Summary of the OIN + HyperPay + Dash AMA
After last month’s Ask Me Anything (AMA) session gained a lot of traction on social media, OIN is pleased to recap yet another insightful and popular AMA session that took place recently.
AMA session recap
Hosted by Nancy, HyperPay’s marketing director, the AMA included both Felix Mago, one of the co-founders of Dash NEXT, and Daniel Kwak, our very own marketing director.
The session started out with a brief introduction of the Dash NEXT project. Felix described Dash NEXT as Dash’s team in Asia, stating that the focus of the company is to develop crypto adoption among merchants as well as business partnerships. Daniel followed suit by offering a concise description of OIN as “a DeFi platform that empowers projects with DeFi functionality.”
The current state of the DeFi
The subsequent questions were all related to the current state of the DeFi industry. As both participants discussed how it became so popular, Felix stated that the reason behind the DeFi hype was due to the fact that it allowed money to be programmed and have multiple different functionalities and use cases. Both men hailed how it is now possible for anyone to not only use but also build financial applications.
When queried about the need for blockchain interoperability and cross-chain communication, Felix and Daniel admitted to being essential for the scalability and smooth functioning of DeFi. Daniel expressed that without these technologies the DeFi ecosystem would become fragmented, while Felix highlighted how they help bring a better user experience and overall value proposition to end-users.
OIN and Dash partnership
When asked about the partnership between OIN and Dash, Felix shared that issuing a stablecoin using the OIN protocol is an amazing solution for Dash. By removing volatility from the equation, the Dash-backed stablecoin will be able to solve one of the greater barriers for adoption. Merchants and users will now be able to use crypto for the transaction of goods and services while guaranteeing a steady, non-fluctuating cash flow.
Felix also added that the Dash stablecoin is just the beginning of the partnership between the projects, and how they will be working together on additional functionalities and solutions. The discussion then progressed as Daniel gave a brief overview of the intricacies of the minting process, and how easy it is for anyone to hop on the OIN platform and mint their first stablecoins.
OIN’s vision for the future
Daniel also opened up about the goals and future plans for OIN. He shared that one of the short-term targets is to have at least 10 stablecoins running on the OINDAO. Future endeavors also include several new products in the pipeline, including the integration of Binance Smart Chain and Polkadot as well as the launch of the OINSWAP decentralized exchange (DEX). The incorporation of additional DeFi features to stablecoins is also in the works. These new functionalities will be designed according to the needs of OIN’s partners, and can including different usecases such as lending, escrow, or the creation of various stablecoins for different fiat currencies.
On a final note, Daniel answered some questions from the community. When queried about the use-cases of stablecoins issued on OINDAO, specifically how they could facilitate mobile payments and whether offline merchants will accept it, Daniel replied that these possibilities may soon become a reality thanks to partners like Dash. It is a strong possibility, which was even discussed in the last AMA; that the Dash-backed stablecoin will be added to the Dashpay mobile app.
And finally, another one of our community members asked how will OINDAO compete in the stablecoin market, namely if there are plans to add more cross-chain integration and fiat exchange channels. Daniel answered by explaining that the OIN team is currently working on the integration of both Polkadot and Binance Smart Chain, but that other popular blockchain may also be added in the future. In regards to fiat exchange channels, Daniel admitted that, although there are currently no fiat off-ramps, he sees the listing of OINDAO’s stablecoins on Curve or centralized exchanges as STPT has done with the OINDAO minted USTP, an option available to all that join.
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. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and Near, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.
With planned off-rampsoff 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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