Waves.Exchage has created a new market for decentralized FOREX
6 new USD-backed stablecoins available to users
New Waves.Exchange Eco-Framework Combines CeFi, Forex, Staking, and DeFi
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The Waves.Exchange cryptocurrency exchange is creating a unique ecosystem that includes elements of Forex, staking, and decentralized trading protocols such as Uniswap. This means that users will be able to receive income from several sources at once..
Six new stablecoins for the DeFo market
Cryptocurrency exchange Waves.Exchange is essentially creating not just a new product, but a new market, which is called “decentralized forex”. Now users can make money by trading tokenized currencies, which are presented on the site in the form of stablecoins. In addition to the traditional coins backed by the US dollar, Waves.Exchange is launching 6 more new stablecoins that users have chosen. Among them, EURN (Euro), JPYN (Japanese Yen), CNYN (Chinese Yuan), RUBN (Russian Ruble), UAHN (Ukrainian Hryvnia) and NGNN (Nigerian Naira).
“All of these coins were the winners of the recent community poll. The voting process itself took place on a completely decentralized basis using NSBT tokens – an important element of the architecture of the Neutrino protocol, which gives token holders the right to participate in determining the present and future of the ecosystem. The very emergence of the DeFo ecosystem became possible thanks to the development of the Neutrino protocol, which, in turn, appeared on the basis of Waves, ”the company commented.
In general, the creation of DeFo was a logical continuation of the successful launch of the USDN (Neutrino USD) stablecoin – the first decentralized stablecoin on the Waves.Exchange platform. It is one of the first stablecoins with native staking support and is able to accumulate 12-15% of annual income without risks associated with exchange rate volatility..
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The annualized interest rate for both USDN and other stablecoins in the DeFo ecosystem is dynamic and can change depending on a number of factors. USDN is pegged to the US dollar and fully backed by another cryptocurrency asset – WAVES.
It should be noted that since June 2020, the capitalization of the USDN stablecoin has doubled, which indicates that the audience is interested in this asset. According to CryptoRank, the total market capitalization of all stablecoins has exceeded $ 20 billion and is now at $ 20.2 billion. Growth was 300% since the beginning of the year..
Such an increase in the popularity of stablecoins in recent years may be associated with a large number of new investors coming to the market who are trying to minimize the risks associated with fluctuations in currency prices and increase profits..
The DeFo market allows you to make transactions for the purchase and sale of stablecoins in any quantities and using any currency pairs. The size of each trade is limited only by the liquidity established by the contract. A special balancing algorithm will ensure that the liquidity of the pools does not end and that all stablecoins are adequately secured.
A special network of oracles from Waves.Exchange provides real-time information about the current exchange rates of the fiat Forex markets.
How to make money on the DeFo market
In fact, the decentralized Forex market offers several opportunities for earning on stablecoins. Users can create liquidity pools themselves or join existing ones to receive a percentage of commissions.
The commission from each transaction will be 0.2%, and liquidity providers will be able to earn 10-20% per annum depending on the volume of the pool’s operations. Unlike Uniswap, where liquidity providers must deposit equal deposit amounts in both currencies, DeFo pools on Waves.Exchange are more flexible: for a deposit, users can use currencies in different proportions or even get by with just one.
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“All new stablecoins will be backed by USDN. Moreover, staking will be available for all assets, which will allow you to earn up to 15% in the currency to which stablecoins are pegged. With … More. Thus, everyone who stakes EURN will also receive daily EURN payments. The user can transfer a deposit to staking in a few seconds and withdraw funds at any time without any penalties and loss of savings. Thus, users can quickly switch between trading / pools and staking depending on the market situation, ”says Waves.Exchange.
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In addition to smart contract transactions, users can freely trade their stablecoins on Waves.Exchange. In this case, instead of a fee of 0.2% of the transaction amount, only the standard flat fee of 0.003 WAVES (about $ 0.01) will apply. However, liquidity will be limited by the amount of funds on the market, so slippage in the execution of some orders is inevitable..
The list of stablecoins available for trading on DeFo will continue to grow: holders of NSBT management tokens will even be able to add their own if they are able to provide the necessary initial liquidity in the pool.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
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