December 30, 2020, around 18:00 pm UTC time, @GeneralProtocols announced that the very first ever Bitcoin Cash (BCH) DeFi platform is already live and now accessible for everyone who wants to experience it.
After many months of hard work, together with @DetokenDotNet, they proudly announced the first Decentralized Finance platform for Bitcoin Cash (BCH) where users can Hedge and long their asset where they can earn with it while being in full control in their own BCH or money. The new DeFi platform for BCH is called Detoken.net.
Signing up in Detoken.net
Signing up is pretty easy, and unlike this platform - read.cash - you can decide if you want to enable a 2 factor authentication (2FA). But for more security, it is recommended to enable it to secure your account.
Here's what you should do;
Sign up and create an account here - https://detoken.net.
Provide your name, email address and create a strong password (need to compose an upper and lower case letters and a number).
After providing the details you must verify your email by clicking the link that will be sent in your email, and you are good to go.
Features of Detoken.net
The app/site is just new and currently it hasn't implemented all of the features the developers wanted to add, but the current available features in it is considerable already for everyone or every Bitcoin Cash lover.
1. Dashboard
After signing in, you will then see your dashboard where the current price of BCH are shown, send and receive option for a transaction, and the ways on how you can earn in this platform - Hedge and Long.
2. Positions
This is where you can keep an eye from the amount you hedged and the long position in your asset together with your profits and losses, current value of your position and your starting position value.
3. Transfer
All of the transactions you made will be shown here; the amount of asset sent and received, and the exact time and date of the transaction.
4. Account
This option is where you can find your input name (unchangeable), your referral link if you want to refer someone who doesn't know about it, to change your password and to enable the 2 factor authentication (2FA).
Hedge and Long
1. Hedge
Hedging your asset's value is also a way of escaping volatility of asset's market price. Let's have an example;
You have 1 BCH with a worth of $400 current market price, you will hedge the price of 1 BCH in detoken.net which is $400 for 24 hours. Within that 24 hours, even if the price of Bitcoin Cash will falls down to $350, you will still have your $400 worth of BCH after the time limit given.
Referring to the image above, hedging will cost you a little amount, something like a fee.
2. Long
This is like the Future trading in Binance but with only 3x Leverage.
Here, if you think that the price of BCH will go up, and made a long position, you will earn x3 from your position if you are lucky and the price of BCH will go up.
One thing I'm not really sure of, if there is a liquidation mark with it just in case if the price of BCH will not go the way you think and falls down dramatically.
Update from Jonathan Silverblood:
The liquidation mark, currently, is at -25% from your starting position.
Sending and Receiving
Just like how Bitcoin Cash should be, making a transaction in detoken.net is as fast as a lightning.
Right after you sent your BCH from your own wallet, you will instantly receive it and the balance will appear immediately in your detoken.net account. The same goes in withdrawing your BCH from your detoken.net account.
More features to come
Jonathan Silverblood, a big personality introducing Bitcoin Cash to the world, said that there will be more features that will be coming in the new DeFi platform. This is a big step for more BCH adoption as this is just the beginning for the platform to introduce Bitcoin Cash to the world and will be world's peer-to-peer electronic payment.
Follow them in Twitter:
Jonathan Silverblood - https://mobile.twitter.com/monsterbitar
@GeneralProtocols - https://mobile.twitter.com/GeneralProtocol
@DetokenDotNet - https://mobile.twitter.com/DetokenDotNet
Thank you for reading.
@Ryryry143 💕
What should be the minimum amount to hedge and long BCH in detoken.net?