Anonymous DeFi Project Core Announces New Token Project – Bitcoin News
Core, an anonymous and hyped DeFi project, has announced Delta, a new product and token. Core says this will “close the gap” between options trading and spot markets by “using a combination of liquidity standards to deploy an on-chain options layer with scalability in mind.”
Anonymous Developers Behind Delta Project Will Work Towards Promoting Healthier Market
Core was initially launched in September 2020 after successfully raising $60 million in locked liquidity. It’s currently preparing to launch a new product and Delta token, Coredex, which will bring a variety of new derivatives and liquidity to the DeFi crypto market.
The DeFi market is becoming a popular marketplace among anonymous developers. Earlier this week, a group known as Anon Powered announced the launch of its DeFi platform, Premia. Other notable names in the market include Aave, Hegic, Opyn, Coinlist, and Nexo, to name just a few.
But the Core team is planning to do things a little differently thanks to its new liquidity format Open Vested Liquidity (OVL), with its ideas for Coredex and future updates on new developments outlined in its latest black paper. OVL allows liquidity to be locked during volatile movements using a block time schedule, which reduces the amount of risk around trading tokenized assets. This minimization of risk is one of Core’s main focuses.
Delta plays a significant role in Core’s plans to create a healthier marketplace. While the value of the derivative market attached to more traditional financial instruments is estimated to be over $1 quadrillion, the comparable crypto market is still in its infancy, meaning that uncertain market conditions in underlying assets and liquidity can amplify volatility. Delta’s liquidity model is divided into two segments: OVL through the Delta vesting schedule and permanently locked liquidity.
In the black paper, Core says the “primary liquidity to purchase tokens will come from a bonding curve pool,” and ethereum will serve as the main counter currency. Core has set its target liquidity for the bonding curve to “~1000-1500 ETH and the corresponding amount of Delta.” The ratio between the bonding curve liquidity and the liquidity reserve vault could fluctuate, depending on the initial stake during the limited staking window. Ultimately, though, Core says the end goal is to ‘promote healthy price movements.’
All funds raised during the initial staking window will be used to support the long-term development of the overall Coredex project. Of this total, 26% will nurture strategic partnerships and growth, and a further 10% will bolster research and development.
The Core team is yet to announce a date for the limited staking window. Still, the continued expansion of its ecosystem can only be good news for the DeFi market’s growth, especially if the price of ethereum continues to rise.
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