Syscoin and CorionX Partner to Push Global Stablecoin and DeFi Adoption

https://cryptopotato.com/syscoin-and-corionx-partner-to-push-global-stablecoin-and-defi-adoption/

CorionX, a platform designed to incentivize and promote the global adoption of stablecoins and decentralized finance platforms, has announced it will be partnering with Syscoin to help tackle two of the biggest barriers to entry to DeFi — awareness and cost.

Breaking Down Barriers to Entry

As part of the partnership, CorionX will begin using Syscoin’s Bridge solution to help users experience the benefits of stablecoins and DeFi, without incurring exorbitant transaction fees while doing so. Syscoin Bridge is a solution that allows users to store their tokens on multiple blockchains and complete cross-chain value transfers.

“This Solution will provide cheaper and faster transactions enabled by Syscoin’s unique Z-DAG Protocol, and more robust security offered by Syscoin’s blockchain which is bitcoin-core-compliant and merge-mined,” said CorionX in the press release.

Moreover, the Corion Foundation and the Syscoin Foundation will work together to advocate decentralized technologies like stablecoins and DeFi and will help educate and inform the next wave of users. To achieve this, the two foundations will spread awareness via a series of webinars, seminars, training sessions, and other interactive means.

“This partnership will expand crypto and stablecoin use-cases, and help millions of people and crypto communities use CorionX and Syscoin services worldwide. It presents an amazing opportunity for both partners to empower the crypto community to make scalable transactions, experience user friendly DeFi, and to make cryptocurrency savings and investment more mainstream.” — Miklos Denkler, Corion Foundation Board Member.

CorionX will also help promote the adoption of stablecoins with its native ERC20 token: CORX, which will be used to reward stablecoin users, incentivize adoption among retailers and used to pay the fees for leveraging CorionX’s infrastructure.

Addressing a Major Growing Pain

The DeFi industry has been expanding at record rates for the last three months, and more people than ever before are using stablecoins as their primary means of interacting with the DeFi platforms and protocols.

Since stablecoins are, for the most part, based on the Ethereum blockchain, stablecoin holders also have to pay a variable amount of ether (ETH) each time they make a transfer or interact with a smart contract. But since demand has massively increased as of late, transfers are getting increasingly expensive, making it cost-prohibitive for many smaller transactions and DeFi interactions.

Nonetheless, stablecoins and DeFi represent an attractive proposition for users. Stablecoins benefit from the speed and security of blockchain, while remaining relatively non-volatile, while DeFi platforms promise to restore financial sovereignty to users, helping more people be their own bank, take control over their finances, and access potentially lucrative investment options and services.

eth_fees
ETH Transaction Fees. Source: Bitinfocharts

However, the rampant popularity of stablecoins and DeFi has also caused a major issue — high fees. Since the number of Ethereum transactions have skyrocketed (most of which are DeFi and/or stablecoin related), fees have also increased in tow due to competition for block space, making low-value transactions a no-go in many cases as the fees are too high to make them worthwhile.

To make DeFi more accessible and allow more people to experience its benefits, the industry needs a way to bring the fees right down — and that’s exactly what CorionX is looking to achieve with its partnership with Syscoin.

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RIF On Chain & RSK Network: DeFi On Top of Bitcoin’s Network

https://cryptopotato.com/rif-on-chain-rsk-network-defi-on-top-of-bitcoins-network/

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Money on Chain (MOC) is among the first bitcoin-collateralized DeFi solutions with various features. It allows bitcoin holders to earn a passive income from staking their BTC. It also provides bitcoin-collateralized stablecoins to users who wish to mitigate volatility risks, and it has a bitcoin leverage asset for those who want to increase their long position exposure.

Now, by extending its technology to the RIF ecosystem, MOC also provides a foundation element for the creation of a DeFi ecosystem backed by RIF tokens and deployed on the RSK network.

The Three Main Assets of RIF on Chain’s DeFi Platform

Upon launching, the ROC platform will consist mainly of three assets. They will interact with each other, even though they’ve been developed to serve different purposes.

These include:

  • RIF Dollar (RDOC) – an asset-backed stablecoin that’s 1:1 pegged to the US Dollar and entirely collateralized with RIF tokens.
  • RIFpro Token (RIFP) – this is the cornerstone of the ROC ecosystem, enabling the minting of RDOC and RIFX using a token staking model.
  • RIFX – a leveraged trading asset with an exposure to the movements of the RIF token price.

To interact with the ROC platform, the user needs to have RIF tokens in a hardware wallet that’s compatible. Examples include Nifty or Metamask. Users can purchase RIF tokens on exchanges such as Bitfinex, Bithumb, KuCoin, and others.

How Does The System Work?

RDOC stablecoins are created whenever there is a predetermined amount of RIFpro (RIFP) staked in the platform.

This doesn’t mean that all users must personally stake RIFP to get RDOC. It simply means that RIFP must be staked before any RDOC is created and made available to be acquired.

Hence, whenever the minimum threshold of RIFP that has to be created is met, the platform will automatically mint RDOC so users can acquire them. Put simply, RIFP tokens are a critical component for the minting of RDOC.

The essence of RIFP is to enable RIF token holders to earn a passive income from the fees generated by users who interact with the platform.

The RIFX, on the other hand, is a leveraged product that is set to renew every 30 days. It is intended to provide traders and speculators with a mechanism to leverage up their exposure to the price. It has a fixed leverage multiplier of 2X at the beginning of each contract.

However, this might vary throughout the 30-day cycle depending on variables, including the amount of RDOC stablecoins available and changes to the price of RIF in the market. Naturally, those who use it would have to pay an interest rate for the borrowed amount.

In summary, RIFP tokens will be the cornerstone product of the entire platform. They will benefit from the fees paid by those who purchase RDOC and the interest rate paid by those who use RIFX. Also, RIFP tokens absorb a small part of the volatility of the stablecoins, which will supposedly benefit them in the long run if the price of RIF goes up, of course.

How To Work With The System?

As mentioned above, the first step for a user is to obtain RIF tokens and send them to Nifty or MetaMask. When using the latter, RIF holders must be sure to have the proper configuration of the RSK network for transferring the RIF tokens to the application. Help can be found here.

As the last step, the user needs to allow MetaMask or Nifty to interact with the ROC platform by approving the automate connection of the wallet with the platform.

2020 is the year for DeFi and RSK, the smart contract platform on top of Bitcoin is making without a doubt a significant contribution to the ecosystem.

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