DefiDollar to Become the First Stablecoin Index on BSC

OFFICIAL AUTHOR OF THIS POST IS BSCTIMES.COM

Developments on Binance Smart Chain continue to unite centralized finance (CeFi) and decentralized finance (DeFi). One of the greater developments that have occurred to the DeFi world, is stablecoins. Stablecoins seem boring, I get it, but without stable coins, in my opinion, DeFi wouldn’t be seeing the success it sees today. Stablecoins provide safety against the inherent volatility of cryptocurrencies and empower many different applications like payments and transfers of value.

But within these options to generate returns, a very important one was needed in BSC, it is to establish or introduce a currency index within the ecosystem. A few days ago, the India-based DefiDollar platform announced the introduction of its stable coin DUSD in BSC, this due to the high fees that since the end of August has brought consequences, largely to retail users by Ethereum.

DUSD at BSC marks DefiDollar’s transition to a multi-chain protocol targeting both retail and institutional users. DFD will remain the governance token of the protocol on both Ethereum and BSC. BSC will allow DUSD holders to participate in a simple savings account with as little as $10, which was impossible due to the high gas costs on Ethereum.

Another relevant feature of DefiDollar is that they are building this on top of Nerve Finance, which is an AMM StableSwap designed to allow trading of stablecoins and pegged synthetic assets quickly with minimal slippage.

The DefiDollar team has been said to have entered the BSC ecosystem as it has the infrastructure and volumes needed to help boost the liquidity of the network.

“It’s an insurance layer over existing avenues in DeFi,” said co-founder Siddhartha Jain. “There are a lot of different risks that are present in the ecosystem, the same sort of risks which banks pose because the issuing entity is centralized or probably has blacklisting mechanisms.” 

If you’d like more information about this new advancement, you can find a post on their official Medium account at: medium.com/defidollar/dusd-bscs-first-stablecoin-index-powered-by-nerve-finance-4e8d5d07e394.

Source: BSCTimes.com

OFFICIAL AUTHOR OF THIS POST IS BSCTIMES.COM

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