October 04, 2022 - 3 min read
SupraOracles is delighted to announce a partnership with Beyondfi, a decentralized synthetic product trading platform. The synthetic exchange from Beyondfi intends to be the most cutting-edge and user-friendly DEX in the DeFi market. The Beyondfi platform makes it possible to create synthetic assets that mimic the value of actual assets like fiat currency, commodities, and digital currency.
By merging automated market makers with the standard Bid/Ask order book methods, Beyondfi employs a novel strategy. AMMs with Bid/Ask order capabilities, when combined, result in a DEX with reduced spreads, no slippage, and the same depth of liquidity as an AMM. One of Beyondfi Exchange’s significant differentiators is its ability to handle advanced trading functions, including limit orders, stop loss/take profit levels, leveraged trading, and other features seen on centralized exchanges while being completely decentralized.
Beyondfi synthetic products follow the asset’s underlying asset price. Beyondfi (BYN) tokens back each synthetic product, and the collateralization ratio for the pool of collateralized BYN tokens used to back the synthetic products is 300%. Users will deposit their BYN collateral into a pool that all users of Beyondfi share in order to build a synthetic product.
Beyondfi will benefit from the oracles of SupraOracles’ interoperability, finality, and security features. Additionally, SupraOracles will help them build cross-chain bridges. In their no-loss prize pool offering, Beyondfi will use our RNG feature due to this partnership.
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:
“Beyondfi’s is on a mission to reveal the actual potential of decentralized finance by giving its users complete exposure to digital assets. We are eager to collaborate with them. We anticipate that SupraOracle’s cross-chain advancements will expand their project further.”
SupraOracles combines traditional financial markets with Web3. Our goal is to provide a powerful cross-chain oracle to the developer community. SupraOracles enables interoperability smart contracts to guarantee the future of financial markets by integrating real-world data into public and private chains. The ability to create, deploy and manage data applications that are faster, more agile, and more resilient is also provided by this technology.
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 well-known important partners like Huobi Ventures and OKx Block Dream Fund, Beyondfi enables users to exchange decentralized products without any limits, enabling people to fully appreciate the value of decentralized finance.
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