Squared Labs Testnet Launch on Sei Network’s Dev-Net
We are delighted to announce that today we have launched our Testnet on dev-net for both our BTC² and USDT³ products to one of the fastest Layer-1 blockchains in the entire crypto ecosystem, Sei Network.
After months of internal testing this is a remarkable milestone in the development process of Squared Labs. In this update we will go through what we have launched, what this means for Squared Labs, and the future steps.
So let’s jump in!
The Protocols launched 🚀
BTC²
BTC² offers quadratic price exposure to Wrapped Bitcoin (WBTC) price. When the price of Bitcoin changes, the value of BTC² changes as the square (²) of WBTC price allowing traders to capitalize on amplified price dynamics. Holders of BTC² are effectively trading with squared leverage and their positions are protected from liquidation. Total loss can only be experienced in the case BTC price reaching zero, which is an extremely unlikely event. Traders wishing to capitalize on downwards Bitcoin price movements can lock collateral and take short positions in BTC².
USDT³
USDT³ represents a novel extension of USDT. By significantly amplifying price changes with cube of the underlying price it allows for capture of even the slightest changes in the value of USDT. Such characteristics open up new avenues for both short-term trading and hedging strategies that aim to capitalize on minor price movements.
What is Sei Network? ❓
Sei is an extremely fast and high throughput Layer 1 blockchain, as well as the first parallelized EVM blockchain, serving as a potential scaling approach for the broader Ethereum ecosystem. This blockchain is structured to prioritize reliability, security, and high throughput, which are crucial for the efficient functioning of any kind of DApps built on Sei.
Why launch on Sei Network? ⚙️
As we embark on building a trading protocol on Sei V2 mainnet, it’s crucial to understand the compelling reasons for choosing the Sei Network as the foundation for our protocol. The launch on Sei Network offers a multitude of advantages and opportunities that can significantly benefit our protocol. Let’s delve into the key reasons why launching on Sei Network can be a strategic decision:
1. Cutting-Edge Technology with Sei V2:
Sei V2 represents a groundbreaking advancement in blockchain technology, introducing the first parallelized Ethereum Virtual Machine (EVM) blockchain. This major upgrade brings features like optimistic parallelization, optimised state storage (SeiDB), and enhanced performance metrics, setting a new standard for scalability and efficiency.
2. High-Performance Infrastructure:
Sei V2’s projected performance metrics, offering 28,300 batched transactions per second with rapid block times and finality, provide a robust infrastructure for a trading protocol. The improved throughput and low transaction costs can enhance trading efficiency and user experience.
3. Seamless Interoperability:
The interoperability within different components of Sei Network, including Cosmwasm, EVM, bank, and staking, ensures seamless communication between various functionalities. This interoperability fosters a unified developer experience and facilitates the integration of diverse features into our trading protocol.
4. Developer-Friendly Environment:
Backwards compatibility with Ethereum and the simplified EVM experience make Sei V2 a developer-friendly environment. By eliminating the need for developers to define dependencies and state access explicitly, Sei Network streamlines the development process, attracting a broader community of developers to build innovative solutions.
5. Governance and Community Involvement:
The governance proposal on Sei Network emphasises community involvement through discussions and voting processes. By actively engaging with the community, Sei Network fosters a collaborative ecosystem where stakeholders can contribute to the protocol’s growth and evolution.
6. Future-Proof trading protocol:
Launching our trading protocol on Sei Network positions it as a future-proof solution that leverages cutting-edge technology and innovative features. The protocol’s scalability, performance, and compatibility with Ethereum smart contracts ensure long-term viability and adaptability in the rapidly evolving blockchain landscape. By choosing to launch our trading protocol on Sei Network, we are tapping into a dynamic ecosystem that offers advanced technology, high performance, interoperability, developer-friendly tools, and community-driven governance. These factors collectively contribute to creating a robust and innovative trading protocol that can thrive in the competitive blockchain industry.
As we embark on this journey on Sei V2 mainnet, we are aligning our project with a protocol that prioritizes scalability, efficiency, and community collaboration, setting the stage for success in the world of decentralized finance and digital asset trading.
Testnet 🦾
The Testnet’s for both products are now live on dev-net and you can try it them out below. We will be launching a “how to tutorial” soon so even if you are a little confused you’ll understand how it functions after reading the guide.
BTC² — https://squaredlabs.io/app/btc
USDT³ — https://squaredlabs.io/app/usdt
We would also like to hear your feedback. Our Protocols will thrive off traders and our community, so your thoughts are very important to us.
We are creating some of the most powerful trading protocols out there offering a unique solution during market turbulence.
With BTC², traders can maintain positions without the constant threat of being liquidated during sudden price drops. USDT³ can serves as a powerful tool for various strategies. Whether it’s hedging against market volatility, arbitrage strategies, or enhancing portfolio diversification.
At the end of the month we will be rounding up what has happened at Squared Labs in Q1 2024. You can keep up to date by joining our community below.
Website : https://squaredlabs.io/
Twitter : https://twitter.com/SquaredLabs_
Discord : discord.gg/aD8Wtk4fNs
