OIN Finance partners with Harmony to develop a ONE-backed Stablecoin
OIN Finance is thrilled to inform the community of an upcoming partnership with Harmony, a decentralized application (dApp) blockchain that uses next-generation sharding technology.
Harmony will be integrating OINDAO services and develop a stablecoin backed by ONE, the native token of the platform. The stablecoin will be used as a base currency for the Harmony ecosystem, adding project-specific utilities to the ONE token while also unlocking liquidity to its holders.
Partnership details
The Harmony ecosystem will flourish with the DeFi functionalities brought by OINDAO:
“We’re always looking for partners that not only add to the OINDAO, but also to the crypto space itself to advance the technology, and progress DeFi. We feel that Harmony establishes themselves as one of the best in the field with their great tech in sharding, fast transactions, and so much more to come. This partnership will bring synergies in the amalgamation of our ecosystems, and we can’t wait to see it grow!”
- Richie Li, co-founder of OIN Finance
One of the first advantages is the growth in mainstream adoption of Harmony. The ONE-backed stablecoin will add an extra abstraction layer for users, allowing them to interact with the ecosystem without worrying about the underlying volatility customary to crypto assets.
As the base currency of the ONE ecosystem, the new stablecoin will offer the Harmony community a hedging tool against volatility and hyperinflation. Meaning users won’t need to worry about their purchasing power being compromised, and traders are provided with an excellent method to park money during trades.
It will also drive up the scarcity of the ONE token. Because $ONE needs to be locked to mint stablecoins, as more tokens become locked, it will drive the price of $ONE up due to the increased scarcity. Doing so will create a value loop that will be highly beneficial for the tokenomics of Harmony.
And finally, it will give the Harmony community access to staking services. Thanks to OINDAO’s smart contract, $ONE holders will be able to stake their tokens in exchange for up to 20 different tokens. This innovative multi-coin yield farming protocol will offer investors the opportunity to minimize risk by diversifying their holdings while also creating synergy between tokens listed or bridged on the Harmony protocol.
About Harmony
Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony developers can use Ethereum tooling such as Solidity and Ethers.js. Users can also seamlessly swap Harmony and Ethereum assets. Harmony is able to achieve 2-second finality for fast transactions and is able to support 1000 delegating stakers for secure shards. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.
About OIN
OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OIN DAO allows projects, large or small, to issue their own brand labeled 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. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and ONE, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.
With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utility, OIN is expanding DeFi to cover all of the crypto space.
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