Blindex Multi-Currency Stablecoin Platform Launched on RSK

UTC by Benjamin Godfrey · 3 min read
Blindex Multi-Currency Stablecoin Platform Launched on RSK
Photo: Unsplash

Blindex seeks to build a set of stablecoins, collectively known as BD-Stables, and their inherent technical capabilities are derived from the Frax Protocol whose unique stablecoin design solution was adopted.

Blindex, one of the world’s first multi-currency fractional-algorithmic stablecoin protocols, has launched on the RSK Infrastructure Network, advancing its aim to stabilize the world’s fiat currencies. As contained in a press release shared with Coinspeaker, the launch on RSK is one of the first strategic steps for the Blindex stablecoin platform to expedite its plans to tokenize assets beyond currencies into other world’s valuables.

The Decentralized Finance (DeFi) ecosystem is replete with a lot of emerging protocols, all having their inherent vision in how to join the revolution against the flaws of Centralized Finance (CeFi). For Blindex, the fundamental goal is to give every world citizen an easy avenue to make transactions without having to be subjected to the inherent instability in Foreign Exchange assets like the United States Dollar, British Pound, or the Euro amongst others.

Blindex seeks to build a set of stablecoins, collectively known as BD-Stables, and their inherent technical capabilities are derived from the Frax Protocol whose unique stablecoin design solution was adopted. Built to meet the specific needs of users irrespective of their geographical location around the world, the BD-Stables will be partially collateralized, algorithmically stabilized and completely decentralized.

Blindex Stablecoin Protocol Samples

The Blindex stablecoin project transcends one token pegged to its underlying fiat equivalent, rather, it will encompass multiple coins each named with a combination of BD and the country’s generally known abbreviation.

Common examples of BD-Stablecoins include BDUS (USD pegged BD-Stable), BDAU for Australian Dollar Stablecoin, BDEU for the Euros and BDUK for the stablecoin targeting the British market. While these projects will be the primary products in the Blindex ecosystem, the stablecoin platform also operates based on its native token, the BDX, a non-volatile asset associated with the platform.

The operational dynamics of the Blindex ecosystem are quite straightforward and it is mostly governed by the community. Anyone with BDX holdings can stake these coins to own a right to make proposals or changes to key aspects of the Blindex ecosystem. With this token, the protocol’s members can suggest a new fiat currency to tokenize just as it was done for BDUS even though the team had no initial plans to launch this specific token from the beginning.

The BDX token acts as a shock absorber, and its utility also extends beyond governance voting rights to other inherent utility on the platform including adding and adjusting collateral pools, adjusting various fees (like Minting or Redeeming) and refreshing the rate of the collateral ratio.

Beyond Stablecoins

The vision of the Blindex protocol extends beyond its push into the stablecoins niche and as confirmed by the lead developer, Andrey Shirben, more functionalities are bound to be added in the near future.

“The way we see it, creating a multi-currency stablecoin platform is just the beginning. We truly believe that it could jumpstart a completely new breed of a global financial system and that is why we have a roadmap to extend its functionality. We are planning to add tools that will help earn interest and/or borrow against assets, and even go beyond currencies (into synthetics, pegged to real-life assets). We are really excited about the opportunities that such a platform can create,” Shirben said in a statement.

The whole protocol is permissionless, open-source and running on one of the fastest-growing blockchain networks on the market such as RSK which provides a whole range of DeFi on Bitcoin and stablecoins options.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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