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THORChain Introduces Trade Assets for Enhanced Onchain Trading Experience | IDOs News
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THORChain has announced a significant development in the decentralized finance (DeFi) space with the introduction of Trade Assets. According to Nine Realms, this new class of primitives allows users to trade assets onchain with the efficiency and experience of a centralized exchange, but without compromising transparency or security.
Summary
Trade Assets are designed to be twice as capital efficient as synthetic assets. This increased efficiency means that arbitrageurs can operate more effectively with the same amount of capital. Trade accounts on THORChain settle with block speed and cost, enabling swaps to be finalized within six seconds without incurring excessive Layer 1 (L1) blockchain fees. Additionally, users can redeem Trade Assets for native assets at any time without slippage, making them ideal for high-frequency traders and arbitrageurs.
Advantages of Trade Assets
- Backed 1:1 by native assets secured by THORChain
- Mint or redeem Trade Assets with no slippage (only L1 gas fees)
- 2x capital efficiency of Synthetic Assets
- Traders only pay native THORChain fees ($0.2) when swapping—no L1 gas fees
- No outbound fee when swapping to a Trade Asset
- Finality with THORChain block speed (6 seconds)
- Not subject to outbound delays or confirmation counting
What are Trade Assets?
Trade Assets are native assets custodied by THORChain but held outside of liquidity pools. Users receive a credit to their THORChain address rather than directly holding the assets in their wallets. This system allows users to have a deposit on a centralized exchange while maintaining onchain transparency. The assets are held 1:1 as L1 assets by THORChain until the user is ready to withdraw them back to self-custody.
Aligning with the THORChain Vision
The introduction of Trade Assets aligns with THORChain’s vision of providing a seamless trading experience comparable to centralized exchanges. This new feature is expected to attract high-frequency traders due to its reduced fees and increased capital efficiency. Trade assets also facilitate more efficient arbitrage, leading to tighter price spreads across different exchanges.
How to Mint or Burn Trade Assets
Minting or burning Trade Assets involves a unique memo syntax with the prefix `TRADE+` or `TRADE-`. There are no slippage fees associated with these processes, only L1 gas fees. For example, depositing 1 BTC.BTC will result in the crediting of 1 BTC~BTC, and redeeming 1 BTC~BTC will result in 1 BTC.BTC minus the L1 BTC gas fees.
How Trade Assets Differ from Synthetic Assets
Trade Assets offer faster and more capital-efficient arbitrage compared to Synthetic Assets. While Synthetic Assets affect only one side of the pool depth, Trade Assets impact both sides, allowing for quicker price corrections with less capital. Trade Assets are backed 1:1 by native assets and secured outside the pool, while Synthetic Assets are backed by a 50:50 RUNE:ASSET liquidity pool.
Economic Security
Trade Assets are the first assets on THORChain to be held outside of liquidity pools. This means not all native assets in the TSS Vaults are paired with RUNE. To ensure the network’s economic security, the Incentive Pendulum now considers the value of all assets in the vaults. If the value of the vaults exceeds the validators’ staked value, Trade Accounts will realize a negative interest rate to maintain the security ratio.
For more detailed information, the official announcement can be read on Nine Realms.
Image source: Shutterstock
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Latest News
BitMEX Announces Updates to Basket Indices | IDOs News
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Jessie A Ellis
Jul 26, 2024 09:12
BitMEX has updated the weight and index multiplier of its basket indices, impacting several key indices as of July 26, 2024.
BitMEX, a leading cryptocurrency exchange, has announced significant updates to the weight and index multiplier of its basket indices, effective as of July 26, 2024. This update impacts several key indices, including .BMEMEMEXT, according to the BitMEX Blog.
Details of the Updates
The changes took effect at 04:00:05 UTC on the specified date. These adjustments are part of BitMEX’s ongoing efforts to maintain the accuracy and reliability of its trading platform. The specific indices affected by these updates have seen alterations in their weight and index multipliers, which are critical for traders to note as these factors directly influence their trading strategies and outcomes.
Impact on Traders
For traders using these indices, it is essential to review and adjust their positions accordingly. The changes could affect the performance and risk profile of their trading strategies. BitMEX has emphasized that these updates are designed to reflect the current market conditions and improve the overall trading experience on their platform.
Compliance and Restrictions
BitMEX also reiterated its commitment to compliance with regulatory standards. The platform prohibits access to trading or holding positions for individuals or entities located in restricted jurisdictions, including the United States. BitMEX has warned that any user found to have provided false information regarding their location or residency will have their accounts closed and positions liquidated immediately.
The exchange reserves the right to update its Restricted Jurisdiction Policy and implement new controls to prevent access from these areas. Users are advised to stay informed about these policies to avoid any disruptions to their trading activities.
Advice for Traders
BitMEX has cautioned that the material posted on its blog should not be considered as investment advice or recommendations. Traders are encouraged to conduct their due diligence and consult with financial advisors before making investment decisions. The updates to the basket indices are part of BitMEX’s broader strategy to ensure a fair and transparent trading environment.
This announcement underscores the importance of staying updated with platform changes and regulatory requirements to navigate the dynamic landscape of cryptocurrency trading effectively.
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Binance Announces 50,000 FDUSD Rewards for Completing Deposit and Trading Tasks | IDOs News
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Luisa Crawford
Jul 26, 2024 09:46
Binance launches a promotion offering a share of 50,000 FDUSD to selected users who complete deposit and trading tasks during the specified period.
Binance has unveiled a new promotion that invites selected users to complete deposit and trading tasks to unlock a share of 50,000 FDUSD in rewards, according to Binance.
Promotion Details
The promotion runs from July 25, 2024, 12:00 UTC to August 15, 2024, 08:00 UTC. During this period, selected users will receive invitations through email, inmail, and app push notifications to participate in the tasks. The promotion is split into two parts: Promotion A and Promotion B.
Promotion A: Deposit Tasks
To qualify for rewards in Promotion A, users must meet the following criteria:
- Reach a net crypto deposit amount of at least $10 via cryptocurrency deposits during the Promotion Period.
- Maintain the minimum net crypto deposit amount required for the corresponding reward tier during the entire Holding Period from August 15, 2024, 08:00 UTC to August 31, 2024, 08:00 UTC.
Only deposits from external applications or wallets will count towards the net crypto deposit amount. Rewards are distributed on a first-come, first-served basis, and each user may qualify for a maximum of one reward from Promotion A.
Promotion B: Trading Tasks
Eligible users who complete account verification and have not made any trades on Binance prior to July 25, 2024, 12:00 UTC can participate in Promotion B by making their first trade on Spot, Futures, Auto-Invest, Margin, Options, or Leveraged Tokens. Trades involving stablecoin-to-stablecoin and zero-fee pairs are excluded.
Binance will select 250 qualified participants to receive a 20 USDT token voucher each, based on every 5th qualified participant fulfilling the trading requirement during the Promotion Period.
Terms & Conditions
Participation is limited to users in MENA and South Asia who receive invitations via email, inmail, or app notifications. Rewards for Promotions A and B are not mutually exclusive, allowing users to participate in both where eligible. Token voucher rewards will be distributed within 30 working days after the promotion ends and must be claimed within 15 days of distribution.
Binance reserves the right to modify or impose additional restrictions on the promotion and disqualify trades that involve prohibited activities such as market manipulation. Full terms and conditions can be accessed on Binance’s website.
This promotion aligns with Binance’s ongoing efforts to engage its user base through rewarding activities and enhance user participation on its platform.
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SFC and IA Collaborate to Address Cross-Sector Irregularities | IDOs News
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Felix Pinkston
Jul 26, 2024 12:31
The Securities and Futures Commission (SFC) and the Insurance Authority (IA) have joined forces to tackle cross-sector irregularities, enhancing regulatory oversight.
The Securities and Futures Commission (SFC) and the Insurance Authority (IA) have announced a collaborative effort to address cross-sector irregularities, according to apps.sfc.hk. This initiative aims to enhance the regulatory oversight across both the securities and insurance sectors, ensuring a more robust financial ecosystem.
Joint Regulatory Efforts
The collaboration between the SFC and IA marks a significant step in tackling irregularities that span multiple sectors. By pooling resources and expertise, the two regulatory bodies aim to identify and mitigate risks that may not be apparent when viewed in isolation. This cooperative approach is expected to lead to more comprehensive regulatory measures and improved market integrity.
Enhanced Market Surveillance
One of the key components of this collaboration is enhanced market surveillance. The SFC and IA will share data and intelligence, allowing for more effective monitoring of market activities. This will enable the detection of irregular patterns and potential misconduct at an early stage, thereby protecting investors and policyholders.
Strengthening Regulatory Frameworks
In addition to market surveillance, the SFC and IA plan to strengthen their respective regulatory frameworks. This includes updating existing regulations and introducing new measures to address emerging risks. The joint effort aims to create a more resilient financial system capable of withstanding various challenges.
Industry Reactions
The announcement has been met with positive reactions from industry stakeholders. Many believe that this collaboration will lead to a more transparent and secure financial environment. By addressing cross-sector irregularities, the SFC and IA are expected to foster greater confidence among investors and policyholders.
The partnership between the SFC and IA represents a proactive approach to regulation, aiming to preemptively address issues before they escalate. This initiative underscores the importance of cooperation between regulatory bodies in maintaining the integrity of the financial system.
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