DeFiChain Becomes One Of The First Blockchains To Fully Integrate Euro Coin, A Euro-backed Stablecoin
Singapore, Singapore, March 20, 2023, Chain Wire
DeFiChain, the leading blockchain dedicated to providing decentralized financial applications and services for everyone on the global Bitcoin network, has announced the debut of Euro Coin (EUROC), a local stablecoin backed by the euro. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.
In DeFiChain, EUROC will have the same support as USDC and USDT. This means that Cake DeFi will act as a custodian and issue dAsset dEUROC, which replaces the EUROC stablecoin on the DeFiChain DEX. Users can switch from Ethereum to DeFiChain and vice versa via Quantum Bridge. In the near future, DFX Swiss, the gateway between fiat and cryptocurrency, will also add a simple Euro EUROC ramp for DeFiChain users.
A full block reward of 2,772,200 became available on Monday, March 20 at 10:00 a.m. UTC. dEUROC-dUSD pair earns 5% of dAsset block rewards and dEUROC-DFI earns 0.74% of crypto block rewards. Actual APRs may vary depending on the distribution of block rewards offered for new collections.
Andreas Osberghaus aka mrgrauel, community member and founder of DFIP to bring EUROC to DeFiChain said: to simplify users. That's why I chose DFIP (DeFiChain Improvement Proposal). Now no one is forced to convert to US dollars or take a currency risk."
The DeFiChain Special Improvement Proposal (DFIP) to bring EUROC to DeFiChain received an overwhelming response from the community with 96.51% of 1,862 positive votes.
The Euro Coin (EUROC) maintains a 1:1 ratio with the Euro, meaning that for every stablecoin issued in Euro, the issuing society has an equivalent Euro in reserve. There is a growing demand for Euro-based stablecoins in the crypto ecosystem. dEUROC can be held as an investment, traded on the DeFiChain DEX, or used to obtain liquidity to earn attractive rewards.
The presence of EUROC will help bring more liquidity to the DeFiChain DEX. This allows users to invest in euros instead of US dollars, improving the user experience and speeding up adoption for most European users. Users can use EUROC to easily move in the euro liquidity chain, accept and make payments in euros worldwide, access crypto capital markets, trade, borrow, lend and much more.
DeFiChain is a fully decentralized blockchain with chain management. Since its launch on the mainnet in May 2020, the project has seen passionate community participation in almost every aspect of the blockchain, from masternodes, projects, tools, governance, economic ideas to code management. The code base is developed as open source and is reviewed and discussed by experts.
About DeFiChain
DeFiChain is a decentralized blockchain built as a hard fork of the Bitcoin network to power advanced DeFi applications. It aims to provide fast, smart and transparent decentralized financial services. DeFiChain offers liquidity mining, capital storage, decentralized assets and decentralized lending. The DeFiChain Foundation's mission is to bring DeFi to the Bitcoin ecosystem.
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Contact:
Benjamin Rauch
press@defichain-ac.com
DeFiChain will be one of the first blockchains to fully integrate Euro Coin, the euro-backed stablecoin that first appeared on Coindoo.