Synthetix unveiled its new decentralized asset management platform dHedge, emerging out of stealth mode.
dHedge takes advantage of non-custodial mimetic trading for Synths, or tokens that provide exposure to assets such as gold, Bitcoin and the U.S. dollar on the Ethereum blockchain.
Synthetix founder Kain Warwick said dHedge will harness the full power of the protocol. He added:
“dHedge is one of the first platforms to fully utilise the power of the Synthetix protocol. I’m extremely excited for its impact not just on the Synthetix ecosystem, but for DeFi at large. I can’t wait to see what dHedge will ship in the weeks and months ahead”.
The company said dHedge “is creating new ways to use the derivatives liquidity the Synthetix protocol enables.” It’s native governance token, DHT, will play a role in decentralization. dHedge is supported by Framework Ventures, Three Arrows Capital, BlockTower Capital, DACM and Maple Leaf Capital.
The mainnet will go live in September after a smart contract audit.
Synthetix will run a competition on Ethereum’s Ropstein testnet over the next two weeks to introduce crypto traders to the dHedge platform. First place will win 37,000 DHT plus an additional Synthetix Network Token (SNX) and their own channel on the dHedge Discord.