THORChain has partnered with BitMax.io (BTMX.io) to launch BEPSwap to the global Binance Chain community, which will include staking of BEP2 assets, swapping and potentially other capabilities, such lending, and derivatives at a later date.
BEPSwap
BEPSwap was announced on July 2019 as the first Finance (DeFi) app on Binance Chain. Since July, over 14 projects valued at over $200m in combined market cap have committed to supporting the launch of the protocol. These projects include high profile projects such as Matic Network, Harmony, and Elrond, as well as community favorites such as Bolt Global, TomoChain and Atomic Wallet. When launched, BEPSwap will allow any BEP2 asset holder of these projects to stake their assets in “continuous liquidity pools” and earn on liquidity fees.
More importantly, since these pools have “always-on” liquidity, it will result in much deeper and stronger markets for all participating projects. Holders of those assets will able to easily enter and exit markets, and even swap directly between coins. Since the markets are transparent and available, then prices will always represent the prevailing secondary market price. This dissuades market manipulation as it financially exposes anyone trying to move prices away from the market. As a result, the prices of the pools can be taken as true market price and can function as a source of trustless price feeds for supported assets.
Advanced Features
Since the pools will represent the fair market price at all times and can resist manipulation, then much more advanced financial features can be built, such as lending and derivatives. Since BEPSwap pools can function at any liquidity depth, then collateralized lending can be built for any BEP2 asset, no matter the price or liquidity. Once a healthy lending market is built, this, in turn, can power derivatives such as futures and swaps, and even support margin trading. The BEPSwap team is actively researching how this can be built safely into the platform, but the fundamentals are in place for this to be shipped.
BitMax.io Support of BEPSwap
BitMax.io team brings together a power-house of financial and blockchain experts, and their institutional-grade trading platform – is an example of this. BitMax.io makes the perfect partner of BEPSwap being an early supporter of BEP2 assets and function as a marketplace for digital-asset trading. BitMax.io will collaborate with the BEPSwap team to integrate BEPSwap staking natively into the platform so that BitMax.io users can have the option to stake directly from their exchange balances. Once staking function is in place, more dynamic features such as Lending and Derivatives can potentially be built on top of that.
BitMax.io has just conducted inaugural listing of the RUNE-token on the platform, that would support efficient price discovery of the RUNE assets ahead of Main-net release later this year. Furthermore, BitMax.io will work with the team on community-building and co-branded marketing activities to increase the exposure of the platform.
Disclaimer: The statements, views, and opinions expressed in this article are solely those of the author/company and do represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
