Bitoro, an innovative decentralized platform for perpetual futures trading, made an exciting announcement on June 13. The trading protocol has officially gone live on the Injective network, a decentralized blockchain platform that specializes in Web3 financial solutions. In addition to Injective’s De-Fi ecosystem, the perpetual futures trading protocol is now accessible on other networks such as Avalanche, Arbitrum, Optimism, Mantle, and Base.
To celebrate the deployment on Injective, Bitoro released multiple posts on social media. The founder and CEO of Bitoro, Brian Purcell, expressed his excitement about this milestone, emphasizing the platform’s commitment to expanding decentralized trading solutions. He highlighted the significance of this initiative for the protocol’s growth and development.
Injective Labs co-founder and CEO, Eric Chen, also shared his thoughts on the partnership. Chen praised Injective’s plug-and-play modules for enabling developers to quickly deploy innovative DApps. He mentioned that Bitoro would benefit from the onchain order book provided by Injective.
Perpetual futures contracts are a unique type of futures contract that do not have expiration dates, unlike traditional futures contracts. Traders can maintain perpetual positions indefinitely as long as they meet the required margin rates. These contracts are settled in cash, unlike traditional futures contracts that involve physical delivery of the underlying asset.
The primary purpose of perpetual futures contracts is to maintain market stability and ensure that trading occurs at or near the current market rate. This stability is achieved through a mechanism called the funding rate, which involves the exchange of value between buyers (longs) and sellers (shorts) based on the price difference between the underlying asset and the perpetual futures contracts.
In conclusion, the integration of Bitoro’s perpetual futures trading protocol on the Injective network represents a significant step towards expanding decentralized trading solutions and providing innovative financial services to users across various blockchain platforms.