OIN Finance Launch OINDAO Stable Coin Issuance Platform in NEAR DeFi Ecosystem
According to officials, OIN Finance has announced that it has received funding from the NEAR Foundation and has launched the OIN DAO stablecoin issuance platform under the NEAR Protocol.
DeFi startup OIN Finance will use the grant to develop OINDAO. The DeFi infrastructure and stablecoin issuance are platforms that will allow projects to issue stablecoins under their own brand. OIN Finance will also help NEAR release a stablecoin that will include DeFi functionality to the NEAR token and unlock liquidity for NEAR holders amongst other functions.
What is OIN?
OIN brings DeFi functionality, such as stablecoin issuance to blockchain projects through a multi-faceted infrastructure. MakerDao only allows fixed assets to be used as collateral for issuing DAI. While OIN DAO allows projects, large or small, to issue synthetic assets under their own brand, backed by their own coins. Basically, any projects can mint their own stablecoins to participate in the large DeFi ecosystem. OIN is going to start with Ethereum and then gradually expand to other ecosystems that are well sought-after, such as Polkadot (DOT), Avalanche (AVAX) and NEAR to issue, trade and deploy cross-chain stablecoins.
OIN Pros
The product to be built on NEAR is OINDAO, which was launched on Ethereum earlier. OINDAO has a platform for issuing stablecoins, the foremost feature of which is decentralization. The benefits of OINDAO include exchanging for other major stablecoins, adding leverage, hedging, lending, and many ecosystem-specific utilities. According to the developers, the possibilities of OINDAO are limitless.
MakerDAO (MKR) and other DeFi platforms such as Compound (COMP) also act as gatekeepers in the set of projects selected for inclusion in their pools, thus setting a large barrier for entry into most projects. OIN can address this issue and build a larger DeFi ecosystem focusing on inclusiveness.
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