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Originally posted here.
From: Az
overview
RedStone Finance can’t be stopped from spreading its fully customizable oracle price data feeds across the internet – via their protocol, which is based on Arweave. This time RedStone has announced that they are integrating with the Interest Protocol. Interest Protocol is a DeFi platform built on top of the Sui and BNB chains, enabling trading, […]
The post
RedStone Finance can’t be stopped from spreading its fully customizable oracle price data feeds across the internet – via their protocol, which is based on Arweave. This time RedStone has announced that they are integrating with the Interest Protocol.
Interest Protocol is a DeFi platform built on top of the Sui and BNB chains, enabling trading, farming and borrowing through its Dinero Markets and Dinero stablecoin.
RedStone Finance and Interest Log
Originally operating on the BNB Chain Test Net, Interest Protocol shared the news that it had successfully launched its DEX on the Sui Devnet last January (2023).
So what exactly does Interest Protocol do?
Interest Protocol is a DeFi platform that enables trading, yield farming and borrowing. It operates a decentralized exchange (DEX) that supports two trading formulas to fairly value assets. The stable markets are designed to maintain the price of tied assets like BUSD and USDT, while volatile markets value uncorrelated assets like BTC and ETH.
One of Interest Protocol’s unique features is its focus on security. Liquidity providers can absorb fickle losses by borrowing a stablecoin called Dinero and using its Liquidity Provider (LP) tokens as collateral. The loans are free and the collateral tokens are placed on yield farms to earn interest tokens. This allows liquidity providers to invest their free capital to offset temporary losses.
Dinero is their stablecoin that is pegged to the US Dollar and only minted by Dinero Markets and Vaults on the Interest Protocol. That means it has a low risk of losing its binding, unlike centralized solutions like USDC, USDT, and BUSD. Dinero is managed by smart contracts, so all the collateral behind it is auditable.
Dinero Markets allows users to create Dinero stablecoins based on the value of their collateral. These are one-sided markets where the user does not borrow Dinero from a supplier but creates it by over-collateralising. The market contracts value the dollar value of the collateral using oracles and mint new dinero. The loans have no term as long as the user has enough collateral to cover the loan.
Interest Protocol’s team consists of Europe-based technology entrepreneurs with a combined experience of 10 years in crypto:
Jose Cerqueira – Co-Founder and CEO
Jose P. Nelumba – Co-Founder and CFO
Marco Pitra – Developer
António Kipanda – Developer
Nilam Jaiswal – Marketing Manager
And Advisor João Simões – CCG Advisory COO
To use the Interest Protocol, users must have a Metamask wallet set up. Read more about Interest Protocol here and start using it here.
RedStone integration
RedStone Finance offers cross-chain Oracle solutions that provide decentralized applications (dApps) and smart contracts with reliable and verified data. This partnership will allow Interest Protocol users to benefit from real-time price feeds that offer live asset reviews at the creation of Dinero by Interest Protocol.
The integration of RedStone Oracles with the Interest Protocol is significant for its users. RedStone Finance oracle support means Interest Protocol now has access to fully customizable data feeds for over 1,100 assets including cryptocurrencies, stocks, commodities, on-chain reputation and more.
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