While crypto prices have fallen significantly from their all-time highs made just six months ago, it has only created a greater demand for dedicated teams to ship impactful products.
The fallout we continue to see from over-leveraged institutional players such as 3AC, Celsius, and others, only further increase the demand for transparent financial systems. Private institutions continue to over-lend and over-borrow, creating systemic risk to the entire crypto ecosystem. While some on-chain protocols have suffered from security breaches, it is important to realize that these systems continue to work the way that they were designed, treating all users equally.
cypher plans to be at the forefront of this innovation. Our dedicated team is fueled by the market turmoil, as we strive to create more secure and transparent systems, where everyone plays by the same rules.
In light of this, we are excited to announce that the cypher team has shipped our first product live on mainnet: cypher Lite!
Currently live at app.cypher.trade, cypher Lite is designed to provide an easy-to-use and familiar trading experience for any user. Traders can gain exposure to three assets: BTC/ETH, SOL/ETH, and a custom index called the SOL&P composed of 11 assets with Solana DeFi tokens like SRM, RAY, FIDA, MNGO, and more.
For more information about cypher’s markets, visit our comprehensive documentation here.
For traders using cypher for the first time, they can view step-by-step tutorials here. We will be continuing to expand our catalog of informational and educational content, designed to expand access to cypher, regardless of a traders experience.
Now, with our first product launched, we preparing for the launch of cypher V2 and cypher PRO.
First off, cypher V2 will get rid of the minting mechanism that we previously used to create assets. This mechanism was originally implemented to provide the tokens necessary to facilitate trading via Serum’s order books. However, deciding that we could improve the user experience, we have now engineered a new method for creating these derivative products that allows the protocol to utilize Serum’s order books without the hassle of minting. V2 creates a trading experience similar to the CME, where traders will place orders (buy/sell) to open new positions. This redesigned system introduces a greater flow of capital through our protocol, increasing the efficiency of market makers and traders alike. Unique in the derivatives space, cypher V2 will increase the number of potential markets inside a margin account, enabling users to seamlessly trade more assets.
Second, we are excited to announce the release of cypher Pro!
cypher Pro will enable more experienced traders to use our sophisticated user interface to monitor markets (both charts and the Serum orderbook), place trades, and manage their positions, all from a single, elegant user interface.
cypher Pro will provide a more familiar interface for traders who have used major centralized exchanges. We believe this intuitive interface will help onboard new users to cypher and expand access to derivatives markets across the world.
Looking into the future, we are already designing top-tier risk management systems similar to those used by world renowned clearing houses such as the CME Clearing, LCH, ICE Clear Credit, and others. With our technical expertise and resources, cypher plans to implement one of the first iterations of Standardized Portfolio Analysis of Risk (SPAN) on-chain, which will be a major breakthrough in transparent risk management systems. SPAN margining will enable cypher to assess individual portfolio risk in the protocol which will in turn, increase capital efficiency while minimizing risk in the system, something we believe is core to the global adoption of blockchain based financial systems.
As we continue to watch the market evolve and mature, it becomes more evident that transparency is the greatest form of security. Combining cypher’s robust backend, elegant user-interface, and comprehensive research and implementation strategies, we are excited to create a seamless on-chain trading experience for everyone!
