MARKET Protocol is a decentralized framework allowing traders to establish long or short positions without lending or borrowing. As a protocol, they provide the pieces necessary for others to create decentralized exchanges and applications. Their first beta dApp was released on Rinkeby test network in April. Users can trade cross-chain, off-chain or on-chain relationships, such as Monero/ETH or APPL/stablecoin using ERC20 assets as collateral while remaining on the Ethereum blockchain.
They are partnering with Bluzelle with an aim to improve crypto data storage.
Modern financial exchanges generate an enormous amount of market and trading data. Data providers and exchanges record all kinds of information including trade size, trade price, bid size, ask size and much more. Even though the crypto trading landscape is still just a fraction of the traditional trading space, there is still need for efficient and scalable data storage.
Bluzelle is a decentralized, on-demand, scalable database service that aims to provide a data storage solution to the decentralized internet. To ensure developers get the highest throughput in performance, reliability, and scalability, Bluzelle implements swarming technologies. A swarm is a large group of nodes that work together to store and manage data. Nodes in these swarms can go down and new nodes can come up with minimal impact on the network. Overall Bluzelle is a meta-swarm comprised of multiple swarms.
Utilizing Bluzelle’s database solutions offers exchanges, applications, and traders a way to store trading and market data. By integrating with order book hosts and other applications, Bluzelle can offer a necessary, standard and consistent decentralized database solution.
“The amount of market data created on traditional exchanges like the CME is staggering. We expect this trend to continue in the crypto space. We believe Bluzelle’s architecture provides a reliable and scalable solution and look forward to working together.” said Seth Rubin, CEO, and co-founder of MARKET Protocol.
Nitin Cunha, Director of Developer Relations at Bluzelle commented, “We believe MARKET Protocol provides an essential piece of trading infrastructure in the blockchain space.”