[PRESS RELEASE – Singapore, Singapore, May 1st, 2023]
General Protocols announces the full production release of BCH Bull, a groundbreaking decentralized trading platform built on Bitcoin Cash. By employing smart contracts on the Bitcoin Cash mainchain, BCH Bull enables users to create long or hedge positions against a variety of assets, including Gold, Silver, BTC, Ethereum, and fiat currencies such as USD, CNY, and INR.
Built on the AnyHedge protocol, BCH Bull leverages the scalable UTXO-based protocol of Bitcoin Cash to avoid high transaction fees and ensure network fees do not rise with increasing transaction volume. Since its beta release in October 2022, BCH Bull has already created and redeemed more than 3,000 smart contracts. The AnyHedge protocol, which forms the foundation of BCH Bull contracts, has already been listed on DefiLlama and has achieved over $1 million USD total value locked.
A distinguishing feature of BCH Bull compared to Ethereum-based applications is the individuality of each trade’s smart contract. As soon as two traders agree on terms, the smart contract is initiated, thus eliminating centralized contract risks.
The BCH Bull production release introduces a range of enhancements to improve user experience. These include doubling the contract size (up to $25,000 USD hedge positions and $6,250 USD 5x long positions), tripling the contract duration to 90 days, cutting fees by approximately 30%, incorporating Chinese Yuan as an additional trading asset, integrating a premium tracker, and offering language localization to its Chinese users.
BCH Bull is a testament to Bitcoin Cash’s expanding ecosystem for smart contract deployment and DeFi DApp creation, paving the way for further innovation. The upcoming Bitcoin Cash network upgrade on May 15, 2023, promises even more possibilities, such as CashTokens for identity tokens, covenant-tracking identity tokens, voting with fungible tokens, sealed voting, multi-threaded covenants, NFTs, and multi-covenant decentralized applications.
As CashTokens emerges with the upcoming Bitcoin Cash network upgrade, BCH Bull users in the future could trade contract positions, offering a potential alternative to traditional stablecoins. In light of recent failures of algorithmic stablecoins and concerns about other stablecoin centralization risks, CashTokens present a fully backed, liquid solution to combat cryptocurrency price volatility. This development promises to enhance user experience on BCH Bull and expand the reach of Bitcoin Cash-based financial solutions.
About General Protocols
General Protocols are UTXO experts, building peer-to-peer, open-source financial tools and services on the Bitcoin Cash blockchain. General Protocols’ goal is to help develop a true peer-to-peer, global digital economy, accessible, affordable, and useful to everyone in the world. General Protocols believe in trustless, permissionless, and non-custodial solutions that allow economic freedom for all.
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