Waves Exchange Rolls out Decentralized Forex with Seven New Stablecoins Pegged to Foreign Currencies
- Wall St bounces back on boost from banks, industrials
- Dollar dips after Fed rally, Bitcoin slumps
- Oil steady on summer demand hopes but Iranian supply looms
- Bitcoin (BTC) and Ethereum (ETH) Plunge as China's Crackdown on Mining Intensifies, One-Third Of Global Processing Power Now Shut
- Headwinds are Building, Prepare for a Significant Market Correction, Says Top Market Analyst
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Combining Forex and DeFi, DeFo users can earn up to 15% of their account balances through staking
SAN FRANCISCO--(BUSINESS WIRE)-- Waves.Exchange, the global cryptocurrency exchange, announced today the launch of Decentralized Forex (DeFo) a new trading model powered by stablecoins. Waves Exchange will support seven currency-pegged digital assets at launch: USDN, EURN, JPYN, CNYN, RUBN, UAHN and NGNN. DeFo traders will be able to use the Neutrino stablecoins for swapping, trading, and yield sustainable rewards 12-15% APR through staking.
Amid growing economic turmoil and diminishing trust in centralized institutions, global demand is rising for stable assets that can weather the volatility of markets. Interest in cryptocurrencies is growing as cash positions are being reconsidered globally and digital assets like the Neutrino have risen to serve as stable high-interest yielding financial instruments.
All trading pairs used for DeFo on the Waves Exchange are developed with the Neutrino protocol, a plug-and-play infrastructure for algorithmic finance and voted upon by Waves Exchange community members. Fully collateralized by Waves tokens, the stablecoins are pegged to the value of local currencies: Dollar (USD), Euro (EUR), Japanese Yen (JPY), Chinese Yen (CNY), Russian Ruble (RUB), Ukrainian Hryvnia (UAH) and Nigerian Naira (NGN).
A network of secure oracles will constantly supply up-to-date currency prices from fiat Forex exchanges. So, for example, the EURN/CNYN exchange rate will always equal the real-world EURN/CNYN rate.
Two ways to earn passively with DeFo: liquidity pools and staking
The original stable asset launched by Waves, the Neutrino USD (USDN), was among the first of its kind on the market to support staking natively, yielding 12-15% a year without the risk of volatility. DeFo is the larger-scale stablecoin ecosystem that will offer crypto traders all the opportunities of the traditional Forex markets, combined with those of DeFi.
Combining elements of the traditional Forex markets, staking, and decentralized market-making protocols such as Uniswap, DeFo users will be able to earn 12-15% a year staking their assets, plus up to 20% when providing liquidity to the new stablecoin pools.
The process to deposit stablecoins in staking is streamlined and accessible to all. Withdrawal of stakes will not incur any penalties, and investors can quickly switch between trading/pooling and staking, depending on the market conditions.
Waves Exchange is planning to add more DeFo trading pairs, which will be voted upon by holders of NSBT governance tokens on Neutrino.
To explore and join the DeFo ecosystem, visit the official page: https://waves.exchange/defo
About Waves Exchange
One of the world's safest cryptocurrency exchange and investment platform based on Waves Protocol, WX is a gateway to the world of decentralized finance. Being a simple interface granting access to powerful tools, it allows you to manage your assets, stake, lease and interact with DeFi applications. Learn more at: https://waves.exchange/
Neutrino Protocol is an algorithmic price-stable multi-asset protocol and an accessible DeFi toolkit built on Waves that allows for the creation of stable coins tied to a specific real-world asset, such as national currency or commodity. The first synthetic asset created with Neutrino Protocol is USD Neutrino (USDN). Learn more at: https://neutrino.at/
Multiplied Account Director
Source: Waves Exchange
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Henry Schein Opens Customer Assistance Hotline in Response to Tropical Storm Claudette
- ISG to Publish Two Studies on Growing Data Analytics Market
- Teck Announces Appointment of Brianne Metzger-Doran as Vice President, Health and Safety
Create E-mail Alert Related CategoriesBusiness Wire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!