If the past 6 months in crypto have shown us anything it’s this: after traditional global financial markets, crypto is the world’s biggest casino.

Since Hxro started building in 2018 it has stood at the intersection of trading and gambling. From its genesis as a web2-based trading game to the DeFi liquidity and infrastructure layer it provides today, Hxro has always staked its existence on the intersection of these two verticals. While in the past, this transition has made it challenging at times to articulate what Hxro “does,” the market is now catching up to where we’ve planted our flag for many years and Hxro’s position is becoming increasingly clear.

I believe the line between trading and gambling will continue to blur. Casino platforms will soon have games that resemble trading; we already see this shift occurring with the introduction of concepts like MoonRekt, Crash, and 1000x futures. Conversely, trading desks are now venturing more heavily into non-traditional markets such as providing liquidity to gambling games or trading in-game betting markets in real-time.

From the outset, Hxro Network’s mission has been nothing short of ambitious: to revolutionize the on-chain trading and gambling experience by establishing a robust infrastructure and liquidity layer for user-facing applications. Doing so required thoughtful planning, deep expertise, lots of trial and error, and a departure from the conventional approaches we’ve seen thus far. Innovation over imitation to build our version of the world’s biggest casino on-chain for applications and end-users alike to openly share. 

Our goal isn’t merely to tweak the existing framework, but to usher in an entirely new paradigm. For the generation versed in crypto, this departure from the norm is destined to become the standard. They harbor an aversion towards the traditional and are generally loath to embrace it. This collective sentiment propels us toward our common purpose: not to merely reshape the traditional world, but to forge something entirely unprecedented.

While we celebrate the progress made so far, we also acknowledge that it’s just the beginning. After developing Hxro’s protocols from scratch, core contributors have completed critical development milestones that set the stage for an exciting new chapter for Hxro: empowering a diverse range of community-driven applications and collaborations to advance the next generation of the world’s biggest casino.

Hxro Network Co-Founder

Hxro by the Numbers

The Network has made significant strides in 2024 since establishing a strong foundation at the protocol level, with numerous Hxro-powered integrations live or on the horizon alongside exciting new collaborations that underscore our commitment to Solana and the broader crypto ecosystem. The first quarter witnessed promising growth, including increased user volume and the successful launch of multiple integrated interfaces which are highlighted below.

HXRO Token

  • There are currently more than 2,000 wallets that hold HXRO on Solana and over 6,700 wallets that still hold HXRO on Ethereum.
  • The network saw a 5.98% increase in tokens locked to the network staking contract in Q1, bringing total HXRO staked to 220,940,191 with an average stake duration of 1.6 years.
  • Total number of staked tokens made up 22% of the overall HXRO supply as of March 31, 2024. In the 11 days since the end of Q1, this number has already surged to over 35% of total HXRO supply.

Integrations

  • 2 derivatives trading platforms are now live with 7 more at various stages of the integration process.
  • 2 web3 betting platforms are now live with 2 additional integrations in progress.
  • 10 global web2 igaming operator integrations in progress plus multiple aggregators that collectively represent more than 250 web2 operator platforms and over 2,000,000 monthly active users.

Network Volume and Fees Collected 

  • The network’s total derivatives volume has grown steadily and organically as several new Hxro-powered dapps make their debut; total notional derivatives volume jumped to $143,529,678 by the end of Q1 – a 183% increase from year-end 2023. 
  • A 58.4% increase in cumulative derivatives fees collected by the network in Q1.
  • 101,646,398 in BONK rewards were paid to network stakers in Q1.

Development Spotlight

Official Launch of Zero-Day Futures 

A new on-chain derivatives product inspired by 0DTE options in traditional markets, Hxro Network’s zero-day futures (ZDFs) are now live on Solana and can be offered by any project integrated with Hxro. The first implementation of ZDFs is now available on PepperDEX.

The majority of margin-based trading on-chain today is done using perpetual futures (“perps”), which allow traders to speculate with no fixed maturity and no expiration. While perps have gained popularity, they’re not scalable for use on less liquid underlying assets such as memecoins. As a result, leverage trading has been limited to a concentrated group of highly liquid assets. This is where zero-day futures come into play.

ZDFs are USDC-settled expiring futures with daily expiration. They’re similar to perpetuals in that they are margined derivative products, but different in that they require no need to pay or receive funding and settle to the underlying oracle price at expiration each day.

Guaranteed daily USDC settlement will encourage the participation of market makers and liquidity providers who were previously reluctant to participate in markets on illiquid assets. Moreover, Switchboard custom data feeds allow for the creation of ZDFs on any asset provided it has an on-chain oracle to reference as the underlying asset price. By widening the opportunity set of assets that derivatives markets can be created for, we believe that ZDFs have the opportunity to significantly expand leverage trading on Solana.

ZDF markets for BTC, WIF, WEN, and BONK were made available upon launch. A ZDF market on $W was quickly spun up on the same day as Wormhole’s TGE to showcase the ease with which new ZDF markets can be created using Switchboard data oracles.

Integrations

A rapidly growing ecosystem of trading and betting applications have either integrated or are currently integrating with the network. Since the following applications are powered by Hxro protocols, the network collects a small fee from all volume that takes place. 50% of all fees collected go directly to staked tokenholders. As the network grows with more live integrations, the volume and fees collected will rise, resulting in more rewards for stakers.

Live Integrations

PepperDEX 

PepperDEX is a grassroots, community-driven perpetual futures DEX platform with an emphasis on a user-friendly interface that showcases the capabilities of Hxro Network’s Dexterity protocol. Pepper aims to be at the frontier of deep order book liquidity combined with robust strategy vaults, extreme capital efficiency, and spicy incentive mechanisms designed from the ground up.

PepperDEX’s closed beta launch began on March 1st for a small number of whitelisted users, featuring perpetual futures trading with the addition of zero-day futures markets on April 1st. As the earliest adopters of PepperDEX, beta-testers have the unique opportunity to earn oPEP incentives through three distinct verticals leading up to the DEX’s highly anticipated TGE (slated for Q2 of 2024). Advanced features including strategy-based trading vaults will be added to the PepperDEX UI following the public beta launch.

Access PepperDEX docs / Join the PepperDEX community Discord / Follow PepperDEX on Twitter

Guacamole.gg

As part of Guacamole’s mission to create “Solana’s Super App,” contributors to the premier Solana memecoin community are taking a fresh approach to Hxro-powered perpetual futures as part of their platform’s V2 upgrade. The unveiling of Guac V2 on February 1st also included the launch of “Ripe or Rotten,” a fast-paced and action-packed options trading game powered by Hxro’s betting protocol.

Access Guacamole docs / Join the Guacamole community Discord / Follow Guacamole on Twitter

Bitblox Games Studio  

Bitblox is an Isle of Man-based gaming studio dedicated to creating fast-paced, on-chain betting games for the global online gambling market, which is expected to grow to $153.57 billion by 2030.

Established casino operators can now offer Bitblox’s betting games on their platforms, combining the mass market distribution of web2 consumer applications with the power of crypto-native protocols. Bitblox’s games are exclusively powered by Hxro Network protocols.

Bitblox is at various stages of the integration process with more than 10 global igaming operators, plus multiple aggregators who collectively represent more than 250 web2 operator platforms and over 2,000,000 monthly active users. 

Follow Bitblox on Twitter

Bonk or Bust

A simple high/low style DeFi trading game powered by Hxro’s betting protocol catering to Bonk’s global community of more than 600,000 holders. BONK or BUST allows users to bet on whether the price of SOL/USD and BTC/USD will close higher or lower over a one-minute candle. Entries from both sides (“BONK” and “BUST”) are collected into one pool, with the winning side sharing the entire pool pro-rata at expiration. Games run 24/7/365 and can be accessed on Bonkswap. A UI redesign is coming soon (teaser below).

Follow Bonk or Bust on Twitter

Upcoming Integrations 

Flowmatic Trading Terminal

Developed by traders for traders, Flowmatic allows users to access advanced order types on perpetual and expiring futures markets via their simple trading API. The long-awaited launch of the Flowmatic trading terminal interface is planned for Q2 2024.

Access Flowmatic docs / Join the Flowmatic community Discord / Follow Flowmatic on Twitter

Runbot.io

Automated derivatives trading and betting bots are coming soon to Runbot:

– Set risk management parameters

– Create and backtest personalized strategies

– Automate signal-based execution

– Send trading alerts from their strategies and connect Runbot to all exchanges or platforms that accept Webhook signals or Trading Signal bots

– Trade the latest hot crypto news and your favorite Twitter feeds

Access Runbot docs / Join the Runbot community Discord / Follow Runbot on Twitter

Convergence RFQ

Convergence is the first fully on-chain request-for-quote (RFQ) network for provisioning protocol liquidity. Through integration with Hxro Network, Convergence becomes a messaging and coordination layer for end users who are looking to execute block-sized perpetual and expiring futures trades via RFQs within their Hxro accounts. 

Access Convergence docs / Join the Convergence community Discord / Follow Convergence on Twitter 

Bonkswap 

While not publicly announced yet, Hxro Network will also be powering perpetual and zero-day futures for Bonkswap which will be slated to launch publicly in Q2 2024!

Follow Bonkswap on Twitter

Follow Hxro Network on Twitter  and join the Hxro community Discord for updates on several more integrations that have yet to be announced. 

Token Market

The HXRO token is the lifeblood of the Hxro Network ecosystem and community. With core protocols now in place, Hxro core contributors have been able to shift their attention towards not only third-party integrations but also enhancing token liquidity and securing listings on additional centralized and decentralized spot market platforms.

As mentioned above, there are currently more than 2000 wallets that hold HXRO on Solana and over 6700 wallets that still hold HXRO on Ethereum.


Cube Exchange listing

In early February, HXRO was listed for trading on Cube Exchange, an up-and-coming hybrid exchange venue.

Treasury Swaps

Strategic treasury swaps have been completed with several Hxro-aligned projects that have a strong footing in the Solana community, including BONK and Guacamole.

Current HXRO Liquidity Pools

USDC-HXRO: Raydium, ArmadaFi

HXRO-SOL: Meteora 

BONK-HXRO: Bonkswap

HXRO-GUAC: Meteora

FM-HXRO: Meteora

All HXRO liquidity pools can be easily accessed through Jupiter: https://jup.ag/swap/JUP-USDC

Ecosystem

 

Pyth Retroactive Airdrop

Hxro uses the Pyth oracle network to source and aggregate accurate, real-time pricing data for perpetual and expiring futures markets. Pyth oracle prices are consumed by SPANDEX, Hxro’s custom risk and margin engine, to aid in the calculation of portfolio value and the determination of portfolio risk for trader accounts.

As users of Pyth Data, Hxro received $PYTH tokens from their Retrospective Airdrop program in February of 2024. This allocation will allow the network to participate in Pyth governance, as well as enhance liquidity and incentives for Hxro-powered applications that use Pyth as its oracle provider.

Calyptus

After receiving a grant from the Solana Foundation to create a Solana-focused engineering program to onboard senior web2 developer talent to web3, Calyptus selected Hxro Network as one of the few projects to be included in their core Solana curriculum.

In January, more than 200 builders learned the basics of how to create their own Hxro-powered perp DEX via Calyptus’ Dexterity Scaffold course (access GitHub repo here). In March, over 400 developers enrolled in Calyptus’ Hxro-focused cohort on using Dexterity protocol to develop basic perpetual futures DEX interface and copy-trading Telegram bot. This is one of several ways in which Hxro stays in front of the burgeoning Solana developer community, offering Hxro protocols as a resource to prospective builders of on-chain derivatives trading and betting applications

Hxro Media and Events

Superteam Solana Ecosystem Call ft. Hxro Network, Backpack, Parcl, and Tensor

Hxro Network Ecosystem update with co-founders Dan Gunsberg and Rob Levy

SuperteamDAO report: What to Build for Solana DeFi

Solana BBQ: Meme Mania and the Future of DeFi ft. Hxro Network, Switchboard, and PepperDEX

BsktFi Announces Strategic HXRO Acquisition

Hxro Network x Step Finance Community Spaces

Hxro Network March Community Call 

Solana BBQ: Hxro Network x ArmadaFi x Guac

HXRO now live for trading on Cube Exchange!

Perps on Solana and the Future of Identity

Blocmates: Unreleased Solana Projects with Dan Gunsberg

Connect with Hxro core contributors at the upcoming events:

TOKEN2049 in Dubai, UAE

Solana Crossroad in Istanbul, Turkey

CoinDesk Consensus in Austin, Texas

TOKEN2049 in Singapore

Solana Breakpoint in Singapore

If you would like to get in touch please contact marketing and comms contributor Caitlin Cook via email at caitlin@hxro.io or on Telegram @DeadCaitBounce.