dHEDGE launches tokenized index tracking its top 10-ranked traders

dHEDGE launches tokenized index tracking its top 10-ranked traders

Funds will be rebalanced across dHEDGE’s top-ranked fund managers monthly.

Decentralized fund management platform dHEDGE has launched a tokenized index that tracks its top-ranked traders.

An ERC-20 token will also be issued for the index on automated market maker DEXes in futur.

dHEDGE allows fund managers to launch actively managed investment pools powered by synthetic assets provided by Synthetix.

“What dHEDGE is trying to do is crowdsource the best traders on the internet, and if you can create an index out of that, [...] I think that’s tremendously powerful,” Apollo Capital chief investment officer and dHEDGE co-founder, Henrik Anderson, told Cointelegraph.

The new pool, dubbed “dTOP,” will rebalance funds across the platform’s top 10-ranked fund managers on a monthly basis. The bot will also cover gas fees incurred through rebalancing, with the dHEDGE DAO paying for gas.

The performance of dHEDGE’s hundreds of pool managers is scored using the Sortino Ratio. The risk-adjusted measure considers a pool’s performance relative to its size and risk profile, considering historic volatility both to the upside and the downside.

“What we’re looking for is a risk-adjusted measure — we think it is really important you not just look at the returns,” Anderson said.

The dHEDGE DAO provided $50,000 to seed the dTOP pool, with Anderson predicting the organization will invest more funds into the index in future. The pool has a 10% performance fee that is distributed among the month’s top asset managers relative to their weight in the index.

Since exiting stealth mode in July 2020, dHEDGE has attracted a TVL of $30 million and facilitated more than $400 million worth of trades.

Anderson indicated that more indices will be launched on dHEDGE in future, and noted that the project is currently exploring Optimism for layer-two scaling.

“The team is excited to continue to deliver value and expand the capabilities of the protocol,” he said.

The biggest event in crypto this week ISN'T Coinbase’s IPO: Erik Voorhees

The biggest event in crypto this week ISN'T Coinbase’s IPO: Erik Voorhees

The first truly native cross-chain DEX is about to go live.

ShapeShift CEO and crypto industry stalwart, Erik Voorhees, has suggested the launch of Thorchain is arguably the biggest event in crypto this week.

And considering all eyes in crypto are on the direct listing of major US exchange Coinbase on the Nasdaq on Wednesday — with a potential valuation of $140 billion according to the FTX derivatives exchange — that’s a pretty big claim.

Thorchain’s launch is scheduled for Tuesday, April 13, and will mark the first time that native crypto assets can be traded on a DEX across unique blockchains without bridging technology or wrapping tokens.

In an April 12 tweet, Voorhees asserted that the launch of a native cross-chain decentralized exchange (DEX) will tread new ground for crypto.

“Thorchain has no bridges. It has no wrapping. It is native assets, swapped across chains in a decentralized way, for the first time ever,” Voorhees exclaimed.

Thorchain will host launch party on social platform Clubhouse on Tuesday at 18.00 EST. The event will be attended by some of the biggest names in crypto, including Voorhees and several ShapeShift executives, Multicoin Capital managing partner Tushar Jain, Delphi Digital co-founder Yan Liberman, and several others.

The DEX will initially host pairings for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Coin pairings, with plans to support other crypto assets in future.

Thorchain operates like other automated market makers such as Uniswap, but with the important distinction that it enables the trading and swapping of crypto assets from completely different blockchains and networks.

Thorchain is based on the Tendermint consensus protocol which is also associated with the Cosmos ecosystem. The exchange is backed by its native token RUNE, which acts as collateral to facilitate trades.

Assets are supported by the protocol when blockchains get added to Thorchain's cross-chain network, called “chaosnet.” Chaosnet allows assets to be swapped without relying on third-party intermediaries such as the custodians of wrapped versions of BTC, for example.

To swap BTC for ETH, for example, the exchange would trade the BTC for RUNE, which is then swapped for ETH. This is all carried out at high speed to ensure the user is not impacted by the intermediary trade.

There has been increased demand for cross-chain solutions, especially from the DeFi sector. On April 8, Cointelegraph reported that cross-chain asset bridge and application hub ChainSwap had closed a $3-million strategic funding round led by Alameda Research.

Thorchain is also developing a native wallet called Asgard X which will be built to interact directly with the “chaosnet,” allowing the tokens of unique blockchains to be held by a single wallet.

The platform’s native token, RUNE, has been on fire recently, surging 13% over the past 24 hours to reach an all-time high of $12.65, according to Coingecko.

CoinList 'Rally': 40K investors rush to buy RLY despite price pump

CoinList 'Rally': 40K investors rush to buy RLY despite price pump

Rally has generated $22 million in sales from its liquid token sale on April 4, which attracted 40,000 investors.

Social token platform Rally has completed its first “liquid token sale” on crypto asset issuance platform CoinList, with 40,000 investors snapping up RLY tokens for $0.60 each between April 1 and April 4.

The sale saw tokens distributed to investors at a set price despite RLY trading on exchanges since October, 2020. Token pricing was determined by a 20-day trailing average from March 11, 2021 to March 30, 2021 minus a 30% markdown to compensate for the RLY being locked up for 12-month a linear release.

However, investors had the opportunity to purchase RLY for less than half the price offered by CoinList on the open markets just five weeks ago.

The sale was approved through community governance in mid-March, with the 40 million RLY sodl having previously been allocated to Rally’s Community Treasury. The ballot saw 100% of the 7,400 participating token holders vote in favor of the sale. Nearly 30% of RLY are now held by Rally’s team and investors.

News of the sale appeared to drive bullish momentum for RLY, which has gained nearly 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. As of this writing, RLY last changed hands for $1.

RLY/USD: CoinGecko

Half of the tokens will become tradable on Oct. 4, after which the remaining RLY will unlock gradually on a monthly basis. In a blog post on April 12, Coinlist revealed the offering generated $22 million. Investments were limited to $1,000 per person, with nearly two-thirds of the offering’s 115,000 registrants missing out on participating.

Rally is a blockchain-based social network that allows content creators to launch social tokens.

The social token sector — non-fungible tokens issued by content creators, brands, and communities — has been on the rise in 2021, with RLY and WHALE representing 83% of the social token market cap pack with $240 million combined.