DeFi

MarginFi will launch a decentralized stablecoin backed by Solana LST this month

Published

9 months ago

11 May, 2024

MarginFi will launch a decentralized stablecoin backed by Solana LST this month

MarginFi said that XBY would be the first large decentralized stablecoin on Solana.

MarginFi, the sixth largest DeFi protocol on Solana by TVL, announced plans to launch XBY, its yield-generating decentralized stablecoin, this month.

Speaking during the Solana Crossroads Conference 2024MacBrennan Peet, the co-founder of MarginFi, said his team is completing the second audit for XBY and aims to launch the stablecoin before June.

Peet said that XBY will be fully collateralized by SOL-based Liquid Staking Protocols (LST), providing Solana with a decentralized stablecoin that can offset the network’s reliance on USDC, the second largest centralized stablecoin.

“Solana DeFi as a whole is currently entirely dependent on USDC,” Peet said. “If USDC deindexed like it did a year ago and remained deindexed, Solana DeFi would be in a very difficult situation – USDC underlines all major trading pairs.”

He added that the project has already secured about $12 million in initially committed liquidity and hopes to attract more than $100 million before launch.

News of XBY’s impending launch comes a month after MarginFi co-founder and CEO Edgar Pavlovsky abruptly resigned of the project. The move appears to stem from an apparent disagreement over whether the project should launch a governance token when early adopters are already accumulating points – which typically qualify holders for future projects. airdrops.

Many MarginFi users rushed to withdraw their assets from the protocol in response to Pavlovsky’s resignation, with over $300 million, or nearly half of MarginFi’s TVL, leaving the protocol in just a few days.

However, Peet said Pavlosky’s departure was not due to differences over whether the project would launch a token, instead attributing the decision to the stressful demands placed on Pavlovsky as CEO.

“There hasn’t really been any disagreement over a token,” Peet said. “It’s really stressful – it’s a 24/7 job, there are no weekends to build an on-chain financial protocol.”

Peet also confirmed that MarginFi will launch a governance token in the future and is quietly working on building its governance token.

“MarginFi is designed to be decentralized, to have one token,” Peet said. “The Margin Foundation is not as interested in issuing a token just for the sake of issuing a token. We want to have a token where it means something and it has real governance weight.

Peet added that the large withdrawals included robust “stress tests” for MarginFi, with the protocol continuing to operate smoothly despite the large withdrawals.

XBY stablecoin

XBY will include a rebasing stablecoin, meaning user balances will increase as the token’s yield increases.

XBY returns will initially come from staking rewards generated by the token’s LST collateral, with holders also expected to earn returns on MarginFi loans at a later date. Peet noted that MarginFi users have already deposited “hundreds of millions of dollars in LST” into the protocol that can be used as collateral for minting XBY from the moment the protocol goes live.

Peet said that “major protocols and DEXs” within Solana’s DeFi ecosystem plan to support XBY, providing additional opportunities for users to generate revenue.

Peet acknowledged that XBY’s market capitalization will be limited by the capitalization of SOL-based LSTs, adding that MarginFi intends to expand its supported collateral in the future.

“We’re very focused on starting LSTs, but that doesn’t mean we can’t grow outside of that,” Peet said. “There are many other options outside of USDT or USDC, for example, in terms of forms of collateral.”

Peet also revealed that MarginFI plans to launch the first “integrated stableswap” feature after the deployment of XBY. The product will allow users to swap between stablecoins using existing liquidity deposited in MarginFi, meaning users will simultaneously earn lending yields and swap fees.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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