NEAR Joins the OIN Stablecoin Coalition to Help Level Up DeFi
NEAR has joined Constellation Partners, a coalition of cross-chain initiatives that allow blockchain networks to collaborate for stablecoin issuance, adoption and credibility, and competition against larger ecosystems.
The coalition is an initiative created by OIN, a multi-chain decentralized stablecoin issuance and trading platform.
NEAR believes the Stablecoin Coalition will help build the infrastructure required to onboard the next generation of DeFi users.
By joining forces with OIN and other leading Layer-1 public chains, and uniting disparate communities under one umbrella fits perfectly with NEAR’s vision of a multi-chain future.
A New Frontier for DeFi
Before the Stablecoin Coalition project, an arms race had been building between fiat-backed cryptocurrencies for market share across different blockchains. Ethereum has dominated the stablecoin space, with approximately 70% of all issued stablecoins sat on the network.
But as Ethereum became more popular, congestion and gas fees started to weigh down these projects. Newer projects emerged to solve these issues, but struggled to attract users.
As new ecosystems have emerged, this picture has become more complex for the end-user who is looking for quick, simple, and cheap access to stablecoins as and when they need it.
A robust, cross-platform Stablecoin Coalition is exactly what is needed, and the Constellation Partners project helps solve that issue.
The OINDAO protocol aims to become the go-to turnkey stablecoin issuance solution for the blockchain world. NEAR sees this as a foundational piece within the larger DeFi infrastructure that enables easy onboarding of businesses and users alike.
The Stablecoin Coalition’s next moves
In the coming weeks and months, NEAR, OIN, and the rest of the Stablecoin Coalition will explore fresh use cases, synergies, and value propositions within DeFI, from transactions and governance to lending and much more. With the Stablecoin Coalition fast becoming a household name in the DeFi world, any businesses taking even a cursory glance at integrating crypto will know to reach out to us.
About NEAR
NEAR is a high-performance blockchain that is designed to be super-fast, incredibly secure, and infinitely scalable. NEAR’s vision is to create a network that enables people to re-imagine finance, creativity and community in new and inclusive ways.
NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment. NEAR is backed by top VCs such as A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.
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