HXRO announced on February 5 that the crypto trading platform that offers users an uncomplicated way to play the markets, has chosen Solana as its L1 blockchain partner, to help it move to a fully decentralized trading network powered by protocols that simplify and solve the complexities of trading.
Hxro will become a recognized member of the Solana ecosystems, enabling it to collaborate with an experienced team of builders and engineers in transitioning the Hxro trading platform to an open-source network. By working together with Solana, Hxro plans to make enhancements to its token economy through new staking, governance and direct incentive programs.
“We were instantly drawn to Solana’s high-speed single-layer blockchain that supports over 50,000 tps and 400ms block time. Solana matches our business needs both now and at future scale in terms of speed, throughput capability and cost-efficiency. We could not be more excited to work with their incredibly talented team and community. The opportunities are endless, and the Solana ecosystem is just beginning to show its nearly unlimited capabilities,” said Dan Gunsberg, CEO of Hxro.
A core feature of the build will be the ability for Hxro to revamp its products and services to match a decentralized marketplace. Hxro will compose TIX/WIX markets packaged with perpetual swaps spun up from Solana DEX Serum to create simplified covered-call and other delta-hedged option markets are just some of the additional product enhancements that are expected to take shape from the Solana-Hxro collaboration.
Other possibilities that may arise from Hxro moving to a fully open-source network include a Hxro Automated Market Maker (AMM) with built-in complex position management that runs a constant delta hedging using Serum spot, swaps, and futures. For prime brokerage, Hxro could link up with Oxygen, a decentralized peer-to-peer asset marketplace, to create a decentralized prime brokerage function for borrow/lend and margin enhancements.
Hxro’s token economy will also be revamped as part of the transition to decentralized trading, with Solana’s L1 blockchain allowing it to make enhancements to its token economy through new staking, governance, and direct incentive programs. Through these programs, network transaction value will accrue back to HXRO token-holders.
