MARKET Protocol, an open-source platform powering decentralized derivatives trading and exchanges on the Ethereum blockchain, today announced a partnership with decentralized crypto exchange DDEX to bring leveraged long (LBTC) and short (SBTC) bitcoin assets to traders starting this Friday, July 19th.
“There have already been some great trades with MARKET Protocol as bitcoin neared $14,000 a few weeks ago. Now traders on DDEX have an opportunity to trade BTC/DAI while remaining on the Ethereum blockchain through the same intuitive UI they already use. All collateral is stored safely on-chain. Since launching two weeks ago we’ve seen over 150 trades and $50k+ in volume.”
– The MARKET Protocol Team
Having recently launched live on maininet, MARKET Protocol enables users to mint tokenized assets like NASDAQ shares, a crypto VIX, or even leveraged derivatives like 2x BTC Short — all as tokens. Market Protocol is built using smart contracts which enforce token rules that ensure there is no counterparty risk. The protocol never auto-deleverages, socializes losses or changes the contract rules.
DDEX is a Beijing-based decentralized cryptocurrency exchange, and is the first decentralized exchange built on Hydro Protocol technology, offering instant, real-time order matching with a secure on-chain settlement directly from users’ wallets. The trading on DDEX occurs directly between buyers and sellers in a peer-to-peer (P2P) network via an automated process. DDEX is a leading decentralized exchange, making up around 4.6% of all DEX trading transactions ever recorded by Etherscan (as of today).