HaloDAO Recieved Grant by Balancer Grants DAO
BalancerGrants DAO announced the approval of the grant application HaloDAO to create a new pool type optimized for FX style stablecoin trading.
Balancer’s existing stable pools are suitable for assets that trade around the same price, but not ideal for stable coins pegged to different fiat currencies. HaloDAO has been given an initial grant in the amount of $30,000 to develop a stable pool and onboard a variety of non-USD pegged stablecoins to Balancer’s ecosystem, with the possibility of future grants as necessary. As play-to-earn becomes popular around the world, the ability to cash out in local currencies is more and more important. The grants team is impressed with the grassroots community HaloDAO has built and we’re excited to help them pursue this novel use case on top of Balancer.
“Building on-chain liquidity for stablecoins pegged to non-USD stablecoins is a difficult task but important as crypto enters the mainstream. HaloDAO has a clear plan to execute on their vision of empowering people around the world to enter & exit crypto as cheaply as possible. This grant positions Balancer as a key building block and we welcome HaloDAO to the Balancer ecosystem” -Solarcurve (Baller)
HaloDAO decided that Balancer V2 was the best place to improve our model as its support for custom AMM logic enables us to further stretch the crypto primitive to build on a nascent space. Total money supply is at ~$130 trillion. We are only at the tip of the iceberg on where crypto liquidity is. We envision that HaloDAO x Balancer partnership will accelerate conversion to bring a decentralised future of shared prosperity. — Musashi, Protocol Lead HaloDAO
About HaloDAO
HaloDAO intends to unlock the potential for non-USD stablecoins to generate permissionless on demand liquidity. We see our participation in the vibrant Balancer ecosystem as a key enabler to enable local peoples to swap and earn crypto; being the base layer for subsequent innovation on local payments and more.
About Balancer Grants
The BAL Grant program is one way BalancerDAO promotes the development of the Balancer Protocol and Ecosystem.
The BAL Grant program provides support and funding ($1K — $75K) to projects committed to supporting Balancer Protocol in achieving its mission to become the number one source for Decentralized exchange trades. This program is a good fit for individuals and groups that want to run a project that builds technology or resources on the Balancer Protocol.
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