Tytanid is a leader in offering cryptocurrency binary options in the DeFi sector. The characteristics that you will encounter when trading are a very wide range of assets that you can choose as the underlying financial instrument, limited trading risk and low commissions.
What is the Tytanid Protocol?
Tytanid is a dedicated Web3 marketplace created exclusively for trading binary options in the area of decentralized finance. Tytanid Protocol functions as a financial technology platform that is fully built on Ethereum and managed by a network of smart contracts. This means that you do not have to register your account or disclose your personal details. Operating as a decentralized finance protocol, Tytanid does not carry out a KYC process. The whole system has been designed in such a way that all you have to do to start trading is connect to the protocol using your cryptocurrency wallet.
Where does Tytanid get its asset price data from?
Each broker offering binary options trading must provide its users with the opportunity to invest in this type of financial instrument based on a reliable and transparent information model related to the mechanism of collecting the prices of assets that are underlying instruments. This is a critical element of any binary options broker's system operation. This is because based on this feature of the system, the broker ultimately decides which part of the market is the winner in a given binary options contract. The problem with many centralized financial platforms (including cryptocurrency ones) is that they do not provide a transparent information model on how to retrieve asset price information. Therefore, traders investing in binary options contracts on these types of platforms are not always aware of how their broker decides on the price of the underlying instrument for which the binary options market has been opened.
Decentralized finance, which is the latest trend in the cryptocurrency area, has solved this problem. The financial applications that make up the DeFi ecosystem are built on the blockchains of individual cryptocurrencies. This makes them fully transparent to users. Any trader can check the code of the smart contract that manages the given financial application. This means that you do not have to trust your broker for information regarding the price mechanism of the underlying asset. Tytanid Protocol is one of the investment platforms from the DeFi family. In this case, a decentralized node system from Chainlink is used. This means that Tytanid has no influence on the prices of assets that are underlying instruments in the opened cryptocurrency binary options markets.
How does Tytanid reduce gas transaction fees?
As mentioned earlier, Tytanid is a decentralized financial platform dedicated to trading cryptocurrency binary options, which is fully built on Ethereum. It is no secret to the cryptocurrency community that the transaction fees associated with making financial transactions on some blockchains can be relatively high. One such blockchain is Ethereum. In order to maximally reduce the amount of fees associated with opening cryptocurrency binary options markets, joining already open markets and reinvesting funds between markets, Tytanid implemented the second layer for Ethereum. To this end, the Tytanid Protocol has partnered with Optimism. All transactions that are available in the Tytanid Network area are available to traders on layer 2 of the Ethereum blockchain. This means that the total volume of gas transaction fees that users would have to pay using L1 has been significantly reduced so that traders are not exposed to unnecessary expenses.
What are the transaction fees on the Tytanid Platform?
As a leader in offering cryptocurrency binary options contracts in the DeFi sector, Tytanid offers exceptionally low transaction fees. You can become a market maker of a cryptocurrency binary options contract for as little as $50 expressed in ETH cryptocurrency. In case you are joining a market that has already been opened, you can do so for any amount expressed in ETH. Exactly the same happens when you trade between markets. As a market maker, you can freely choose a given underlying instrument from the wide catalog of assets available on the Tytanid Platform. These assets have been classified into the following categories:
- Cryptocurrencies
- Fiat currencies
- Equity
- Commodities
This means that the Tytanid Network is where you can trade cryptocurrency binary options contracts using such a wide spectrum of assets as Bitcoin, USD, Tesla or Oil, and each of these transactions is processed on the Ethereum blockchain.
Final Thoughts
Decentralized finance is the future of banking and trading in financial derivatives markets. Already at this stage, millions of investors around the world use a wide range of financial instruments offered by Web3 financial applications. Blockchain technology and smart contracts that govern the entire mechanism of operation of this latest and innovative part of the world of cryptocurrencies and the financial sector are rapidly changing the understanding of how the finances of tomorrow will look like. If you want to join this trend, Tytanid is a great place to take your first steps into the world of DeFi.
