Bitcoin Binary Options DApp
On Sept. 30, the startup announced the mainnet launch for its decentralized trading application BitSwing (dApp). The application will serve as a decentralized brokerage platform for users to participate in ether-denominated bitcoin binary options.
Traders are able to take a long or short position on bitcoin’s price set to a one-minute interval, with successful bets resulting in the doubling of staked ETH.
Despite the platform operating on a decentralized framework, BitSwing is able to compile data to generate real-time price feeds sourced from BInance, UpBit and more. In exchange for providing price information to the platform, data providers are rewarded from users with “band” tokens, a form of collateral.
Band Protocol claims to have generated more than $12,000 ether in data query fees in the first two weeks leading up to the dApp’s launch.
While the application currently only offers support for bitcoin-based binary options, Band Protocol says it intends to add support for more crypto-assets and financial products.
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