HaloDAO and Handle.fi Launch First Synthetic PHP Stablecoin
We are proud to announce that we will be partnering with Handle.fi on a mission to enhance the accessibility of crypto products for the Philippines community through our stablecoin optimised v1 AMM! Our v1 AMM will allow the Filipino community to easily swap fxPHP (Philippine peso synthetic stablecoin) to USDC and any other stablecoins, enabling them to seamlessly interact with existing crypto products.
Why the Filipino community?🇵🇭
According to a study from Chainalysis, out of the 157 economies studied between July 2020 and June 2021, Philippines is ranked 15th in the Global Crypto Adoption Index. Interestingly, Philippines is ranked 9th in the on-chain value received index and 80th in the P2P exchange trade volume index. Besides the evident high adoption of cryptocurrency in the Philippines, this suggests that most of the crypto activities within the Philippines are occurring on the blockchain itself as opposed to transacting within crypto exchanges.
The growing usage of blockchains is largely being driven by the crypto gaming industry which exploded during the COVID pandemic. Many individuals who were out of work due to the lock down measures, found blockchain gaming as a safe haven for generating income for their households. Furthermore, some merchants in the Philippines are even accepting cryptocurrency as a form of payment for goods and services. This showcases the potential for further healthy adoption of cryptocurrencies among residents living in the Philippines.
However a common criticism received from blockchain gaming is the volatility that exists with these cryptocurrencies which therefore restricts the ability of gamers to secure their in-game earnings.
What does Handle.fi & HaloDAO’s partnership offer?
Handle.fi offers fxPHP tokens which essentially serves as a synthetic stablecoin that is representative of the FIlipino Peso. The rollout of the fxPHP token will provide a more localised experience for users to access the existing cryptocurrency innovations since transactions can now be denominated in Pesos. This means that the Merchants mentioned above can conveniently accept fxPHP as a form of payment without having to worry about the volatility of the stablecoin.
As for Filipino gamers, the integration of fxPHP tokens in HaloDAO’s ecosystem will allow for a more convenient avenue for Filipino gamers to secure their earnings as they will be able to swap their in-game tokens to fxPHP in our upcoming AMM V2. On top of that, blockchain gamers can take an additional step to grow their hard-earned income through our fxPHP-USDC yield farming pool.
Overall, HaloDAO and Handle.fi embrace the determination Filipino gamers possess and thrive to support them by providing opportunities for them to invest, earn and spend their cryptocurrencies.
Handle.fi 🦍 seeded Liquidity to our AMM pool
The Handle.fi team has seeded liquidity. Halonauts will now be able to swap between fxPHP and other stablecoins including xSGD and USDC.
Stake your HLP (fxPHP-USDC) tokens and start earning xRNBW rewards now! For more information on how to stake visit our gitbook here.
How do I mint fxPHP?
Step 1: Choose fxPHP and ensure that you are on the Arbitrium One network
Step 2: Enter the amount of fxPHP to mint and adjust vault collateral ratio to desired level
Step 3: Click “Deposit & mint”
Step 4: Bridge fxPHP from Arbitrum to ETH mainnet
Add minted fxPHP address to your wallet. For more information on how to mint fxPHP click here
How do I supply liquidity to the fxPHP-USDC pool?
Step 1: Click https://app.halodao.com/#/pool to go to the Pool page
Step 2: Select fxPHP-USDC pool and click add liquidity
Step 3: Enter the amount of liquidity you’d like to provide and choose the amount of slippage tolerance
Once the transaction is executed you will receive your HLP (fxPHP-USDC) tokens. You can now proceed to farm your LP tokens and earn your xRNBW rewards! For more information on how to farm visit our gitbook here.
Handle.fi is a decentralised multi currency stablecoin protocol. The Handle.fi protocol allows users to create (borrow) multi-currency stablecoins; called fxTokens. Users create fxTokens by depositing eligible collateral, as defined by the protocol governance process.
Handle.fi aims to provide DeFi participants accessibility to alternate currency exposure for hedging, speculation, and maybe even for payments in the future.