Fun

SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange

News Feed - 2020-09-12 10:09:14

SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange


The U.K.-based Simple Ledger Protocol (SLP) exchange Cryptophyl is closing its doors in order to restructure into a decentralized finance (defi) platform. Cryptophyl has revealed the trading platform will officially go offline on September 21 and is asking customers to withdraw before that period.


Just recently the SLP token trading platform Cryptophyl has revealed it will be shutting down in the near future. The website will be taken offline by September 21, 2020, which gives customers ten days to remove funds off the exchange. Maintaining Cryptophyl has been difficult the team notes in a recent blog post and it wants to shift to a noncustodial platform.


“Unfortunately, it has become increasingly difficult for us to maintain a consistent user experience,” the Cryptophyl closure announcement reads. “Maintaining our SLP token infrastructure has become a chore for the team and we’d prefer to focus our energy and resources on our up-coming non-custodial exchange, Detoken.”


News.Bitcoin.com reported on Cryptophyl’s idea to join forces with the Anyhedge project back in April. In the latest announcement, the developers mention the collaboration with the blockchain-enforced synthetic derivatives project for Bitcoin Cash. The announcement highlights that the Detoken launch will be around Q3 2020.


“Detoken will initially offer the first Decentralised Finance product built on Bitcoin Cash, in collaboration with General Protocols. Shortly after, SLP tokens will be added,” Cryptophyl said. The announcement further adds:SLP tokens listed on Detoken can be traded directly out of your Detoken wallet, with no deposits or withdrawals. Trades are made with zero confirmations: this means no more waiting for the blockchain network to accept your transaction. SLP trading on Detoken will be done using atomic swaps, hence, the process is trust-less: you never need to trust either Detoken or the counterparty in your trade.


Defi has exploded on the Ethereum (ETH) network, and a number of other blockchain projects hope to compete with Ethereum’s lead. Back when news.Bitcoin.com discussed the defi project with the General Protocols team it said Anyhedge tools will be released for testing, alongside the Detoken launch.


Cryptophyl says that with the decentralized exchange (dex), users will “always be in control of their private keys on Detoken.” In addition, the firm also said that for a fee it will list any SLP token on the dex but it will go through a community inspection.


“In order to list a token, a straightforward due diligence criterion must be met, followed by a community vote,” the announcement concludes.


What do you think about Cryptophyl’s restructuring goals? Let us know what you think about this subject in the comments section below.European Crypto Exchange Hacked for $5.4 Million in BitcoinEXCHANGES | 1 day agoSouth African Crypto Exchange Luno Expanding Globally After Acquisition by Digital Currency GroupEXCHANGES | 2 days agoTags in this storyAnyhedge, BCH, bitcoin cash, Cryptophyl’s restructuring, decentralized exchange, DeFi, Detoken, DEX, Ethereum (ETH), General Protocols, Simple Ledger Protocol (SLP), SLP


Image Credits: Shutterstock, Pixabay, Wiki CommonsPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Show comments

News Feed

Argentine Tax Authority AFIP Strengthens Supervision, Finds Three Clandestine Cryptocurrency Mining Farms
Argentine Tax Authority AFIP Strengthens Supervision, Finds Three Clandestine Cryptocurrency Mining Farms The Argentine tax authority (AFIP) found three different clandestine crypt
Helen Partz13 hours agoHSBC taps Ripple’s Metaco to launch security token custodyHSBC has partnered with Ripple-owned tech firm Metaco to allow institutional investors to hold tokenized securities on its new custody pl
XRP Pullback Nearly Complete—Next Stop: $8 To $12, Says Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dfinity launches Web3 accelerator platform on the Internet Computer
Tristan Greene5 hours agoDfinity launches Web3 accelerator platform on the Internet ComputerThe accelerator launches with $15 million in funding and mentorship support from a plethora of investors.938 Total views18 Total
NFT for Arabian Horses to Gallop Soon at the Al Sheikh Stud in Partnership With Finvault
NFT for Arabian Horses to Gallop Soon at the Al Sheikh Stud in Partnership With Finvault press release PRESS RELEASE. UAE – DUBAI, 14 April 2022: Renowned to be a haven of th
Prashant Jha9 hours agoCrypto exchange Bullish buys 100% stake in crypto media site CoinDesk: ReportCoinDesk was owned by the Digital Currency Group, which acquired the media company in 2016 for $500,000. Its new owner i
Jim Rogers Predicts End of Dollar Dominance as US-China Tensions Escalate
Jim Rogers Predicts End of Dollar Dominance as US-China Tensions EscalateRenowned investor Jim Rogers believes that the U.S. dollar dominance is coming to an end as the tensions bet
Jagjit Singh17 hours agoHow to earn passive income with peer-to-peer lendingP2P lending is a way for individuals to lend money directly to other individuals without involving traditional financial institutions, such as b
US senators urge CFTC to finalize ban on election betting
Brayden Lindrea22 minutes agoUS senators urge CFTC to finalize ban on election bettingIt comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 U
Ideaology Announces IEO Collaboration and Subsequent Listing of IDEA Token with Bitcoin.com Exchange
Ideaology Announces IEO Collaboration and Subsequent Listing of IDEA Token with Bitcoin.com Exchange PRESS RELEASE. Ideaology, the blockchain-oriented company bu
TradFi Wall Street firms pushing for Ether ETF approval, says former Binance Labs head
Zoltan Vardai11 hours agoTradFi Wall Street firms pushing for Ether ETF approval, says former Binance Labs headWall Street firms want Ether ETFs more than crypto natives due to the ETF management fees, Bill Qian told Coi
American Cancer Society Creates Its First Crypto Only Donation Fund
American Cancer Society Creates Its First Crypto Only Donation Fund The American Cancer Society has set up a fund for crypto donations so the nonprofit can raise