By
Temitope Olatunji
April 18th, 2024
The Corion Foundation, the non-profit behind CorionX, a platform that looks to usher in the next wave of adoption for stablecoins, central bank digital currencies (CBDCs), and decentralized finance (DeFi), has now teamed up with the Syscoin Foundation to help address market interoperability issues and drive stablecoin adoption.
The new partnership will see the Corion and Syscoin Foundations work together to raise awareness about the benefits and vision of open finance, including stablecoins and CBDCs, using AMAs, webinars, training sessions, seminars, working groups, and other means to help educate and raise awareness about the topic.
The Ethereum Blockchain Is Struggling
CorionX was launched with a simple, but important ambition — to produce a global framework that helps to bring stablecoins, CBDCs, open finance, and DeFi to the masses. Corion will lead the #MoneyInTheRightDirection movement to help promote and drive education about the key tenets of stablecoins and the open finance revolution, while providing a means for digital asset projects and promising DeFi platforms to grow.
#CorionX provides benefits in the usage of stablecoins & DeFi cryptos to its users, helps people to recognize a much cheaper, safer and globally available financial solution.
Introducing them to the world and supports the collaboration of the community. #MoneyInTheRightDirection— CorionX – #MoneyInTheRightDirection (@CorionPlatform) October 6, 2020
Corion believes that scalability and cost are the two main factors that influence whether a digital asset is able to achieve global adoption. While Ethereum is currently the major blockchain used for hosting DeFi protocols and apps, it is currently ill-equipped to achieve mass adoption, due to its extremely limited maximum throughput of around 15 transactions per second (tps). Though Ethereum 2.0 is currently in development, phase 0 doesn’t launch until later in the year, and truly massive scalability is likely at least another year away at best.
This low throughput combined with the incredible demand for DeFi and open finance protocols, has left the Ethereum blockchain overloaded, driving transaction fees through the roof, thereby making new and innovative open finance and DeFi platforms largely inaccessible.
Pushing for Open Finance Adoption
To overcome this issue, Corion will be using the Syscoin Bridge, a platform that is able to establish two-way communication channels between Syscoin and other blockchains to enable interoperability between connected blockchains. This will be used to support the native token of the CorionX ecosystem: CORX, as well as other Ethereum-based DeFi tokens and stablecoins. CorionX will use this solution to help break down the barriers to stablecoin adoption, by effectively circumventing the current Ethereum fee issues.
The CorionX (CORX) token will also be used to support the growth of the stablecoin movement, by incentivizing merchants to accept stablecoins, rewarding users for trading/spending stablecoins, and entitling holders to use CorionX’s infrastructure for free or at reduced cost.
Expanding on the partnership, Corion Foundation board member Miklos Denkler said:
“This partnership will expand crypto and stablecoin use-cases, and help millions of people and crypto communities use CorionX and Syscoin services worldwide. It presents an amazing opportunity for both partners to empower the crypto community to make scalable transactions, experience user friendly DeFi, and to make cryptocurrency savings and investment more mainstream.”
CorionX is currently in the third phase of its initial exchange offering (IEO), which is being hosted on Probit.