VNDC issues 235 billion VND stable coins on KardiaChain to fuel Viet DeFi Movement
The collaboration between KardiaChain and VNDC has reached a new height. On 12th March, VNDC burned 10 million USD worth of stable coins on Ethereum (ERC20) to officially issue 235 billion VNDC on KardiaChain (KRC20). Stablecoin issuance is a fundamental step to revolutionize the DeFi movement in Vietnam.
Check here: https://explorer.kardiachain.io/tokens
Vietnam DeFi Movement status quo
With VNDC joined the network, KardiaChain is now firmly at stage one of the Vietnam DeFi Movement.
- Stage 1: Stablecoin issuance
Stablecoins are digital currencies that are pegged to non-volatile assets. As alternatives to fiat currencies, they constitute an important aspect of cryptocurrency markets. Stablecoin is the most fundamental component to fuel any DeFi products and services.
VNDC is pegged 1:1 with VND, acting as a powerful tool for Viet people to explore crypto space. Stablecoin issuances contribute to price discovery and market efficiency of DeFi applications in the KardiaChain Ecosystem. This will be a fundamental foundation for KardiaChain to move on the next stage swiftly.
On 12th March, VNDC issued 10 million USD worth of stable coins on KardiaChain (KRC20) including 165 billion VNDC moved from Ethereum (ERC20).
95B burned
https://etherscan.io/tx/0x7b8252ff061b1947ccf71ac3742a1f50016b91637e827b613b62d44fae019aef
70B burned
https://etherscan.io/tx/0x7e624aff95066526dc57b556980948844eb57d622e698b0e02fe2643156d7167
- Stage 2: Existing tokens migrate from ERC20 to KRC20: ERC20 Tokens that did a DIPO on VNDC DApp, such as CHI, WHC, VIDB, BDS, NAMI, and OLC, will move to KardiaChain as KRC20 to gain the benefits of high TPS and low gas fee.
We will provide frequent updates to the community on the detailed updates of each step!
- Stage 3: Launch new projects on KRC20 (Upcoming IDO on KAI)
- Stage 4: More DeFi products on KardiaChain (DEX, Swap, KAIStarter, Farming, Credit Line…)
- Stage 5: Cross-chain DeFi
Tutorial for On-chain transferring VNDC to KRC20
Step 1: At home screen of VNDC Wallet app, click VNDC Wallet
Step 2: At the screen of wallet information, choose the tab KRC20, then press “Send On-Chain”
Step 3: Copy and paste the recipient wallet address (must be KardiaChain wallet address), select the amount of VNDC to send, then press “Send”
Step 4: The screen will show all information about the transactions, including recipient address, amount to be sent, fees, and conditions. User needs to confirm them, then press “Send”
Step 5: Continue the steps with entering password, 2FA, and OTP code to finalize the transaction.
About VNDC
VNDC (https://vndc.io/en/) is a prominent blockchain-based stablecoin and cryptocurrency exchange backed by the Vietnam Dong (VND), the country’s legal currency. VNDC is a good strategic partner for KardiaChain, with nearly 1 million users, making it Vietnam’s largest crypto group. Established in 2019, VNDC is Vietnam’s largest fiat to crypto portal, offering direct money transfers with the most prolific banks in Vietnam. VNDC is in partnership with SMEs and nearly 300 enterprises and 41 listed digital assets in Vietnam.
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