Jimmy Song, a Bitcoin Dev, has express interest in token that can act as a short for another. He thinks it will be ideal if ETHShort goes up when ETH goes down and vice versa.
He also stated the underlying would be centralized and would require the use of derivatives. In a post on Twitter, the experienced Blockchain Dev suspects it is going to be useful.
The post garnered many responses from industry players that actually revealed there is such a development already in the system.
In response to the post, Bruce Fenton, founder of Bitcoin Foundation explained that development is coming. However, Evan Botello countered that this is already live on Ethereum with sETH coins, adding it is the DYDX Protocol.
“Hey Jimmy, there’s this cool platform called Ethereum where you can accomplish this all decentralized via @dydxprotocol. You should check it,” Eric Conner offered.
“Dude, you know that several exchanges let you short ETH for years now, right,” John Carvalho asked. But there were other sentiments that you can’t hold the position in your hard wear wallet.
On the part of Manticlops, what Jimmy describes is not possible, so it’s a hypothetical question anyway.
DYDX is Building Open-Source Protocols for Decentralized Margin Trading and Derivatives. It offers short assets to profit on price decreases, trade with leverage to multiply gains and provide earning interest on long positions through trustless loans.