1/ BTIG just dropped a research report on $HXRO

πŸ”‘= Highlight

πŸ§΅πŸ‘‡
2/ Dan Gunsberg and Rob Levy in 2018 sought to combine their traditional finance (TradFi) knowledge with a decentralized finance (DeFi) framework to create a gamified binary futures platform that would provide an easy on-ramp to the cryptocurrency space for retail investors.
3/ The result of their efforts was the launch in January 2019 of Hxro a platform that brought together digital currency trading with skill-based social gaming while introducing the HXRO token.
4/ Now the team are working on the next step in Hxro’s evolution: the Hxro Network, a decentralized liquidity network being built on the Solana blockchain that will provide the infrastructure for a fully functional decentralized exchange for vanilla, exotic & pari-mutuel options
5/ While the most widely used DeFi applications have been focused on peer-to-peer lending and borrowing, some observers have pegged options as the next major frontier for decentralized finance.
6/ Crypto options markets, while nascent, have
been growing at an exponential rate. Derebit (Private), the leading options trading platform for cryptocurrencies, during 1Q21 posted over $2bn in daily bitcoin options volume.
7/ At the same time, a robust, decentralized options trading solution has yet to materialize despite various attempts, with projects running into various roadblocks
8/ Gunsberg and Levy sought a means through which they could build a workable solution to address them. They found it with the Solana blockchain, an Ethereum alternative capable of faster transactions and greater
scalability, which they viewed as the only distributed ledger with
9/ the quality, speed and level of throughput that the Hxro Network would need to avoid the problems
that had impeded other efforts to build DeFi options platforms. Hxro on February 5 announced its collaboration with Solana.
πŸ”‘10/ To ensure that Hxro Network will provide sufficient liquidity to power options trading for institutional investors at macro funds & large hedge funds, Gunsberg & Levy are looking beyond the DeFi approach embodied in the AMMs & allowing TradFi market makers onto the network.
πŸ”‘11/ Hxro’s collaboration on TixWix with FTX CEO Sam Bankman-Fried had led to further cooperation. Hxro Network’s developers have been composing with Serum, the Solana-based derivatives exchange (DEX) founded by Bankman-Fried, to access such vital pieces of architecture.
πŸ”‘12 / as on-chain central limit order books. Hxro is also poised to tap Serum for spot and (eventually) perpetual swap liquidity for both the protocol and the delta hedging needs of its users.
πŸ”‘13 / Gunsberg and Levy noted that 100% of the fees generated by the network would accrue to staked HXRO token holders and specialized node operators, as well as network treasury and developer pools needed to support its ecosystem.
πŸ”‘πŸ”‘πŸ”‘ 14/ $HXRO Network is expected to go live on the Solana mainnet in early July.

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