Trufin: Blockchain App Factory’s Upcoming Client Project That has Already Raised Many Eyebrows!

trufin

As of August 2022, the cryptocurrency world has a market capitalization of more than 1 trillion dollars, despite the crypto slumps observed across the year. The popularity of these virtual currencies has been spiking from Bitcoin’s days when the value of $BTC reached quite a few dollars. Fast forward to today, we are spoiled for choices to choose a cryptocurrency to invest in as there are nearly 21,000 cryptocurrencies, including platform-native tokens and stablecoins. The crypto market could see some fire in the near future as Blockchain App Factory will be assisting the launch of Trufin, a blockchain-based finance platform, more of which we will see later.

An Introduction to Options Trading

While the term “Option” is a synonym for choices, we focus specifically on options in stock trading, as our focal point here is Trufin, a Web3 financial business. Options in stock trading are contracts that allow people to buy or sell their stock assets for a specific price at a particular date. There is also the flexibility for people not to purchase stock assets at a particular date for a specific price.

It is of two types: Call and Put, with the former meaning the right to buy stocks and the latter meaning the right to sell stocks. Options trading, in essence, sounds similar to futures trading but comes with the added option for the buyer to choose whether or not to buy the stock for the specified cost at the specified time.

Trufin: What is the Project All About?

Trufin is a decentralized options trading platform that works based on the flow mentioned above but with blockchains to support it. It comes under the decentralized finance (DeFi) umbrella, which has been extending its wings with platforms based on newer operations such as options trading. The Trufin application will run on Polygon, the popular Layer-2 solution of the Ethereum blockchain, with 3 vaults. The vaults of the platform consist of the cryptocurrencies WMATIC (Wrapped Matic), WBTC (Wrapped Bitcoin), and WETH (Wrapped Ether), meaning that users can trade their option stocks using these coins.

The application’s tech stack is powered by Blockchain App Factory and Nethermind, two prominent players in the Web3 development space. Trufin is the brainchild of the WebN Group, one of the most popular crypto incubators in the world based in London, with backing from major venture capital investment players. The platform will be launched to compete with Ribbon Finance, a business based on decentralized options trading. The launching of Trufin is expected to make radical changes to options trading in the DeFi world.

Closing Thoughts

We can say that Trufin will be challenging its competitors anytime in the future as it has been coming up nice and smooth. Further details on the collaboration with Blockchain App Factory and the platform will be revealed by Trufin’s launchers, WebN Group, shortly. If you want to approach us for developing such applications (any Web3 application, for that matter), consider speaking to our experts to get started.

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