Elrond Network to Create eGold-backed Stablecoin Through OINDAO!
Elrond will be creating their very own eGold-backed stablecoin through the OINDAO! Being one of the largest players in the industry, Elrond brings with them a massive amount of users, along with some great use cases planned!
“The eGold currency has been conceived to be a store of value with powerful utility in the Elrond ecosystem. Its use as collateral for stable coins allows holders to access liquidity and engage in additional DeFi opportunities which will further drive ecosystem growth.” said Beniamin Mincu, Elrond Network CEO.
Although they have been a part of the OIN Finance’s growing list of partners for a while, we’re now getting to a stage where the details of the partnership are taking shape. In preparation for their Maiar Exchange (to be launched soon), Elrond will be launching their stablecoin to facilitate the growth of their ecosystem, and provide greater utility and flexibility when dealing with merchants and trade through their mainnet.
Elrond has been at the forefront of making blockchain accessible to the world with an easy-to-use platform for Dapps and enterprise solutions. The eGLD has been developed with these goals in mind, and is designed as a store of value that promotes confidence in their environment.
The list of potential use cases provided by the Elrond ecosystem is immense, from DeFi functionality, Dapps, to the ever-growing enterprise solutions provided by blockchain technology. Elrond’s growth is looking to only grow from here on, and OIN Finance is more than excited to be part of this push forward for the blockchain industry through building out a comprehensive DeFi infrastructure.
“We are excited to support the growth of the Elrond DeFi landscape through the issuance of a crypto-backed stable coin powered by OINDAO. Its store of value tokenomics make eGold a great asset for collateralization by long term supporters looking to leverage their holdings in the DeFi ecosystem.” said Amo Huang, OIN Finance Tech Lead.
This new development of the Elrond-OIN partnership is something that we’ve been waiting to see. We at OIN are excited not only for the eGLD stablecoin, but also for the things to come from our partnership, and to see our partners and ecosystem grow! As this initiative grows, we’ll be releasing information in stages so stay tuned!
ABOUT OIN FINANCE
OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OINDAO allows projects, large or small, to issue their own brand labelled synthetic assets that are collateralized by their own coins; in essence, any projects can mint their own stablecoins to participate in the greater DeFi ecosystem. Having commenced with Ethereum, and gradually expanding to other popular ecosystems such as Elrond, Polkadot, Avalanche, and most recently Binance Smart Chain, OIN’s aim is to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.
For all the recent updates and progress, connect with OIN Finance and become a part of our community at:
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About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
