Assets aggregator XCarnival has won the Hackathon for Southeast Asia sponsored by Binance Smart Chain and Konomi network, with four unique products that aim to bring synthetic assets to the masses.
— Assets aggregator XCarnival has won the Hackathon for Southeast Asia sponsored by Binance Smart Chain and Konomi network, with four unique products that aim to bring synthetic assets to the masses.
The project aims at bringing down the entry barriers for the masses by providing new products that are easy to use and maximizing the liquidity for users of the platform.
The assets synthetic market is known as a significant liquidity injector to the Decentralized Finance (DeFi) space, however its complexity has barred the masses from entering.
XCarnival has demonstrated its unique approaches during the Hackathon that it could synthesize real-world assets and derivatives, and even the assets that are not available in the current financial markets.
“This is the innovation we are working on - to synthesize not only the real world assets but also the assets that are not yet present in the incumbent financial markets. We believe it will unleash massive potentials for the defi space,” Leon Liu, founder of XCarnival said.
With a range of templates by XCarnival, the users could create financial products and participate in games easily and efficiently, Leon Liu pointed out.
“Just like how Youtube has transformed the video landscape by providing cheap and accessible solutions for everyone, XCarnival will make synthetic assets available to use for everyone,” he added.
The four major products that XCarnival presented during the Hackathon are as follows.
XBroker is the initial time-limited auction clearing mechanism. So far, the project presented the pledge model, which was created for assets that suffer from extremely low liquidity. This is currently the issue that the NFTs suffer the most.
XArena is XCarneval’s primary function. It offers a number of changeable and customizable parameter templates, and it has a modular architecture that allows ideas into synthetic coins. This product offers standardised components to numerous synthetic markets, where users can design their own market and have XCarneval’s users access them.
Whenever users trade in the market, they generate profits, and the more transactions there are — the more successful the market is. The rewards are then distributed to the team members automatically, and the inventors receive their share of the rewards, as well.
Essentially, it has a wide variety of templates that let users quickly and cheaply create and publish their own financial products, and allow others to participate. Just like YouTube made it more accessible for the masses to embrace the video making and broadcasting space, so does XCarnival aim to make it easier for financial products to be created in a simple, safe, and cheap way. Hopefully, the explosion of finance in a similar way that the world of entertainment went off over a decade ago.
Megabox essentially allows users to liquidate long-tail assets that suffer from limited liquidity. This mostly concerns LPs and altcoins. Basically, it simply acts as a better place for borrowing money from.
Lastly, the project offered XAdaper, which offers a simple interface and straightforward operations, making it much more user-friendly than any existing solution of its kind.
Release ID: 89025371