Seeking to pioneer a change in how various aspects of the crypto market works, Hybrix incorporates a ton of unique features that will see it take over the market.
The crypto market albeit worth over $2 trillion can be said to be at its take-off stage. With over 6600 cryptocurrencies actively trading on the market as reported by CoinGecko, there are limitless opportunities for the unprecedented growth of this market.
Whilst achievable, a ton of problems plague this market. First, it is almost impossible to swap coins on multiple ledgers hassle-free. Additionally, the lack of security of various wallets has made it extremely difficult for crypto users, newbies especially, to store their coins. This has unfortunately led some to store huge amounts on exchanges that are susceptible to hacks. The infamous CoinCheck and Mt.Gox hacks which saw hackers make way with over $990 million worth of coins combined is substantial proof that exchanges, unfortunately, are not the best place to store coins.
To resolve all of these problems and many more, the Hybrix platform was launched. Ordinarily, this is an open-source project that has been built to guarantee the flawless transfer of assets between chains. With liquidity being an important topic in the crypto space, it is imperative to mention that Hybrix, via its native token, HY token, can seamlessly transfer across ledgers without the need for liquidity providers [LP].
Seeking to enable interoperability for everyone, according to their website, this project integrates a ton of advanced and innovative features that will not only address all of the problems facing the crypto market but will pioneer a radical shift in how the market works.
As part of its larger mission to offer users an all-inclusive platform, Hybrix has launched on the Binance Smart Chain [BSC], a blockchain designed primarily for running smart contracts-based applications.
What It Entails
Launched in 2020 as part of the Binance exchange plans to offer an advanced protocol to the existing Binance Chain, the BSC was created to enable developers to build decentralized applications while leveraging the power of Binance which is presently the largest crypto exchange.
Hybrix’s decision to launch on the BSC puts it ahead of its competitors.
First, launching on the Binance Smart Chain will entail a scalable ecosystem for developers to create and launch DApps. Integrating the delegated proof-of-stake [DPoS] and the proof-of-authority [PoA] consensus mechanisms, BSC helps to maintain blockchain security and scalability.
Known for its ability to thwart almost every kind of 51% attack as well as its Byzantine tolerance, the PoA consensus mechanism will help keep the network safe. The integration of these mechanisms indirectly will lead to the security of the Hybrix ecosystem.
With scalability being a major talking point in the crypto space at the moment, delegated PoS will ensure that all projects on the BSC are scalable and efficient. Fondly associated with the proof-of-work [PoW] mechanism, scalability will be a thing of the past on BSC which Hybrix is currently part of.
Interoperability is the second feature of the Binance Smart Chain. This network enables the transfer of information and token between blockchains in a frictionless manner. Built on this same principle, Hybrix seeks to enable crypto users to conveniently exchange one asset for another amongst several chains. Unlike a few of the existing projects, Hybrix supports 30 different blockchains while offering users the unique opportunity to trade, hold, store, and swap over 400 tokens seamlessly.
Launching on the advanced BSC network will help amplify this already existing feature, making the Hybrix platform a truly innovative, interoperable, secure, and efficient ecosystem.
Listing on PancakeSwap
Leveraging some of the products of BSC, Hybrix according to a recent report has listed on PancakeSwap, a decentralized crypto exchange built on the Binance Smart Chain network. Identified as an alternative to the UniSwap platform, PancakeSwap affords users the rare opportunity of swapping assets by simply tapping into user-generated liquidity pools.
Powered by Binance’s native token, BNB, the HY token [Hybrix’s native token] can be exchanged for either BNB or any of the other token classes. Compatible with Ethereum, users can also exchange or swap ERC-20 tokens for BEP20 tokens as well.
Seeking to pioneer a change in how various aspects of the crypto market works, Hybrix incorporates a ton of unique features that will see it take over the market. The decision to launch on BSC as well as listing on PancakeSwap are part of the project’s vision to become a renowned problem-solving platform.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.