“They will also be able to utilize the stablecoins for ecosystem-specific utilities, as leverage to buy more tokens, or even to swap for other stablecoins such as USDC and DAI.” That means any tokens existing in the NEAR ecosystem can also be used as collateral in order to mint new stablecoins, which further expands possible use cases: Unlike other DeFi startups such as MakerDAO and Compound, which establish a significant barrier of entry by only permitting certain projects to become part of their pools, the OINDAO design features allow the integration of any existing altcoin onto its platform. A NEAR-backed stablecoin acts as the base currency in the NEAR ecosystem, helping the NEAR community to hedge against volatility.” “A stablecoin provides an excellent method to park money during trading, or to use as a base currency. This presents the NEAR community with some interesting value propositions as highlighted by our team: NEAR will take advantage of OINDAO’s services to issue its own stablecoin, fully collateralized by the $NEAR token. The full article and more in-depth information about NEAR can be found in the link below: We will be taking a comprehensive look at some of the key takeaways of this critical collaboration, and how it will elevate both projects in the fast-growing DeFi industry. As previously announced, OIN Finance has recently received a grant from the NEAR Foundation with the purpose of building and launching a NEAR-backed stablecoin on OINDAO.
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