World First Decentralised Forex Exchange Launched by Neutrino

Yellowblock September 29, 2020
Updated 2020/09/29 at 7:36 PM
3 Min Read

Stablecoins pegged to national currencies are now available in DeFo, the Neutrino protocol’s extension, for swapping and staking.

The Decentralized Forex (DeFo) extension, launched on the Neutrino protocol on September 29, is available on Waves.Exchange, facilitating seamless swaps and staking of stable-price assets pegged to national currencies, indices and commodities.

DeFo, an open-source extension, can be potentially integrated into any interface. The DeFo extension comes as the first step towards the creation of a truly decentralized global financial system. At a time when DeFi revolutionizes the traditional banking system, the creation of frictionless bridges between crypto and fiat is crucial.

DeFo is a major step in that direction as it opens up opportunities for high-interest savings and cheap remittances, leveraging the Waves blockchain’s high speed and low fees. As DeFi aims to augment traditional finance rather than replace it, bridging the fiat and crypto spaces is vital. And DeFo is set to play a major role in this process.

By launching DeFo, Neutrino aims to enable easy access to financial instruments, such as savings, investments and currency exchange, for residents of those countries where local banking systems are inadequate or offer unfavorable conditions.

At the launch time, seven assets including USDN and six community-chosen stablecoins pegged to national currencies are available for swapping and staking on DeFo, as well as for trading on Waves.Exchange:

  • Neutrino EUR (EURN), pegged to Euro
  • Neutrino CNY (CNYN), pegged to the Chinese yuan
  • Neutrino JPY (JPYN), pegged to the Japanese yen
  • Neutrino RUB (RUBN), pegged to the Russian ruble
  • Neutrino UAH (UAHN), pegged to the Ukrainian hryvnia
  • Neutrino NGN (NGNN), pegged to the Nigerian naira.

These are algorithmic stablecoins issued by smart contracts, backed by USDN and WAVES tokens, while their price stability is maintained by NSBT’s reserve algorithm. A network of secure oracles will constantly supply up-to-date currency prices from fiat Forex exchanges.

The community could set up pools, share liquidity and influence the future development of the DeFo extension and Neutrino’s product roadmap in general through on-chain governance instruments. Thus, the community will decide what assets will be subsequently listed on DeFo.

For more information on how to issue, trade and stake assets on DeFo and on the underlying mechanisms, please check out the Waves.Exchange website.

We expect that the DeFo extension will be added to multiple interfaces in the nearest future. Stay tuned!

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