Ren, an inter-blockchain liquidity protocol, and ICHI, a platform that permits cryptocurrency communities to create and govern their very own non-custodial stablecoin, have introduced a brand new partnership to make decentralized stablecoins obtainable to Bitcoin, Dogecoin, Zcash, Ren, and different crypto communities.
ICHI’s Decentralized Financial Authority (DMA) protocol facilitates crypto communities in making a stablecoin that’s backed by a mix of its personal native coin and fiat-backed stablecoins. This will increase the demand for every group’s native coin and ensures worth stays locked locally.
ICHI + Ren
The brand new integration will allow ICHI to create a stablecoin for fashionable cryptocurrencies BTC, DOGE, REN itself, and others in whichRenVM brings to the Ethereum community. Notably, this integration goals to facilitate these cryptocurrencies for use in DeFi apps throughout the blockchain ecosystem.
“This partnership is a key step in permitting the fluid motion of liquidity between any blockchain. ICHI’s protocol creates worth for any stakeholder inside the Bitcoin, Dogecoin, Digibyte; or different crypto communities we help by encouraging the adoption and use of those tokens; and driving worth again to the group within the type of yield.”– Michael Burgess, Ren COO
In-Home Economic system
Additional, the ICHI protocol supplies each crypto group with the instruments to function their very own economic system. This consists of establishing a community-governed treasury created by the minting of ‘oneTokens.’ Each group’s oneToken turns into over-collateralized when the quantity of their treasury exceeds that of present minted oneTokens; which happens from the group investing in DeFi initiatives to earn yield.
“We’re thrilled to accomplice with Ren to supply communities with autonomy over the right way to spend, make investments, save, and in any other case use their cash to encourage the scalable and sustainable development of DeFi.”– Bryan Gross, ICHI
Right this moment’s partnership follows the collaboration between ICHI, Ren, and ConsenSys to develop a stablecoin for Filecoin. Since its launch again in June; greater than $2 million in oneFIL stablecoins have been minted. ICHI has additionally launched in-house stablecoins for 1inch Community, Fuse Community, and Wing Finance.
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