Elrond Network Collaboration With OIN Finance

The internet-scale blockchain, Elrond Network is now partners of OIN Finance a decentralized stablecoin issuance and trading platform. The collaboration will focus on deploying the OINDAO framework on the Elrond Network, to be used in issuing an eGold backed USD-pegged stable coin. In addition, a portion of the OIN token supply will be minted on Elrond mainnet in the ESDT format. Both tokens can be used to pursue DeFi opportunities on the Maiar Exchange.

“We are excited to support the growth of the Elrond DeFi landscape through the issuance of a crypto-backed stable coin powered by OINDAO. Its store of value tokenomics make eGold a great asset for collateralization by long term supporters looking to leverage their holdings in the DeFi ecosystem.”—Amo Huang, OIN Finance Tech Lead.

The collaboration is important for the Elrond ecosystem because it brings an eGold-backed stable coin into its DeFi landscape, which will allow more flexibility for eGold holders looking to engage with the Maiar Exchange and other products that will be deployed on our mainnet.

“The eGold currency has been conceived to be a store of value with powerful utility in the Elrond ecosystem. Its use as collateral for stable coins allows holders to access liquidity and engage in additional DeFi opportunities which will further drive ecosystem growth.”— Beniamin Mincu, Elrond Network CEO.

OIN Finance have been a member of the Elrond ecosystem for a while, and in the meantime, they have evolved to offer crypto collateralized stable coin issuance and staking derivatives via OINDAO, as well as a DEX for swapping OINDAO staking derivatives and stablecoins.

ABOUT ELROND NETWORK
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism.

ABOUT OIN FINANCE
OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OINDAO allows projects, large or small, to issue their own brand labelled 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. 

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