CHICAGO, July 1, 2022 /PRNewswire/ — Hxro Network (“Hxro”), a fully composable, on-chain derivatives primitive that provides core exchange, risk and settlement infrastructure, today announced it has launched the alpha version of its derivatives marketplace onto the Solana mainnet.
Hxro Network provides key primitive layer infrastructure for the exchange, risk, margin and settlement of derivatives including perps, futures and options. It is built on the Solana blockchain. The network boasts a marquee list of partners, many of whom have been key builders and active participants including principal trading firms SIG DT (a Susquehanna International Group Company), Jump Crypto, Alameda Research, Chicago Trading Company, and Pattern Research as well as venture participation from Blockchain Capital, Solana Ventures, Coinbase Ventures, Commonwealth Asset Management, CoinFund, Genesis, LedgerPrime, Mantis and Magnus Capital. Notable macro hedge fund managers Alan Howard and Louis Bacon are also part of the network’s ecosystem.
At launch, the alpha sandbox will feature a BTC/USDC perpetual future and 8 consecutive expiring futures markets including 2 weeklies, 2 monthlies, and 4 quarterlies along with associated exchange-supported calendar spread markets for each tenor. During the alpha sandbox, contributing developers will also be completing the integration of Hxro’s staking and rewards contracts. This alpha period will be utilized to ensure that all critical staking and rewards functionalities are deployed efficiently during mainnet integration.
Dan Gunsberg, Co-Founder of Hxro Network commented on today’s news: “Today’s launch represents a significant milestone for the network and is very much just the beginning. With the launch to mainnet, Hxro Network will deliver decentralized derivatives products and infrastructure to traders, user facing applications, market makers and other market participants in a way that they are familiar with from a traditional market perspective but with the benefits of DeFi. With recent events in the CeFi space, the market has exposed a need for robust, transparent and decentralized market infrastructure. This is the time to start providing alternative solutions and giving market participants a choice. The network and its community look forward to leading this effort.”
During the public testing period, any Solana wallet holder will be eligible to participate in the alpha sandbox. The sandbox will have a reference UI as well as a python API to support automated trading and dApp integration. Rust and typescript API’s are available as well.
At launch, network contributors have chosen to take a conservative approach and use a sandbox test token with the symbol $UXDC. This token does not hold any monetary value and will be used in place of USDC as the network moves through its alpha phase. Once network contributors feel all components of the network are hardened, the network will enter its beta phase and offer USDC collateralized markets.
About Hxro Network
Hxro Network is a fully composable, on-chain derivatives primitive that provides core exchange, risk and settlement infrastructure built on the Solana blockchain. Through a series of native protocols, Hxro Network provides the framework and infrastructure for a robust, fully-functional decentralized derivatives primitive.
Jay Morakis (for Hxro Network)
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SOURCE Hxro Network