Hxro is pleased to announce BONK or BUST, a simple High/Low style DeFi trading game powered by the Hxro Network Parimutuel Protocol, as the latest application integrated to the network.
Players of BONK or BUST use $BONK to bet on whether the price of SOL/USD will close higher, or lower over a discrete one-minute candle. A player enters “BONK” if they think the candle will close higher, and “BUST” if they think the candle will close lower. Entries from both sides are collected into one pool, and the winning side shares the entire pool, pro-rata. Games run every minute – 24/7/365, for nonstop bonking.
7.5 Billion $BONK will be committed to the game’s liquidity pools and for special random pool boosts. The seeded $BONK will be unlocked into pools over 16 weeks (starting when the app launches to mainnet) starting with 468,750,000 $BONK being allocated at launch.
Each week, Hxro Network will burn any profits from the seeding pool, along with ⅓ of the remaining balance. The remaining ⅔ will stay in the pool with the 468,750,000 $BONK being added. This will increase the pool’s guaranteed liquidity.
Additionally, 3% will be charged and collected from each winning pool as the Hxro network fee. This fee will then be distributed as follows:
- 37.5% of the fees collected in $BONK will be burned
- 12.5% of the fees will be collected by the network treasury
- 50% of the fee will be distributed to staked tokenholders on the HXRO network.
Hxro is a decentralized derivatives primitive for risk-based applications built on the Solana blockchain. Through a series of native protocols, Hxro provides a primitive layer framework and infrastructure for a robust, fully-functional decentralized exchange for derivatives contracts (futures and options) and parimutuel contracts.
Hxro derivatives are facilitated through two of the network’s native protocols – Dexterity and Spandex.
Dexterity is an open source collection of smart contracts that provides the base exchange and clearing framework for trading any instrument with a defined payoff function; this is the part of the network that handles the accounting, exchange and settlement function. To learn more about Dexterity, read the whitepaper here.
Spandex is Hxro’s customized derivatives risk engine. It is the first on-chain, real-time complex risk engine to use a portfolio risk-based approach to managing user margin, risk, and liquidations.
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