Beyond Finance Introduces Decentralized Exchange for Synthetic Asset Trading
Beyond Finance is introducing a novel DEX that allows for the exchange of synthetic financial products. Previously, this was mainly available on centralized exchanges, but Beyond Finance is bringing these financial tools to the forefront of the decentralized finance economy. To realize this, Beyond Finance just closed its private round with a total of $7.5 million raised by some of the biggest names in the industry. Its sale was significantly oversubscribed and was filled by strategic investors who can substantially contribute to Beyond Finance’s roadmap.
Reinventing the DEX
Decentralized exchanges like Uniswap, PancakeSwap, and SushiSwap generate billions of dollars in daily trading value, showing the significant demand for their services, but these exchanges still come with many drawbacks that Beyond Finance plans on fixing.
Through synthetic financial products, users can gain exposure to the underlying asset’s price movement without having to physically own or store it, which usually comes with its own inherent risks. On top of this feature, Beyond Finance has highlighted five key operational elements to set itself apart from its competition: more user accessibility to a growing catalog of assets, better decentralized price tracking, lowering costs for trading and minting, strengthening exchange liquidity pools, improve the user application experience, and offer more comprehensive protection and security oversight.
The segmentation of current blockchain networks stifles broader interoperability, as many assets are unavailable to trade on some of the most popular decentralized exchanges. For example, any DEX built on top of Ethereum can only feature Ethereum-based assets, excluding many choices. By using synthetic assets, Beyond Finance can introduce many more options for trading and minting tokens, vastly expanding on the capabilities of the most widely used DEX iterations. To ensure that all the asset pricing is up-to-date and accurate, Beyond Finance tracks the real-time price of all platform assets using a decentralized oracle system.
Better Pricing Means Greater Profit
Two other primary problems that Beyond Finance solves are rising transaction fees and low liquidity. Anyone who uses the Ethereum network will have undoubtedly experienced the crippling transaction fees. During busy periods, Ethereum DEX transaction fees can regularly eclipse $100. Beyond Finance offers minimal transaction fees and also provides a transaction fee repayment mechanism using gamified functions, getting rid of this problem once and for all.
Through the introduction of the Beyond Treasury, meanwhile, Beyond will be able to offer greater liquidity to its users, reducing slippage and allowing for better market-rate transactions. This is made possible through a pool of tokens Beyond has dedicated to enhancing the platform’s tradability; since you can trade using synthetic tokens, Beyond can choose to allocate liquidity based on the popularity of trading pairs.
The final two features Beyond introduces are a straightforward UX and its commitment to security. Many DEXs are too technical and complicated for novice traders, but Beyond makes decentralized trading easy for everyone. To ensure the functionality of the exchange, Beyond Finance is fully audited and tested to the highest level. This indicates the long-term outlook of the development team, who want to minimize the possibility of hacking or network manipulation.
All-in-all, Beyond Finance has taken the bottlenecks incurred by DEXs and created its own version to mitigate them. With millions of dollars in successful backing and a team with over 25 years of combined financial experience, the launch of the Beyond Finance ecosystem is gearing up to be an exciting one. Keep an eye out for their upcoming IDO on DuckDAO and Paid Ignition (+ DAO Maker Pool) on April 12, 2021.