Money on Chain DeFi ecosystem continues to grow with a RIF-collateralized stablecoin and a RIF leveraged product.
Money on Chain, the company that built and deployed one of the first bitcoin-collateralized DeFi protocols, announced today the extension of its technology to the RIF ecosystem by releasing the RIF on Chain DeFi platform backed by RIF tokens and deployed on the Rootstock network. At launch, the RIF on Chain platform will consist of three main assets that interact with each other, and which have been developed to serve different purposes depending on the users needs. These include: the RIF Dollar (RDOC), the RIFpro (RPRO), and RIFX.
USDRIF (previously known as RDOC) is a stablecoin pegged to the US Dollar and collateralized by RIF tokens that act as a hedge against volatility. Its main differentiator is the lack of requiring a Collateralized Debt Position (CDP) for acquiring RDOCs, as users can buy them directly in the platform with their RIF Tokens. RDOC holders have full control over their RDOCs, they can freely transfer and store them in a compatible hardware wallet. Additionally, RDOCs can be used to acquire any product within the RIF Marketplace to be launched in 2020.
RPRO is a token that mirrors the RIF Token price volatility and is designed for those users who want to earn a passive income on their RIF tokens by collecting a share of the fees generated by the platform transactions. Holders can essentially stake RIF in this way and earn income while remaining a vital part of the RIF Token DeFi ecosystem. RIFPROs can also be transferred and stored in a compatible hardware wallets. RIFX is a leveraged asset for users who wish to get exposure to movements in the RIF Token price. Holders of a RIFX position can potentially double their percentage gains as the price of RIF increases or their losses as price decreases. Contracts in these leveraged positions would be set to renew every 30 days in this first version of the platform.
The Money On Chain (MOC) DeFi protocol, which during last month’s price volatility proved to be one of the more robust in the DeFi ecosystem, expects to increase the usage of its technology by adding large community tokens such as the RIF token, which continues to experience a steady growth in user numbers as new initiatives are launched across strategic markets, such as Asia and Latin America.
Max Carjuza, Money on Chain’s CEO expressed: When we designed the MoneyOnChain protocol we did it thinking that the financial model could also be used with other collateral assets. We believe that RIF offers many new infrastructure services through the Rootstock network, and this will accelerate the adoption of DeFi for Bitcoin. RDOC will allow people using the Rootstock Infrastructure framework to use a stablecoin to pay for those services without being exposed to the natural volatility of the crypto world. We are very excited to be able to collaborate with this amazing project.
Diego Gutierrez Zaldivar IOV Labs CEO, commented “It’s thrilling to experience how quickly the DeFi ecosystem has been growing, launching more products and achieving broader adoption. We are excited that top DeFi technologies such as Money on Chain are choosing the RIF token and the RBTC blockchain to evolve and position their products in this high growth competitive environment.
About Money on Chain
Money On Chain protocol enables the creation of new Stablecoins Tokens, allowing transactions of innovative financial systems to be free from the volatility of the current cryptocurrencies markets enabling a world where transactions are instant, cost-efficient and free from the volatility of the current cryptocurrencies markets. Furthermore, enables international trade to be frictionless so individuals and companies can use the Bitcoin blockchain without facing volatility risks. Money on Chain hence takes the best of both worlds, decentralization, security, immutability of Bitcoin and the stability of traditional fiat to create such a solution.
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.