General Protocols has announced the launch of BCH Bull, a decentralized trading platform built on Bitcoin Cash (BCH). BCH Bull enables users to create long or hedge positions against various assets, including gold, silver, BTC, Ethereum, and fiat currencies such as USD, CNY, and INR. By employing smart contracts on the Bitcoin Cash mainchain, BCH Bull avoids high transaction fees and ensures network fees do not rise with increasing transaction volume.
Features and Enhancements
BCH Bull leverages the scalable UTXO-based protocol of Bitcoin Cash and individualizes each trade’s smart contract, eliminating centralized contract risks. The platform has already created and redeemed more than 3,000 smart contracts since its beta release in October 2022. The AnyHedge protocol, which forms the foundation of BCH Bull contracts, has achieved over $1 million USD total value locked and has been listed on DefiLlama.
The BCH Bull production release introduces several enhancements to improve user experience. These include doubling the contract size, tripling the contract duration to 90 days, cutting fees by approximately 30%, incorporating Chinese Yuan as an additional trading asset, integrating a premium tracker, and offering language localization to its Chinese users.
Potential of CashTokens
The upcoming Bitcoin Cash network upgrade on May 15, 2023, promises even more possibilities, such as CashTokens for identity tokens, covenant-tracking identity tokens, voting with fungible tokens, sealed voting, multi-threaded covenants, NFTs, and multi-covenant decentralized applications. As CashTokens emerge, BCH Bull users in the future could trade contract positions, offering a potential alternative to traditional stablecoins. CashTokens present a fully backed, liquid solution to combat cryptocurrency price volatility, enhancing user experience on BCH Bull and expanding the reach of Bitcoin Cash-based financial solutions.
About General Protocols
General Protocols are UTXO experts, building peer-to-peer, open-source financial tools and services on the Bitcoin Cash blockchain. The company’s goal is to help develop a true peer-to-peer, global digital economy that is accessible, affordable, and useful to everyone in the world. General Protocols believe in trustless, permissionless, and non-custodial solutions that allow economic freedom for all.