Decentralized crypto derivatives exchange LEVERJ is teaming up with digital asset data company Brave New Coin (BNC) to roll out a full pipeline of innovative exchange traded products.
Founded by Wall Street veterans, LEVERJ is created to perform like traditional financial exchanges while maintaining the critical function of instant finality. LEVERJ is completely self-custodial by design, meaning that no matter what happens to the exchange, users always control their private keys and funds. The platform uses a protocol called Gluon, a mathematically rigorous solution preventing fraud, compromise, and collusion to provide all the benefits of blockchain without the limitations. Gluon is the first fully operational Ethereum Layer 2 chain, giving LEVERJ the high-transaction throughput to work just as fast as centralized exchanges.
Founded in 2014, BNC is a data and research firm focused on the blockchain and crypto industry. The company’s 3rd generation (V3) crypto index infrastructure has been in high demand since its launch in early 2020 from companies including BTSE and the Toronto Futures Options and Swaps Exchange (tFOSE). It also provides data and index solutions for several partners including Refinitiv, Amazon Alexa, Dow Jones Factiva, NASDAQ, BTSE.com and many more.
LEVERJ and BNC will work together to introduce several derivatives products, starting with an ETH-USD and BTC-USD perpetual swaps. The partners will also introduce sub-sector specific tradable products like a DeFi index, privacy coin index, volatility indices and much more.
“Most exchanges self-index, which introduces unnecessary risk. While LEVERJ and Gluon are decentralized, we fully take into account the importance of safe product design when it comes to derivatives,” said Bharath Rao, co-founder of LEVERJ. “By partnering with Brave New Coin, we give our users more transparency in the benchmark methodology and instrument design process as well as a greatly expedited product roadmap. It’s our goal to bring the best practices of capital markets into the DeFi space, thus attracting new institutions who wouldn’t trade anywhere with vague rules.”
According to the firms, all methodologies will be fully transparent and published on both companies’ websites. An index steering committee has been created to lead a quarterly review of design and constituents. The two parties said that they are firmly committed to decentralizing the indices and their infrastructure further over time.
“We first envisioned decentralized derivatives back in 2015, but only in the past few months has the ecosystem’s infrastructure finally become strong enough. LEVERJ’s Gluon is representative of this and is a real breakthrough,” said Fran Strajnar, CEO of Brave New Coin. “This technology will coalesce several DeFi applications into a single interoperable layer. If someone wants to iterate on LEVERJ’s UX or features, they can build their own exchange and still tap into the liquidity on Gluon as integrating the Gluon smart contracts will be straightforward and come with incentives for market makers and developers alike.”
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