Blog: Hxro Foundation 11/2/2022

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As contributing engineers of the Hxro Network ecosystem approach the next phase of protocol launch, it is important to begin sharing critical elements of network composition and how the network will be maintained as it evolves towards its objective of reaching sufficient decentralization.
Hxro is building multiple protocols that collectively function as critical lego blocks within the context of decentralized finance and trading. As these protocols approach the point at which they can be opened to use, the network is moving towards its North Star of driving global participation by a wide spectrum of engineers and users including liquidity providers, algorithmic traders and third-party application operators (who will be the conduit to retail participation). These participants are all critical components to creating a system that fosters deep and sustainable market liquidity.  As a wider spectrum of participants become users and contributors within the Hxro ecosystem, it is the intention of the network to progress towards community-driven governance and eventually reach a state where the network itself can operate in a decentralized and trustless manner with regard to the control of its protocols and functions.
The progressive and eventual shift to community-based governance and reaching sufficient levels of decentralization will need to be accompanied by a level of security, market stability, compliance and trustlessness that far exceeds the requirements imposed upon centralized systems with a similar industry objective. If a decentralized derivatives network is going to thrive in the long run, it must be able to prove to its observers that it can be held to the standards and guiding principles of a traditionally centralized system while also serving a greater benefit to its ecosystem and the global derivatives industry as a whole.
In order to meet the high level of standards and principles the network seeks to attain, it needs to be set on a path that will allow it to glide towards meeting these challenging objectives.  This is one primary reason the network has been surrounded with a marquee list of strategic participants who have significant domain expertise in both traditional and crypto derivatives markets. This includes firms such as: Jump Crypto, SIG DT (a Susquehanna Invesment Group Company), Alameda Research, Chicago Trading Company, Solana Ventures, CoinFund, Coinbase Ventures, Commonwealth Asset Management, Blockchain Capital, Pattern Research, CMS Holdings, Genesis, Ledger Prime, Arca Funds and more.
Additionally, the Hxro Foundation was established as a Cayman Foundation with a 5-person board. The Foundation was created with the mission of assuring the Hxro Network ecosystem and its protocols can maintain a path towards meeting its principled goals while reaching an eventual state of complete decentralization.
The Hxro Foundation’s purpose and mandate is to sponsor and support the Hxro Network ecosystem with its functions including, but not limited to:
Promote and educate both the public and global financial sector on the Hxro Network ecosystem;
management of the Hxro Network treasury including the issuing, receiving, spending and maintaining of the network’s digital assets;
deploy network governance smart contracts and issue governance tokens;
establish, maintain and promote a set of guiding principles for the network to operate by, which promote the proactive pursuit of network regulatory matters and ensuring the network is maintaining alignment with its long term objectives;
conduct business transactions on behalf of the network and perform or delegate through contract all necessary business functions of the network that may be required or desirable to promote the achievement of the network’s objectives;
participate in and/or organize conferences, developer and other promotional events designed to promote the growth of the Hxro Network ecosystem and its protocols;
promote the composing of Hxro Network protocols in a way that optimizes the networks ability to provide an unprecedented web3 experience for its participants.
As Hxro Foundation supports the development of the protocols, ecosystem and governance, the network’s core contributors – which include engineers and operational support from multiple entities and individual parties - will work diligently to evolve the networks protocols in a manner that meets the network’s long-term objectives and is in the best interest of the ecosystem.
It is important to note that Hxro Foundation does not profit from the network in any way.  While there will be expenses related to the operation of the Foundation (e.g. legal, accounting, network related marketing, etc.), all fees derived from network protocols are accrued back to staked network token holders, the network treasury, and other functions vital to the network’s ongoing objectives.
It is the intent of the Foundation to maintain these responsibilities only as long as is needed for the network to reach a point of sufficient decentralization and self-sustainability.  As the ecosystem evolves, the Foundation will progressively empower its participants, through network governance to push the network protocols forward towards meeting these objectives.
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