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If you don't know about Detoken, you're also like me before now. A newbie to the BCH FAMILY, but very eager to know more..... Like a sponge soaking up any & every information.
So without further ado, i want to tell you about how i discovered Detoken Bitcoincash's very own DeFi.
"The term DeFi is an acronym which stands for decentralized finance."
Detoken has been around for a while now, i was on twitter, telegram, noise cash, Facebook you name it. I wasn't sure about what it is i was looking for going from one social media and also to blockchain micro blogs. It was on twitter that i stumbled upon the word 'Detoken', curiously i went in search only to discover it was launched around 2020. A DeFi on the BCH blockchain designed for the BCH community in mind with little or lesser fees compared to other blockchains that offer the similar services.
Once you register (you'll need your email address and a password to sign up), You'll be met with the dashboard,
DASHBOARD: You'll see the dashboard has the Receive and Send tabs. The receive tab is where go to deposit your BCH from your personal wallet into your Detoken wallet address. You can either scan or copy & paste the address.
The Send tab area is where you go when you want to withdrawal your funds from your Detoken wallet, to your personal wallet.
It also has the Hedge and Long options for you to decide on the route (position) you choose to take.
POSITIONS: Here is where you can view the position on which you have taken. It shows the position, profit & Loss, current price, start price, duration and expiration.
TRANSFERS: On this interface, you get to see the amount of fund that you deposited and staked in a given position.
ACCOUNT: On this section, you have your username, password change, also your referral link which you can use to to invite your friends. Also the 2FA two-way factor authentication and the Seed words.
WHAT IT DOES
Detoken is operates a futures trading contract on BCH blockchain where you can lock in your bitcoincash for 24hrs either in 'Hedge' or 'Long' positions.
Its really a straight forward process & its a great way to ensure that you can get more BCH once you get it right. Remember, its a Futures Contract which means there two sides to the contract.
On one side of the contract, you hedge your bitcoincash against price fluctuations & unstable market volatility.
On the other side is the Long. Which gives you a 3:1 increase in the amount of funds available on your contract, if there's a price increase, you're good to go.
To make sure that your account is properly safe, make sure that the 2FA authenticator is enabled.
And the best part of it is you own the keys to your wallet on Detoken platform, which means its trustless & permissionless.
You can withdraw your funds once the 24hrs alloted time is up.
Its that easy & simple.
You can give it a try......... !!!!
In case you wish to try out this DeFi on BCH blockchain, you can use my referral to get you started.