One of the most important altcoins today is Solana, based on the Defi Hxro protocol, a project designed to make the asset more accessible, allowing transactions to be made at least 2 times faster than with other cryptocurrencies. What it does is facilitate the verification process for both mining and transactions. The creators of this protocol, on which several other cryptocurrencies are also based, have launched a perpetual futures project based on the USDC cryptocurrency (USD Coin), one of the so-called stablecoins anchored to the international price of the US dollar.
This new project will allow investors to access the Solana secondary market, in addition to providing a new tool that will facilitate future investment in Solana (SOL) or Cardano (ADA), a cryptocurrency that uses a similar protocol, and which, in addition, uses the Proof-of-Stake, which recently became relevant thanks to the Ethereum Merge.
The project will be launched in the coming weeks
As revealed to the press, Ethereum and Solana derivative assets are expected to be launched in the coming weeks, no exact dates were specified, but the hype around both cryptocurrencies is already starting to grow. Both Ether and Solana and Cardano are cryptocurrencies based on the Ethereum blockchain network, Cardano being a backup network that could replace Ethereum in the event of a fatal error, which is why the prices of the three cryptocurrencies, in addition to some others, are usually related to each other.
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In the same way, the Solana and Ethereum futures will be closely related to each other, as well as influence other cryptocurrencies based on the Ethereum blockchain, in addition to using the Solana protocol and the proof-of-stake, a mining model that, by its characteristics, it is much more efficient than proof-of-work, or at least, that is how the experts behind the Ethereum project explain it.
Transparency is the basis of the project
Dan Gangsberg, the founder of the Hxro protocol, explains that in addition to decentralization, Solana’s main strength is transparency, as well as providing tools to improve traders’ ability to forecast market movements. The new derivative assets in the form of futures will make it possible to obtain a forecasting tool and a new investment mechanism in the same launch.
There will also be risk management tools within the project, to try to reduce the risks inherent in investing in futures. The Futures Project, as we have already said in the introduction to this entry, will be backed by the stable cryptocurrency USD Coin, which is pegged to the dollar and will support the validity of the project, to maintain a more or less stable value with which you can work.
Solana, for its part, is one of the most relevant cryptocurrencies of recent times, becoming one of the ones that have managed to attract the highest volume of transactions. Created in 2017 by Anatoly Yakovenko, the asset currently manages to carry out 50,000 transactions per second, also becoming one of the most efficient cryptocurrencies when it comes to generating new transactions, being up to twice as fast as Bitcoin and Ether, thanks mainly to the already cited protocol Hxro.
