order to maintain liquidity and ensure Synth tokens are fully backed, the platform requires a collateralization ratio, currently at 200%.
Let’s take a look at the key functions & features that make up the Synthetic DEX.
Key Functions & Features
1) Bridge Function
- Our Bridge allows users to send existing BYN Tokens (ERC20) from the Ethereum Network to HECO Network (HEC20)
2) Trading Synthetics
- Taking a position with synthetic tokens, or swaps, are instant, as mentioned previously. Simply lock BYN, to trade with USDb.
- All trades and transactions will occur on the HECO Chain network, allowing quick roll-up periods and on-chain settlement.
3) Easy & cheap access
- C-Ratio: 200%. Other platforms require up to 700% collateralization, placing limitations on accessibility.
- We offer a lower entry point, for new & existing users.
4) Instant Rewards
- Locking BYN, or “invest” to receive USDb, will actively allow users to receive platform rewards, automatically.
5) Reward System
- Rewards are distributed weekly, and users must claim on a weekly basis. Our First Week reward pool is 50,000 BYN and can increase every week. *Conditions apply, as rewards is based on TVL, as it increases with the max cap of 100% increase every week.
- The Reward distribution happens every Monday, Midnight UTC.
Announcements will be made for further information.
Stay tuned for our next post, a guide to using Beyondfi on HECO.
Upon rebranding, Beyondfi seeks to offer a complete digital asset management platform. The Beyondfi Decentralized synthetic exchange allows users to create and trade synthetic financial products, unlocking the full potential of decentralized finance without limits. Backed by Huobi Ventures, X21 Digital, DuckDAO, Sky Ventures, OKex Block Dream Fund & more, Beyondfi allows users to trade decentralized products without restrictions, offering the true value of Decentralized Finance.