Bitcoin Cash DeFi Startup Secures $1M in Funding; Can BCH Rival ETH in Smart Contracts?
Bitcoin cash DeFi, General Protocols, has raised more than $1 million in a recent funding round by the Singapore based startup.
These proceeds will enable the firm to develop its platform dubbed ‘Anyhedge’, an open source initiative supporting derivatives exchange and the creation of new markets via smart contracts.
The only difference with popular Ethereum based projects is that General Protocols leverages the BCH blockchain instead.
Notably, the funding round attracted some prominent players such as Molecular, a Bitcoin Cash ‘thought leader and Marc De Mesel, a crypto trader. General Protocol president has since welcomed the investors to the firm’s vision in P2P electronic cash transfers,
“We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.”
DeFi Market Stats Continue to Favor Ethereum
The DeFi market has been largely dominated by Ethereum with over 90% of existing projects built within this platform. Currently, less than 10% of the $887 million DeFi market is outside Ethereum’s ecosystem General Protocol and other DeFi’s on Bitcoin, Tron and EOS might, however, change this narrative should they prove to be more efficient.
Last year, BCH pioneered their own generic ERC-20 token based on the Simple Ledger Protocol (SLP). The initiative has gained traction with the leading stablecoin, Tether, launching on the BCH blockchain back in March 2020. So far, 30 SLP tokens have been created and BCH is optimistic that the number will increase to rival Ethereum in future.