The U.K.-based Simple Ledger Protocol (SLP) exchange Cryptophyl is closing its doors in order to restructure into a decentralized finance (defi) platform. Cryptophyl has revealed the trading platform will officially go offline on September 21 and is asking customers to withdraw before that period.
Just recently the SLP token trading platform Cryptophyl has revealed it will be shutting down in the near future. The website will be taken offline by September 21, 2020, which gives customers ten days to remove funds off the exchange. Maintaining Cryptophyl has been difficult the team notes in a recent blog post and it wants to shift to a noncustodial platform.
“Unfortunately, it has become increasingly difficult for us to maintain a consistent user experience,” the Cryptophyl closure announcement reads. “Maintaining our SLP token infrastructure has become a chore for the team and we’d prefer to focus our energy and resources on our up-coming non-custodial exchange, Detoken.”
News.Bitcoin.com reported on Cryptophyl’s idea to join forces with the Anyhedge project back in April. In the latest announcement, the developers mention the collaboration with the blockchain-enforced synthetic derivatives project for Bitcoin Cash. The announcement highlights that the Detoken launch will be around Q3 2020.
“Detoken will initially offer the first Decentralised Finance product built on Bitcoin Cash, in collaboration with General Protocols. Shortly after, SLP tokens will be added,” Cryptophyl said. The announcement further adds:
SLP tokens listed on Detoken can be traded directly out of your Detoken wallet, with no deposits or withdrawals. Trades are made with zero confirmations: this means no more waiting for the blockchain network to accept your transaction. SLP trading on Detoken will be done using atomic swaps, hence, the process is trust-less: you never need to trust either Detoken or the counterparty in your trade.
Defi has exploded on the Ethereum (ETH) network, and a number of other blockchain projects hope to compete with Ethereum’s lead. Back when news.Bitcoin.com discussed the defi project with the General Protocols team it said Anyhedge tools will be released for testing, alongside the Detoken launch.
Cryptophyl says that with the decentralized exchange (dex), users will “always be in control of their private keys on Detoken.” In addition, the firm also said that for a fee it will list any SLP token on the dex but it will go through a community inspection.
“In order to list a token, a straightforward due diligence criterion must be met, followed by a community vote,” the announcement concludes.
What do you think about Cryptophyl’s restructuring goals? Let us know what you think about this subject in the comments section below.
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