From AbokiFX to HyperFX: Instant foreign exchange settlement based on the stablecoin track

Polytope Labs has launched HyperFX, a completely on-chain-based foreign exchange engine that can complete currency exchanges between stablecoins in seconds, and transaction results can be verified on-chain. The engine first supports Nigeria naira transactions through cNGN.

Polytope Labs today officially released HyperFX

, a completely on-chain-based foreign exchange engine that allows companies to use stablecoins to complete currency conversions in seconds and achieve atomic settlement through smart contracts on the blockchain. HyperFX is now online, and its naira is partially settled through cNGN, a regulated naira backed stablecoin.

From informal market to efficient chain trading

Nigeria\'s foreign exchange market mainly relies on informal market operations. Exchange rates are quoted in WhatsApp groups, obtained through point-to-point channels, and negotiated through verbal matchmaking. This model is based on trust, but trust cannot be scaled. HyperFX moves foreign exchange from manual counters to a single, efficient stablecoin market. Stable currency settlement eliminates the need for pre-deposited funds and completes settlement in seconds rather than days. We are in a period where stablecoins are evolving from mere trader cryptocurrencies to better foreign exchange infrastructure.

\"HyperFX brings cutting-edge decentralized financial technology to financial technology companies that already rely on stablecoins and blockchain technology for foreign exchange settlement. It is essentially a cross-chain decentralized exchange that provides the deepest liquidity for stablecoin swaps,\"said Seun Lanleg, founder and CEO of Polytope Labs.

Built on Hyperbridge, has processed more than US$500 million in transactions

HyperFX is built on top of Hyperbridge, which has transferred more than US$500 million in funds between more than 15 connected chains through cryptographic certificates, providing HyperFX with the reliable record and scale needed to handle the high demand for foreign exchange settlement.

cNGN: A compliant and commercially viable naira stablecoin

The naira portion of HyperFX is settled through cNGN. cNGN is a nail-backed stablecoin designed to meet regulatory requirements and designed for daily commercial use. \"We worked closely with regulators to build a stablecoin that is compliant, programmable and commercially viable,\" said Uyoyo Ogedegbe, managing director of cNGN. \"HyperFX extends this model into the modernization process of value exchange and digital asset settlement.\"

Liquidity aggregation and revenue incentives

HyperFX aggregates liquidity from multiple providers, each with its own exchange rate, and users can access all exchange rates at a single entry point for a fixed fee of 0.05%. Liquidity providers keep their own assets and have the option to deploy them in interest-bearing vaults, providing liquidity on demand only when needed to complete exchange orders. This is a function given by a composable decentralized financial track that is simply impossible to achieve on the traditional financial track.

These vaults can provide cNGN incentives of up to 7% and U.S. dollar stablecoin incentives of 3% to 4%. cNGN incentives are achieved through Vantage Liquidity\'s liquidity support arrangement, which is backed by high-quality liquid assets and other financial products regulated by the U.S. Securities and Exchange Commission. USDC and USDT deposits are placed in Aave-the largest decentralized lending agreement with a total lock-in value of more than $12 billion-providing depositors with a return of 3-4% without having to lock in funds.

Application scenarios: Financial technology, cross-border payments, remittances, digital banking

HyperFX is aimed at modern financial teams and companies that transfer cross-border funds every day. FinTech companies can integrate HyperFX into their payment stacks through a single API and provide transparent foreign exchange services to their end users from the beginning. The withdrawal channel can obtain the best exchange rate between stablecoins and fiat currencies, ensuring that customers are provided with the tightest spreads in each exchange.

Cross-border financial technology companies can provide local currency settlement to merchants without having to hold foreign currency inventories or manage current accounts. Money transfer service providers can complete cross-border payment settlements in seconds, significantly reducing channel costs and exceeding the profit margins of traditional wire transfers. Digital banks and e-wallets can embed real-time foreign exchange directly into their products, allowing users to exchange currency at institutional exchange rates.

HyperFX is now available

Polytope Labs provides an SDK that allows fintech companies to access their existing wallet solutions and perform stablecoin swaps on-chain.

About Polytope Labs

Polytope Labs is a blockchain R & D laboratory and the creator of Hyperbridge (a verifiable cross-chain interoperability protocol) and HyperFX (a fully on-chain foreign exchange settlement engine).

About cNGN

cNGN is a regulated, naira-backed stablecoin designed for compliance and daily commercial use.