Waves.Exchange, a global cryptocurrency exchange, announced on Tuesday the launch of Decentralized Forex (DeFo) a new trading model powered by stablecoins. The platform will support seven currency-pegged digital assets at launch, which are USDN, EURN, JPYN, CNYN, RUBN, UAHN, and NGNN.
Waves.Exchange also revealed all trading pairs used for DeFo on the Waves Exchange are developed with the Neutrino protocol, a plug-and-play infrastructure for algorithmic finance and voted upon by Waves Exchange community members.
“Fully collateralized by Waves tokens, the stablecoins are pegged to the value of local currencies: Dollar (USD), Euro (EUR), Japanese Yen (JPY), Chinese Yen (CNY), Russian Ruble (RUB), Ukrainian Hryvnia (UAH) and Nigerian Naira (NGN).”
Waves.Exchange further explained combining elements of the traditional Forex markets, staking, and decentralized market-making protocols such as Uniswap, DeFo users will be able to earn 12-15% a year staking their assets, plus up to 20% when providing liquidity to the new stablecoin pools.
“The original stable asset launched by Waves, the Neutrino USD (USDN), was among the first of its kind on the market to support staking natively, yielding 12-15% a year without the risk of volatility. DeFo is the larger-scale stablecoin ecosystem that will offer crypto traders all the opportunities of the traditional Forex markets, combined with those of DeFi.”
Waves.Exchange describes itself as a gateway to the world of decentralized finance. The platform noted that being a simple interface granting access to powerful tools, it allows you to manage your assets, stake, lease and interact with DeFi applications.