Cash on Chain has revealed a brand new vary of merchandise backed by the RSK Infrastructure Framework (RIF) token that’s operated by IOV Labs and presents varied developer options.
To this point within the evolution of DeFi, Ethereum has hogged the highlight. Nonetheless, with interoperability turning into a major space of focus for builders, 2020 may very well be the 12 months that modifications. Now, Cash on Chain, the corporate that launched Bitcoin-backed stablecoins in December 2019, has introduced a brand new vary of merchandise backed by the RSK Infrastructure Framework (RIF) token. RIF is a expertise stack providing a wide range of options powered by the Bitcoin blockchain.
RIF is operated by IOV Labs, the identical firm answerable for the RSK community, Bitcoin’s sensible contract platform. RIF presents developer options similar to area addresses, storage, and funds, and primarily based across the RIF token.
Cash on Chain was already utilizing the RSK community to ship its first vary of merchandise launched late final 12 months. These embody a dollar-pegged stablecoin collateralized by Bitcoin, known as Greenback on Chain.
Now, it’s going a step additional in integrating Bitcoin to the DeFi panorama by introducing three new tokens primarily based on the RIF token. The RIF on Chain vary includes stablecoin RDOC, leveraged token RIFX, and RPRO, designed to generate income-earning alternatives from volatility threat.
How Does RIF on Chain Work?
Stablecoin RDOC is pegged to the US greenback and, in the same technique to Maker, collateralized by RIF tokens to hedge towards volatility. The distinction is that, in contrast to Maker, customers don’t should open a Collateralized Debt Place (CDP) to have the ability to procure RDOC tokens. They’ll merely purchase them straight within the Cash on Chain platform with their RIF tokens.
RIFX is a leveraged asset that permits customers to realize publicity to fluctuations within the worth of RIF. RIFX token holders can doubtlessly earn double the proportion positive aspects of RIF. On the flip aspect, if RIF decreases in worth, then losses are additionally magnified.
Lastly, the RPRO token permits customers to earn passive revenue from their RIF tokens by staking them to gather a share of charges paid by customers of the RIF on Chain platform. RPRO mirrors the volatility of the RIF token.
Shift in DeFi
Cash on Chain isn’t the one firm betting that DeFi will increase past the borders of the Ethereum blockchain. Final week, Eric Vorhees, founding father of Shapeshift and one in all Bitcoin’s earliest advocates, introduced that his firm had acquired Israeli startup Portis.
Portis has developed a self-custodial Web3 pockets SDK in order that builders of crypto purposes can empower their customers to maintain custody of their very own crypto-assets. Shapeshift had already built-in the Portis pockets into its personal platform final 12 months.
Now, the acquisition implies that DeFi customers will be capable to entry their Shapeshift property through a variety of different apps already utilizing the Portis pockets.
Elsewhere, Morgan Creek Digital, the agency owned by Bitcoin maximalist Antony “Pomp” Pompliano, was reported as one of many traders in Canadian DeFi startup Atomic Loans.
The corporate is growing an utility enabling customers to borrow Ethereum-based stablecoins utilizing their Bitcoin holdings as collateral. The thought is that customers can liquidate their Bitcoin with out having to promote, and so can nonetheless profit from any potential upside within the worth of their BTC holdings.
The funding spherical was led by Initialized Capital, with different notable traders together with ConsenSys, and representatives from Bison Trails additionally taking part. The overall raised was $2.45 million.
Having obtained a diploma in Intercultural Communication, Julia continued her research taking a Grasp’s diploma in Economics and Administration. Turning into captured by progressive applied sciences, Julia turned keen about exploring rising techs believing of their means to remodel all spheres of our life.