Neutrino partners with 1inch to facilitate inter-chain DeFi between Ethereum and Waves
We are excited to announce a strategic partnership between the Neutrino protocol and 1inch, a DEX aggregator focused on the most seamless user experience and best prices in the market. We are collaborating to create a bridge between the Ethereum network, Neutrino USD (USDN) and other tokens from the Waves ecosystem.
In a bid for multi-chain assetization, the Neutrino protocol will port its functionality to Ethereum, the largest DeFi community to date, as a critical strategic first step. The listing of USDN on 1inch will provide the aggegator’s users access to USDN and its staking rewards as well as Neutrino’s upcoming decentralized Forex product.
In addition to opening the door of the ETH-based DeFi ecosystem to Waves and Neutrino, this integration enables the 1inch team to operate a Gravity node. Gravity, a blockchain-agnostic and token-agnostic interoperability protocol, will connect 1inch to an infrastructure of new, non-Ethereum ecosystems, so that it can act as a reliable cross-chain transfer provider as soon as Gravity’s mainnet has been released.
Neutrino is a multi-chain assetization protocol allowing for crypto-collateralized token creation, pegged to various financial assets, such as national currencies, other cryptocurrencies, gold or stocks. Due to the nature of the underlying asset ($WAVES), which enables staking rewards through Leased Proof of Stake (LPoS) consensus algorithm pools, synthetic assets issued on the Neutrino protocol, such as USDN, can be staked, providing rewards to holders.This mechanism is different from most other DeFi tools generating high yields through borrowing.
The first and most prominent assetization product based on the Neutrino protocol is the Neutrino USD ($USDN). USDN’s current market capitalization is just above $20 million, with approximately 5,000 active users of Neutrino’s dApp.
As an ecosystem that aims to unite blockchain ecosystems and communities to establish an inter-chain DeFi infrastructure (#InDeFi) through investments in the development of the Gravity protocol, Neutrino is an important component of Waves.
1inch’s continuous commitment to provide its users with diverse and lucrative options for swaps, paired with utmost efficiency, aligns greatly with Neutrino’s overall mission. 1inch is Ethereum’s leading DEX aggregator and one of the most important projects in DeFi (with arguably the coolest logo).
1inch’s powerful decentralized exchange aggregator sources liquidity from various exchanges to yield the best trade rate by splitting a single trade transaction across multiple DEX’s. Sergej Kunz, CEO and Anton Bukov, CTO, created the innovative structure for the groundbreaking project at the ETHGlobal hackathon in New York in 2019. In just over a year, 1inch has surpassed one billion USD in overall trade volume, an insanely rapid ascent to the top that is nearly unprecedented in the DeFi space and Ethereum ecosystem.
From a technical perspective, the ERC20 USDN token will be integrated into the Ethereum ecosystem in two stages:
- Stage 1 (Aug 2020): based on the waves.exchange infrastructure, a gateway will be created to issue ERC20 USDN tokens 1:1 after $USDN tokens are locked on the Waves blockchain.
- Stage 2 (Nov / Dec 2020): based on the Gravity and SuSy protocols, gateway operations will be decentralized via an active decentralized network of oracles.
A crucial R&D problem that will also be addressed in collaboration of the 1inch, Neutrino and Waves teams, is the integration of external ‘PoS-blockchain’-specific staking rewards into Ethereum, which will automatically be accumulated by owners of liquidity pools.
The most useful feature for the end user of ERC20 USDN will be the ability to collect rewards from $USDN locked in staking on the Waves blockchain. ERC20 USDN holders who purchased the token on services such as 1inch, Uniswap, Curve, Balancer, Bankor etc. can simply store ERC20 USDN in a wallet (e.g. Metamask), with staking rewards automatically credited to the account balance.
We believe that this strategic partnership with 1inch will lead to a significant advancement in the expansion of inter-chain DeFi and we look forward to our collaboration.
About 1inch
1inch is a decentralized exchange aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEX’s. Smart contract technology empowers this aggregator to enable users to optimize and customize their trades. Launched in May 2019 by Sergej Kunz, CEO, and Anton Bukov, CTO, 1inch has surpassed $1B in overall volume in only 14 months. 1inch has already integrated support for top DEX’s including Uniswap, Kyber Network, Airswap, Oasis, Bancor, Balancer, Curve and many more.
Official Medium: https://medium.com/@1inch.exchange
Official Twitter: https://twitter.com/1inchExchange
Official Discord: https://discord.gg/Xyxv2Yz
Official Telegram: https://t.me/OneInchExchange
Join us
The Neutrino protocol is open source software with transparent mechanisms for introducing changes and improvements. Join the team and contribute to the success of Neutrino Protocol!
Github: https://github.com/Neutrino-Protocol
Neutrino dApp: https://neutrino.at
Medium: https://medium.com/@neutrinoteam
Twitter: https://twitter.com/neutrino_proto
Telegram : https://t.me/neutrino_group
