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Home»News»BSC News»DefiDollar to Become the First Stablecoin Index on BSC
BSC News

DefiDollar to Become the First Stablecoin Index on BSC

BSCTimesBy BSCTimesMay 3, 20213 Mins Read
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Developments on Binance Smart Chain continue to unite centralized finance (CeFi) and decentralized finance (DeFi). One of the greater developments that has occurred to the DeFi world, is stablecoins. Stablecoins seem boring, I get it, but without stablecoins, in my opinion DeFi wouldn’t be seeing the success it sees today. Stablecoins provide safety against the inherent volatility of cryptocurrencies and empower many different applications like payments and transfers of value. Stablecoins even offer really competitive return-on-investment when staked.

But within these options to generate returns, a very important one was needed in BSC, it is to establish or introduce a currency index within the ecosystem. A few days ago, the India based DefiDollar platform announced the introduction of its stablecoin DUSD in BSC, this due to the high fees that since the end of August has brought consequences, largely to retail users by Ethereum. Hence the team has seen great potential for a stablecoin index on BSC, which will be the first metastablecoin on BSC and will introduce Savings Account and performance diversification through protocols.

DUSD at BSC marks DefiDollar’s transition to a multi-chain protocol targeting both retail and institutional users. DFD will remain the governance token of the protocol on both Ethereum and BSC. BSC will allow DUSD holders to participate in a simple savings account with as little as $10, which was impossible due to the high gas costs on Ethereum.

Another relevant feature of DefiDollar is that they are building this on top of Nerve Finance, which is an AMM StableSwap designed to allow trading of stablecoins and pegged synthetic assets quickly with minimal slippage. DefiDollar on BSC is going to allow trading fees: LPs get trading fees from Nerve Finance, LM token from Nerve Finance NRV and Redemption fees when converting DUSD into underlying assets.

The DefiDollar team has been said to have entered the BSC ecosystem as it has the infrastructure and volumes needed to help boost the liquidity of the network. DefiDollar on BSC will unlock fast transactions with considerably reduced fees. They will leverage a combination of PancakeSwap / Ellipsis / Smoothy stablecoin pools for implementation.

“It’s an insurance layer over existing avenues in DeFi,” said co-founder Siddhartha Jain. “There are a lot of different risks that are present in the ecosystem, the same sort of risks which banks pose because the issuing entity is centralized or probably has blacklisting mechanisms.” 

With the massive growth of BSC, DeFi and the stablecoin sector, DefiDollar definitely seems like a project that we should keep an eye on.

If you’d like more information about this new advancement, you can find a post on their official Medium account at: https://medium.com/defidollar/dusd-bscs-first-stablecoin-index-powered-by-nerve-finance-4e8d5d07e394.

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1 BSC DefiDollar featured Nerve Stablecoins

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Robinhood Promotes Scam Token on BNB Chain

January 27, 2023By BSCTimes
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January 26, 2023By BSCTimes
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Binance Holds User Funds and Reserve Tokens in Exchange Wallet

January 24, 2023By BSCTimes
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Uniswap Poll Shows Overwhelming Support to Move to BNB Chain

January 23, 2023By BSCTimes
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