One of the first bitcoin-collateralized DeFi protocols, Money on Chain launched a leveraged token and a decentralized stablecoin on Rootstock (RIF), a smart contract solution based on Bitcoin (BTC)’s blockchain.
The RIF on Chain platform will consist of three main assets that interact with each other depending on the users needs that includes:
RDOC is a stablecoin pegged to the US Dollar and collateralized by RIF tokens that act as a hedge against volatility.
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.
RIFX is a leveraged asset for users who wish to get exposure to movements in the RIF token price.
We are proud to announce the launch of the RIF on Chain DeFi platform, the first RIF DeFi ecosystem built and deployed by @moneyonchainok on top of the RSK network! This includes 3 new RIF tokens: RIFpro, RDOC, and RIFX. Find out more here: https://t.co/WfCze8kFlp pic.twitter.com/XqNiH7HpWp — rif (@rif_os) April 21, 2020
Money on Chain CEO Max Carjuza commented on the announcement:
“When we designed the Money On Chain 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 RSK network, and this will accelerate the adoption of DeFi for Bitcoin. We are very excited to be able to collaborate with this amazing project.”
IOV Labs CEO Diego Gutierrez Zaldivar added:
“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.”
The Money On Chain (MOC) DeFi protocol 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.
Source: Yahoo Finance | Image: Unsplash