TL;DR Breakdown
- OIN has entered a new partnership to launch a DeFi-compatible Dash-backed stablecoin.
- The stablecoin further extends the crypto’s usability to the decentralized finance market.
A new partnership between OIN and Dash NEXT, an organization aimed at accelerating Dash (DASH) merchant adoption and consumer activation, will extend the cryptocurrency’s usability to the decentralized finance market. According to a press statement, the two parties are looking to launch a stablecoin solution backed by the DASH to improve peer-to-peer transactions and payment with the cryptocurrency. The stablecoin should be compatible with DeFi protocols.
OIN to launch DeFi Dash stablecoin
OIN is a cross-chain layer two decentralized stablecoin issuance platform based on the Ethereum blockchain. The platform basically enables DeFi functionality on altcoins. So, under the partnership today, the planned Dash stablecoin will be launched on the OIN blockchain platform, which will extend the cryptocurrency’s usability and flexibility in the cryptocurrency payment space, per the announcement. Ultimately, it unlocks more possibilities for the crypto in the DeFi space.
The planned stablecoin is likely to be launched as an ERC-20 token, given OIN is based on Ethereum. Such crypto-backed stablecoins – which include WBTC, tBTC, etc. – are compatible with several decentralized finance protocols. Hence, the cryptocurrency is likely to see more market demand from the booming DeFi industry, which presently has a total valuation of $40.11 billion. While commenting on the development, the co-founder of Dash NEXT, Felix Mago, said:
“We are excited to explore the possibilities DeFi has to offer for our users. We imagine seamless and payments across different crypto networks. With Dash’s established merchant ecosystem and great user community, we believe the DeFi space can profit greatly from fast and cheap transactions enabled by Dash.”
Price update
Prior to this announcement, a US-based cryptocurrency exchange, Bittrex, had threatened to delist Dash and a few other privacy-focused coins from its platform over privacy issues. The developers argued that the coin’s privacy wasn’t even more than Bitcoin‘s.
At the time of writing, the cryptocurrency was trading at $265 on Coinmarketcap. It’s currently the 31st largest cryptocurrency with a market capitalization of about $2.6 billion.
