The team at digital asset firm Gemini has added support for a new set of digital tokens.
The following crypto tokens are available for trading on their API/FIX and ActiveTrader applications “for USD trading pairs, and on the Gemini Mobile App and website for USD, GBP, EUR, and CAD pairs.”
- Maple Finance (MPL)
- DeFi Pulse Index (DPI)
- Index Cooperative (INDEX)
- Liquity (LQTY)
- Liquity USD (LUSD)
The tokens below are now “available for limit-only trading on our API/FIX and ActiveTrader applications for USD, with trading on [their] mobile app and website for USD, GBP, EUR, and CAD pairs to open on a rolling basis once liquidity requirements are met.”
- Ribbon Finance (RBN)
- Frax Share (FXS)
- Frax (FRAX)
- All the tokens above are “also available for custody on Gemini.”
With the addition of these new tokens, Gemini now offers support for over 100 tokens.
Gemini says that they “believe these tokens will provide value to [their] users as we continue to support the growth of the DeFi ecosystem.” They look forward “to supporting new crypto projects on our mission to unlock the next era of financial, creative, and personal freedom.”
MPL is “an ERC-20 token built on the Ethereum network.” Primary use-cases “include governance, staking, and pool cover.” Lenders who interact with Maple Finance pools “receive MPL-LP tokens, which can be staked to earn rewards in MPL.”
Maple Finance is “an institutional borrowing and lending protocol.” Every pool “created on Maple has its own set of parameters that define various aspects of the pool, including the asset being lent to the pool, the fee structure, the capacity of the pool, who can access the pool, and lockup period, among others.”
Each pool on Maple Finance has a dedicated “Pool Delegate,” who “performs diligence on the pool, negotiates terms with borrowers, and is tasked with liquidating the pool should there be a default. You can see the MPL price and get more information by following this link.”
DPI is “an ERC-20 token built on the Ethereum network.” DPI can be “redeemed for a basket of assets on the Ethereum network, that could include tokens like Uniswap (UNI), Aave (AAVE), and Maker (MKR).”
DeFi Pulse Index (DPI) is “an index product provided by Index Cooperative. DPI is a capitalization-weighted index that provides investable access to DeFi.” The index “includes large DeFi governance tokens, covering the major DeFi exchanges, lending protocols, and more.”
INDEX is “an ERC-20 governance token built on Ethereum.” INDEX holders “can vote on various issues including fees, new products, team composition, and treasury management.” Index Cooperative “enables exposure to multiple assets through index products, including the DeFi Pulse Index (DPI), Metaverse Index (MVI), the Data Economy Index (DATA), and the Bankless DeFi Innovation Index (GMI).”
It also “allows users to a) mint and redeem products at will, b) provide input on the composition of indices, and c) have insight into the composition of different products.”
RBN is “an ERC-20 governance token compliant with the Ethereum network.” RBN holders “can engage in governance by voting on proposals or making their own vaults and trading strategies.”
RBN can also be “used to provide liquidity incentives and staking rewards for vaults.” RBN can be further “used as a way to mitigate black swan events, and RBN stakers insure losses beyond an agreed-upon threshold that differs by vault.”
Ribbon Finance is “a decentralized platform that provides crypto traders with access to structured products that seek to drive yield.” Ribbon Finance vaults “include support for AAVE, ETH, USDC, wBTC, stETH, yvUSDC, AVAX, and SOL.”
LQTY is “an ERC-20 token built on the Ethereum network.” LQTY is “used for staking on the Liquity platform; as well as for incentivizing front-end operators.” Liquity is “a borrowing and lending protocol where users can obtain loans of Liquity’s USD stablecoin, LUSD, by staking collateral. “In contrast to competitors like MakerDAO, Liquity loans “carry a 0% interest rate but charge a fee for loan creation.”
The minimum loan size on Liquity “is 2,000 LUSD.” Whereas Liquity itself “does not provide a frontend interface to interact with the protocol, it offers its native utility token, LQTY, to incentivize the development of frontend interfaces by third parties.”
LUSD is “a USD-pegged ERC-20 token compliant with the Ethereum network.” Liquity users can “mint LUSD by depositing crypto onto the platform as collateral.” Liquity is “a borrowing and lending protocol where users can obtain loans of the Liquity USD stablecoin, LUSD, by staking collateral.” In contrast to competitors like MakerDAO, Liquity loans “carry a 0% interest rate but charge a fee for loan creation.”
The minimum loan size “on Liquity is 2,000 LUSD.” To obtain a loan, users “deposit ether into a ‘trove.'”
Whereas Liquity itself “does not provide a frontend interface to interact with the protocol, it offers its native utility token, LQTY, to incentivize the development of frontend interfaces by third parties.”
FXS is “an ERC-20 token built on the Ethereum network.” Its primary uses “include governance, minting, staking, and redeeming FRAX, as well as providing liquidity incentives.”
To participate in Frax Finance governance, FXS can be “locked in vote-escrowed FXS (“veFXS”), where voting power increases the longer a token is locked.”
Frax Finance is “a decentralized lending platform which issues the FRAX stablecoin.” Frax Finance algorithmically “sustains the value of FRAX through the use of fractional collateral reserves.”
The collateral “used on Frax Finance is split between an accepted collateral (e.g. stablecoins) and Frax Finance’s governance token, FXS.” The collateralization ratio “for FRAX changes based on its price. ”
FRAX is “an ERC-20 token compliant with the Ethereum network.” It is “an algorithmic stablecoin that aims to maintain a 1 USD peg.” Frax Finance is “a decentralized lending platform which issues the FRAX stablecoin.”
Frax Finance algorithmically “sustains the value of FRAX through the use of fractional collateral reserves.” The collateral “used on Frax Finance is split between an accepted collateral (e.g. stablecoins) and Frax Finance’s governance token, FXS.”
The collateralization ratio “for FRAX changes based on its price.”