DefiDollar Integrates with Various Binance Smart Chain (BSC) Protocols

The DefiDollar team has revealed that $DFD users can now use the multichain.XYZ cross-chain bridge to move their DefiDollars from Ethereum to the Binance Smart Chain. The DefiDollar product suite will soon be available on the Binance Smart Chain.

By
Ifeanyi Egede
on
April 16, 2021
Category:
BSC News

DefiDollar Moves From Ethereum to the Binance Smart Chain

The good news was shared two days from the official Twitter account of the risk-insured stablecoin network. The DefiDollar team has stated they are seeking to achieve the following:

  • Ease the decision for a beginner trader on which stablecoin to hold as well as the merits and demerits of each asset. Hence, it is easy for these users to have a focused savings account
  • Help average users access open finance initiatives such as diversification across protocols and yield farming
Source

If DUSD is launched and it achieves the aforementioned objectives, it will be the first meta-stablecoin on the BSC network to achieve that objective.


How DUSD Intends to Achieve Its Objectives

Two ways:

  • Retail-friendly savings account

Since gas fees are cheap on the BSC network, DUSD intends to provide an inexpensive savings account for users to own stablecoins and earn interest on them. Users won't have to worry about spending their savings on gas fees. There will also be a systemic basis for savings and other benefits.


  • Yield diversification across protocols

The DefiDollar team used Curve Finances’ pools to build on the ethereum network. These users generated tokens that are put in yearn finance vaults to optimize gains. The BSC native protocol will replace the curve finance pools. Users can achieve their aim of optimizing gains through the DUSD's liquidity providers. Over time, the company intends to increase the number of protocols available to maximize yields for $DSD liquidity providers.

Source

Some of the protocols being considered to be added include Beft.fi, Smoothy Finance, Nerve Finance, Ellipsis Finance, Autofarm, and PancakeSwap. With $DSD now part of the BSC network, DefiDollar has become a multi-chain protocol for institutions and retail users. However, there would be no change in the DFD protocol governance token on either BSC or Ethereum.

Opinions About the Move

Most DUSD enthusiasts believe the company is on the right track, especially as regards the integration with Ellipsis and PancakeSwap. The firm has provided their telegram channel for anyone that may require any clarification.

Also, Siddhartha Jain (DefiDollar founder) and other members of the DefiDollar team are scheduled to be hosted by the CryptoDiffer community in an 'ask me anything.' 

During writing, there are more than 13 million DUSD coins in circulating supply. The most active market trading this coin is the Sushiswap Dex. DefiDollar is a stablecoin developed to decrease volatility-caused risk and it is backed by an index asset.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile crypto writer and researcher on fintech, the blockchain and emerging technologies. He has several published works online and in the print media. He loves reading, research, traveling, meeting people and football. When he is not writing, he spends time with his lovely wife and kids

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