A $RVN-backed stable coin is officially on its way! Members of the Ravencoin (RVN) community and the OpenDAO team are partnering up to enable Ravencoin holders to essentially stake their RVN for a $RVN stable coin through a bridging mechanism to enable usage of this $RVN stable coin in the DeFi ecosystem. The culmination of this partnership and the efforts of the OpenDAO team brings additional liquidity and utility to all Ravencoin holders.
What is OpenDAO
OpenDAO (OPEN) acts as a bridge for bringing various asset classes into the DeFi ecosystem while leveraging the liquidity of multiple cryptocurrencies through providing dollar-pegged stable coins for each cryptocurrency. The work with Ravencoin creates $RAVEN0 as one of these dollar-pegged stable coins.
What this means for Ravencoin
This can be thought of as a connection of the Ravencoin and the Ethereum (ETH) DeFi ecosystems. Each Ravencoin holder can essentially stake their Ravencoin holdings in exchange for $RAVEN0. This $RAVEN0 can be used to trade in the Ethereum DeFi network, such as through UniSwap. Trading $RAVEN0 will be faster and more straightforward due to fewer moving parts over extended trading lifecycles for $RAVEN0.
Since all $RAVEN0 trades happen in the Ethereum space each movement of $RAVEN0 and occur all on one blockchain rather than having to use and synchronize a potentially multi-blockchain transaction for a DeFi transaction involving more than the Ravencoin blockchain.
What this means for OpenDAO
Enabling the entire Ravencoin liquidity base to the Ethereum DeFi network aligns withOpenDAO’s mission to
…[enable] real world assets such as stocks, bonds and real estate to be usedOpenDAO team at opendao.io/dao
meaningfully in the DeFi ecosystem via permissionless, trust minimized, transparent,
secure and automated protocols.
This exciting development for the Ravencoin community opens the door for $RAVEN0-based DeFi projects and provides new ways for Ravencoin holders to gain value from their RVN holdings.
Ok, when can I use it?
The integration with Ravencoin may finish up in a few weeks to a few months so stay tuned as these efforts progress!
Read here for the OpenDAO team’s writeup on this partnership.