As decentralized finance (DeFi) garners more traction in the blockchain industry, more projects also get launched into the market. By the end of 2020, the DeFi market size stood at approximately $16 billion. However, within the Q3 2021, the market size has grown to an estimated $154 billion in total value locked.
The exponential market growth is the major reason we have more projects entering the DeFi market. These new projects are not just launching into the market; they are offering solutions to some of the issues in the industry. This is the case of Hashbon FiRe (Finance Reinvented ecosystem) as it enters the DeFi market with its Hashbon Rocket, a decentralized cross-chain token exchange.
The Hashbon Rocket CDEX Platform
Hashbon Finance Reinvented prepares to launch its Hashbon Rocket on September 9, 2021. The Hashbon Rocket CDEX platform is to become the first cross-chain decentralized exchange. This pioneer CDEX platform seeks to solve the problem of exchanging any ERC-20 token for any BEP-20 token in a decentralized finance manner. Unlike the traditional decentralized exchanges that support only intra-chain swaps, Hashbon Rocket CDEX will begin with exchanges between Ethereum and Binance Smart Chain blockchain protocols. The platform will later expand to accommodate other Ethereum Virtual Machine (EVM) compatible networks.
Hashbon Rocket CDEX-platform will use the proof-of-stake (PoS) consensus mechanisms. Here, the arbiters (judges) make decisions, and the power of their share is dependent on their share of HASH tokens. The higher the number of HASH tokens that arbiters have, the higher the reward for a correct response and, conversely, the higher penalty for an incorrect vote. If you want to study the full details of the Hashbon Rocket algorithm, kindly see the project’s whitepaper.
According to the CEO of Hashbon Rocket, Grigory Bibaev, “cross-chain exchange between EVM-compatible blockchains is just the first step. In the future, we see Hashbon Rocket as a multifunctional DeFi platform that provides a variety of services from DeFi bonds for corporations to lending and staking.”
Token for Governing Hashbon Rocket (HASH)
HASH token is a BEP-20 and ERC-20 compliant token and can be tracked on EtherScan and BscScan. It will serve as the utility and governance token for the Hashbon Rocket cross-chain decentralized exchange. It is the fuel that empowers the different system participants. To make exchanges on the Hashbon Rocket CDEX platform, liquidity providers must pay arbiters with HASH tokens. In turn, these arbiters will use the tokens as voting power for verifying and approving transactions. The tokens can also give arbiters the power to submit proposals to Hashbon.
Also, the people wishing to issue DeFi bonds or launch a crowdsale make use of the HASH token. Currently, HASH is available on the Pre-Sale before Rocket’s launch for those who are ready to take advantage of its price and entering this DeFi ecosystem at the earliest stage. Before, HASH was listed on Uniswap, PancakeSwap, BurgerSwap, and also placed on CoinMarketCap and CoinGecko.
Overview of the Hashbon Ecosystem
Hashbon FiRe is a crypto payment ecosystem that was launched in 2016. The vision of the platform has been to bring crypto payments to crypto enthusiasts and day-to-day businesses. As the team seeks a new era of blockchain and decentralized finance development, “Finance Reinvented” (FiRe) became their mission.
In their quest to revolutionize the crypto payment landscape, Hashbon has created a diversified ecosystem that includes the following:
Hashbon Rocket CDEX-platform: Designed for swapping cross-chain tokens.
Hashbon Quant Wallet: Developed for the smooth transfer and receiving cryptos safely.
Hashbon React Payment Gateway: It allows merchants to accept payments in 30+ cryptocurrencies without having to pay any commission.
This post was originally published on www.newsbtc.com