We are excited, thrilled and proud to say that we are making a big step for our synthetic decentralized exchange.
Beyondfi has launched a highly-scalable, energy-efficient Layer 2 solution: Huobi Eco Chain (HECO).
The launch on HECO will increase transaction speed, reduce gas costs, and most importantly, expand our ecosystem to broader global community. Alongside other projects such as Synapse Network and Injective Protocol, it is now Beyondfi’s turn to join HECO’s ecosystem. We would like to extend our gratitude for the help and support from the HECO Team & Huobi Ventures who has shown its unwavering support to us since day 1. We could not have this without them.
With near-zero fee trades possible, we are now confident in aggressively in expanding our product to the mass. When gas fees are high, we tried to take care of transactions and roll-ups, to ensure user experience remained at a high level.
But with HECO, those costs and uncertainties are a thing in the past. We can now be more flexible and aggressive with our expansion.
Beyondfi will be one of the first platforms to provide synthetic assets on HECO network. Amid rapid growth of HECO network, introduction of advanced DeFi 2.0 products such as synthetic asset trading platform is essential. In our HECO testnet version 1.0, variety of asset classes including synthetic foreign currency (i.e. hCNYb — Chinese Yuan, hUSDb — US Dollar), synthetic commodities (i.e. hWTIb crude oil) and more will be provided, which will broaden the portfolio diversification opportunities to HECO community and traders.
“We strategically chose HECO as it can bring us a lot of access to the Asian market. We are confident of the potential and will start receiving whitelisted users for further testing.” — Kenneth Moon, Chief Product Officer.
Scaling synthetic assets to the mass
Huobi Eco Chain uses its HPOS consensus mechanism where the TPS reaches more than 500 and block-out time being low as 3S. It supports RPC interfaces and SDKs to easily connect to the ETH ecosystem as well. As HECO is aggressively expanding its DeFi ecosystem, this could not have been a better partnership.
“We’re thrilled to have Beyondfi finally on HECO. It was a team effort and without a doubt, the community will experience lesser fees and more trading volume.” — Loki, HECO Team Lead
An Overview of whitelisting process
We will further announce the details for whitelisting, but a quick overview: For those who would like to participate as the first users of HECO version of Beyondfi DEX, users will need to apply with the following:
1. HECO Testnet wallet address
2. your IP address(public IP address, IPv4)
A detailed user guide will be provided along with the access manual.
- Metamask wallet
- Kovan Testnet on your Metamask wallet
- HECO Testnet setup on your Metamask wallet (if you need instructions, please refer to https://autofarm.gitbook.io/autofarm-network/how-tos/huobi-eco-chain-heco/metamask-add-huobi-eco-chain-heco-network)
- Enter Beyondfi’s Discord and go to our heco-test-users-only Channel.
5. Fill in the application form
- Whitelisting begins via the application form
- Application closes January 5th 15:00 UTC)
- Selected Users will be notified.
- HECO Testnet begins and goes for 48 hours.
- Users submit feedback.
- Team evaluates the feedback.
- Incentives are distributed.
These are the features that will be available and users must test:
- Bridge — Swap ERC20 BYN (Kovan Testnet) to HRC20 hBYN (HECO Testnet)
- Making a new BYN Wallet based on “HECO network”
- Invest/Mint — Get hUSDB by staking hBYN
- Trade — Trade Synthetic assets on HECO network via hUSDb
Here are a few things you must remember:
- You must fill in the application form.
- You must enter our Discord.
- Application Date: Dec 28th to Jan 5th 15:00 UTC
We thank you for your support and we are humbled by the achievements we have made via your support. We will continue to go beyond and above with our community.
Previously Beyond Finance, Beyondfi is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures and OKex Block Dream Fund, Beyondfi allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.