A proposal for Polkadot to create its own native algorithmic stablecoin, exclusively backed by DOT token, is gaining strong early support.
Co-founder and chief technology officer of Polkadot chain’s Acala, Bryan Chen, introduced a proposal on Sunday to develop a native stablecoin for the Polkadot network. The stablecoin would be algorithmic, exclusively backed by Polkadot
DOT$4.20 tokens, and would use the pUSD ticker.
The proposed stablecoin would leverage the decentralized stablecoin and collateralized debt position protocol Honzon on the Acala network. The system is meant to reduce or replace dependence on Tether’s USDt
At the time of writing, over three-quarters of the votes have beenA proposal for Polkadot to create its own native algorithmic stablecoin, exclusively backed by DOT token, is gaining strong early support.
Co-founder and chief technology officer of Polkadot chain’s Acala, Bryan Chen, introduced a proposal on Sunday to develop a native stablecoin for the Polkadot network. The stablecoin would be algorithmic, exclusively backed by Polkadot
DOT$4.20 tokens, and would use the pUSD ticker.
The proposed stablecoin would leverage the decentralized stablecoin and collateralized debt position protocol Honzon on the Acala network. The system is meant to reduce or replace dependence on Tether’s USDt
At the time of writing, over three-quarters of the votes have been cast in favor of the proposal. Still, there are over 24 days to go before the ballot closes, and so far more than $5.6 million cast in favor of the proposal. Still, there are over 24 days to go before the ballot closes, and so far more than $5.6 million
