Cryptocurrency exchange Waves Exchange has announced the launch of a decentralized Forex market on its platform based on stablecoins that are pegged to various fiat currencies. According to the press release, the Waves Exchange will initially support seven stablecoins pegged to the value of fiat currencies: USDN, EURN, JPYN, CNYN, RUBN, UAHN and NGNN. Waves Exchange plans to add more trading pairs in the future.
Stablecoins are developed using the Neutrino protocol, a “plug-and-play infrastructure for algorithmic finance” voted on by members of the Waves Exchange community. Traders in the decentralized Forex market will be able to use stablecoins to trade, exchange and receive rewards of up to 15% through staking. Stablecoins are fully backed by Waves tokens and pegged to local currencies. JPYN, for example, will remain pegged to the value of the Japanese yen (JPY).
Users can currently list their USDN tokens on the Waves Exchange to earn 12% to 15% annually. But with the use of a decentralized Forex market (DeFo), profits will be increased at the expense of other currencies.
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