Daily Crypto NewsEDITION #340, 08 July 2022

Gem City launches its own stablecoins pegged to FOMO

Hey Moni Maker 👾

Today the Gem City DAO has released a new proposal. The DAO members propose to launch their stablecoin, which will be pegged to FOMO performance in a bear market and a bull market.

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1) https://rift.finance/

2) https://teletype.in/@cryptocholy/research.sequoia   

3) https://koii.network/

Chances are a lot of people have heard of this project. But today, we realised it wasn't in our column. Moonriver is sort of the sister of Moonbeam, a paracchain on Kusama. It's fairly easy to use, community-driven and independent. The point is that the project code is first sent to Moonriver for testing, and after a successful test, it goes to Moonbeam. 

What else is cool: 

- It's compatible with EVM, and the developers say it's even more than compatible. You can deploy Solidity smart contracts without any hassle. 

- The guys have a MOVR token which supports gas metrics, lets you pay for comms, stimulates collators... etc etc 

- Developers and users get access to dApps first. Well, it was mentioned above. 

The project itself is available at this link

The bear has sneaked up on you, and summer has suddenly ceased to be languid. If your hopes for the new ATN have evaporated along with your deposit, we have found an activity that could bring in a few potential coins. 

Testnets is the choice of the strong and steady in spirit! We've made a bunch of hot ones for you so you can spend a couple of evenings on testers and then get a couple of dollars for sushi.

– AdaSwap

– Bit.Country

– Magnety

– PembRock

– Shell Protocol

AAVE Protocol is such an open-source and non-custodial liquidity protocol. Well, maybe you didn't know. And lo and behold, yes, the guys have announced that they want to launch their own stablecoin. Uh... 

It's called GHO. What's the point:   

- It's gonna be kind of like a DAI counterpart. That is, a decentralized USD-pegged stablecoin with redundant collateral 

- AAVE wants to introduce the concept of facilitators. That is, an organisation or protocol can act as a facilitator. The facilitator has the ability to generate and burn GHOs. If this proposal is approved, any facilitator would have to be approved by Aave Governance. In short, it will be managed and generated by the community 

- The owners of stkAAVE will be able to mint GHOs cheaper. That is, they will pay a lower interest rate on the GHOs they borrow. As if, there is an incentive to secure the Aave protocol, since AAVE is embedded (stkAAVE) in the security module of the protocol

 Very interesting and exciting! We need more fine stablecoins, not these sorts of you know what we mean. Read more in the article

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