Quantifying Trust in Forex Markets: Taking the Next Step With New sEUR Incentive on Curve
Enter the emerging DeFi with EURS!
Two parts of cryptocurrency ecosystems, stablecoins and DeFi, are coming closer in early 2021 as STASIS joins a new DeFi initiative. In light of Curve Finance recently launching an sEUR/EURS liquidity pool, Synthetix is running an incentive to provide sEUR liquidity. One more step to the trustless Forex markets has been made!
Euro-backed road to DeFi
The goal of the latest collaboration is to test the demand for a highly liquid pool of Euro stablecoins, with the largest Euro-backed stablecoin being provided by STASIS. This incentive will run for six weeks and went live earlier this week. The SNX will be provided by the synthetixDAO, and will offer 8000 SNX per week.
The pool represents a major step for bridging DeFi and Forex, opening liquid trades between EURS and sEUR, allowing Euro holders to enter the burgeoning DeFi ecosystem more smoothly than ever before.
This initiative will allow performing direct swaps from EURS to sEUR in the forthcoming future. Then, a user would be able to exchange it into sUSD by Forex rate and later convert to his usual BTC/Ethereum or USDC/USDT tokens.
Take your gain
Users can participate in the incentive by heading to the Curve sEUR deposit interface, and select “Deposit and stake in Gauge.” Once this has been completed, SNX and CRV rewards will be able to be claimed on Curve.
Unlike other Synthetix incentives, it is not possible to participate in this incentive via the Synthetix Staking or Mintr dApps. If you have any questions about sEUR, join the Synthetix Discord.
Decentralized Finance has the necessary capacity to reshape traditional banking in the forthcoming future, eliminating inherent fraud and old-school financial inefficiencies such as lack of existing benchmarks and absence of price guarantee. Numerous factors reduced opportunities for further progress and clients were often unable to assess risks properly. Ongoing advances in DeFi allow disrupting the existing market, bringing transparency with the quantified trust concept.
However, the existing technology is similar to video streaming over the Internet back in 1996. Due to the fact that the blockchain is still in its infancy, it is still impossible to trade volumes even close to traditional Forex, but the groundwork for advancement in this direction has been laid.
Spearheading the progress
STASIS is a stablecoin crypto-enabler platform that provides an institutional-grade link between the decentralized finance world and the off-chain market. The Malta-based company stands behind EURS development and enhancement, building a global community around the largest non-USD digital asset and unraveling more use cases for its flagship product. Last year, the STASIS team redefined and simplified the way cryptocurrencies can be purchased and used as the company offers the cheapest on-ramp in digital assets by card, available through open API.
With the global community network of more than 70.000 users from different countries and continents, the company now seeks more opportunities to expand its presence in the emerging Decentralized Finance market.
STASIS delivers an unrivaled EURS transparency level so that investors can always be confident that their digital assets are fully backed by the appropriate collateral. Thus, the “quantifying trust” concept of transparency coined by STASIS can now be applied in the DeFi area.
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