Cypher

Cypher is a decentralized synthetic asset protocol for retail and institutional investors involved in the creation and trading of pre-public markets. The protocol is on Solana and facilitates price and demand discovery. Users can mint and trade synthetic assets that represent the valuation of late-stage private companies before they go public. Backing up the synthetic assets are Stablecoins like $USDC.

Cypher will mirror traditional finance mechanisms, by letting traders hold long, short, as well asand leveraged positions. The Protocol’s DevNet launched on the 7th of March, 2022., after a Twitter thread announcement by CycherCypher on March 2. Cypher plans to launch one expiratory market - SpaceX - whichmarket—SpaceX—which will let users test their short or long positions.

The protocol will support the development of dated futures representing FX-style crypto pair futures, as well as thematic crypto index futures. Levered and short positions will be enabled by Cypher's native peer-to-peer margining system. Traders can lend and borrow stablecoins, including other forms of collateral that the protocol plans to support.