OIN Finance receives grant from NEAR foundation to Develop a NEAR-backed Stablecoin

This post was originally published on Oin finance

DeFi startup OIN Finance has received a grant of $25.000 from the NEAR Foundation to develop OINDAO, a DeFi infrastructure and stablecoin issuance platform that allows projects to issue their own brand labeled stablecoin. OIN Finance will also help NEAR issue a NEAR-backed stablecoin, which will add DeFi functionality to the NEAR token and unlock liquidity for NEAR holders among other features.

OIN vs competition

The product to be built natively on NEAR is OINDAO, which is a decentralized stablecoin issuance platform that was previously launched on Ethereum. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OINDAO allows projects to issue brand labeled stablecoins that are collateralized by their own tokens. With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utilities, the possibilities are endless with OINDAO.

MakerDAO, and other DeFi platforms like Compound, also act as gatekeepers in electing which projects are selected to become part of their pools, thereby establishing a large barrier of entry for the majority of projects. OIN is able to solve this problem and build a greater DeFi ecosystem, centered upon inclusion and permissionless engagement.

OIN’s vision is to provide DeFi functionalities to all crypto projects, large and small. Users will be able to unlock liquidity of their favorite assets while HODLing them. They will also be able to utilize the stablecoins for ecosystem-specific utilities, as leverage to buy more tokens, or even to swap for other stablecoins such as USDC and DAI.

How Can OIN Benefit the NEAR ecosystem?

  1. A volatile medium of exchange can compromise users’ purchasing power. A stablecoin provides an excellent method to park money during trading, or to use as a base currency. A NEAR-backed stablecoin acts as the base currency in the NEAR ecosystem, helping the NEAR community to hedge against volatility.
  2. A NEAR-backed stablecoin will encourage the mainstream adoption of NEAR ecosystem projects. Most blockchain projects have the vision to change something in the real world. NEAR-backed stablecoins create an additional abstraction layer for mainstream users, who will be able to interact with NEAR-backed stablecoins in a similar manner to fiat — without having to worry about the underlying volatility of the crypto asset.
  3. With more ecosystem-specific utilities behind a NEAR-backed stablecoin, more NEAR-backed stablecoins can be minted. The increasing amount of locked liquidity drives the price of NEAR up, creating a closed value loop for NEAR’s token economy.
  4. OINDAO’s smart contract supports multi-coin farming functionality for up to 20 different tokens. This support will create synergy between tokens on or bridged to NEAR protocol, providing a linkage between projects in the NEAR ecosystem. This means users who stake NEAR will have the opportunity to farm 20 different projects’ tokens in the NEAR ecosystem.

Starting with Ethereum, and gradually expanding to other popular ecosystems, OIN is on track to build a greater DeFi ecosystem and become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.

With more assets added to the OINDAO platform, the OIN team plans to launch OINSWAP in the future: a next-generation decentralized trading (DEX) platform. Eventually, a stablecoin universe backed by crypto and real-world assets has the capacity to form on NEAR Protocol. Users with any assets can come to OIN platforms for borrowing, mining, and staking among other options.

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Quote from OIN:

“The grant award is a recognition to the OIN team to implement their vision for bridging different ecosystems to form a greater DeFi ecosystem. The OIN team will continue to upgrade its product with more DeFi functionalities that users need and add more assets to the platform, and eventually create a stablecoin universe to serve as a foundation to all kinds of DeFi activities.”

Quote from NEAR:

“We are excited to have projects such as OIN natively building OIN DAO on NEAR Protocol. Odollar is a $NEAR-collateralised stablecoins. We believe that OIN DAO is one more step towards creating an open and permissionless DeFi ecosystem on NEAR that will be able to rapidly scale into the future. With NEAR-backed stablecoins launching through OIN DAO, a host of new applications are enabled that will continue to strengthen the development of the protocol.”

About NEAR

NEAR Protocol is a blockchain-based, ultra-scalable, developer-friendly platform for decentralized applications. NEAR’s platform provides decentralized storage and computational power that is secure enough to manage high-value assets like money or identity. The NEAR high-performance network allows money and identity to become accessible and useful for everyday people, placing the power of the Open Web in their hands.

NEAR Protocol uses a technique called “sharding” which splits the network into multiple pieces so that the computation is done in parallel. Parallelism radically increases throughput and allows the network to scale up as the number of nodes on it increases. With NEAR, there isn’t a theoretical limit on the network’s capacity.

Core contributors of NEAR have won multiple world championships in competitive programming and worked at major tech companies such as Google, Facebook, and Niantic. To learn more about the NEAR Protocol, please visit https://near.org/.

About OIN

OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OIN DAO allows projects, large or small, to issue their own brand labeled synthetic assets that are collateralized by their own coins; in essence, any projects can mint their own stablecoins to participate in the greater DeFi ecosystem. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and Near, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.

With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utility, OIN is expanding DeFi to cover all of the crypto space.

For all the recent updates and progress, connect with OIN Finance and become a part of our community at:

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OIN Finance receives grant from NEAR foundation to Develop a NEAR-backed Stablecoin was originally published in OIN Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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