Flare, the blockchain for data, has announced a partnership with Sindric Solutions to launch XDFi, a new decentralized futures protocol created by Wall Street veterans.
XDFi aims to raise industry standards for compliance and efficiency, delivering a trustless, non-custodial futures contract-purchasing environment that operates 24/7.
With regulatory uncertainty still an impediment to larger-scale institutional investment in DeFi, XDFi represents a welcome proposition for major investors.
The protocol’s third-party KYCT (know your customer tokenization) ensures 100% confidence that futures contract positions are purchased in a fully compliant manner.
This ensures that all P2P matches between long and short positions are only between eligible counterparties.
This KYCT approach is the first of its kind for DeFi, ensuring full compliance without a centralized intermediary, broker or custodian.
Santiago Velez, vice president of research and development at XDFi creator Sindric Solutions, said,
“Flare technology has enabled the next phase in decentralized finance, paving the way for real-world asset pricing through FTSO telemetry and futures contracts enabled by on-chain smart contracts. This is how a global financial system is built one piece at a time.”
Hugo Philion, co-founder and CEO of Flare, added,
“Businesses like XDFi are exactly why we are building the blockchain for data. Flare’s enshrined oracles are secured at the network layer, which provides DApps with secure and censorship-resistant decentralized access to the broadest range of off-chain data.
“This creates the confidence to build high-value institutional use cases such as XDFi’s compliant decentralized futures protocol.”
The futures protocol uses a custom-built API integration and brings third-party compliance service providers to Flare for end-to-end, on-chain tokenization and compliance tracking.
With a non-custodial framework, users retain full control over deposits at all times for open contract orders. XDFi boasts a fully decentralized settlement system combined with a cloud-based best-pricing matching algorithm.
This combination is used to match purchasers of futures contracts, resulting in intermediary-free long and short positions.
Contract settlements based on Flare’s FTSO (Flare time series oracle) price oracle revolutionize the way derivatives contracts are conducted on the blockchain.
A cornerstone…
Click Here to Read the Full Original Article at The Daily Hodl…
