BRITISH VIRGIN ISLANDS — Bitfinex announced today it has completed a chainswap to convert US$5 million tethers onto the EOS protocol. The launch of the new supply of USD₮-EOS through Bitfinex in conjunction with EOSFinex Inc.’s decentralized exchange, EOSFinex, aims to provide the EOS DApp ecosystem with a stable and liquid store of value to reduce the risks pertaining to digital assets’ volatility and to open new opportunities for DeFi innovation on the EOS.IO chain.
Trading of EOS/USD₮ is now live on EOSFinex: https://www.EOSFinex.com/
“Promising projects aren’t getting the light of day with current congestion and volatility issues on other chains, and that is why there’s higher DApp usage on EOS,” said Paolo Ardoino, CTO at Bitfinex. “What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility. Priming the EOS ecosystem with a stable, trusted source of liquidity will open up possibilities for all EOS DApps and EOS community members to benefit from improved access to true value storage.”
EOSIO uses Delegated Proof-of-Stake to address the concerns other blockchain networks experience around fee structure and scalability limitations. Blocks on EOS are produced every 500ms (milliseconds) and currently wait only three minutes for block irreversibility. Currently, EOSIO’s peer-to-peer micropayment infrastructure powers forty-nine percent of the Top 100 DApps and seven of the Top 10 DApps with the highest 24h transaction activity.
“We seek to play a key role in driving EOS innovation and adoption, and this is the first step in that mission,” said Steven Quinn, Product Lead at EOSFinex. “Now that there’s finally a genuine stablecoin solution on EOS, our next goal is to work with others in the EOS community to bring block irreversibility times down to 3 seconds as we get closer to launching EOSFinex on the mainnet.”
The combination of USD₮-EOS and EOSFinex’s smart contracts enhance the speed and security of the exchange of on-chain value. EOSIO is quickly advancing toward becoming the protocol for near instant, zero fee, cryptocurrency micro-transactions.
Founded in 2012, Bitfinex is a digital asset exchange offering state-of-the-art services for experienced traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex also provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers.
Founded in 2019, EOSFinex Inc. offers a high-performance, fully on-chain trading experience built on EOSIO technology. As an entirely trustless trading experience, EOSFinex facilitates a highly-scalable network of peer-to-peer value exchange developed around a foundation of transparency, speed, and integrity.