Last fall, MakerDAO, the best DeFi lending project up to now, rolled out the Multi-Security Dai (MCD) system. Nevertheless, streamlined edition of MakerDAO that may work in a minor and mainly ETH-centric style. Right here, cue in the MetaCoin task.
The Increase of MetaCoin
Back February 2020,
“The purpose of such a program isn’t … to usurp DAI’s place because the de facto decentralized stablecoin, but instead to produce a safe alternative for people who have different risk choices,” Soleimani said at that time.
As originally lay out, then, respectively) along with COIN,
8 weeks after MetaCoin’s reveal, blockchain programmer Stefan Ionescu of Reflexer Labs had taken the MetaCoin project’s efforts to another level with the launch of “reflex bonds,” a fresh ETH-centric DeFi collateral type which could underpin MetaCoin’s COINs in quite stable style. Ionescu explained at that time:
The good news, after that, MetaCartel Ventures Will be In. Ethereum’s two nearly all high-profile decentralized autonomous organizations up to now have already been the Moloch DAO and the MetaCartel groupings.
Zooming in on MetaCartel, the DAO produced waves final December in spinning out a for-profit capital raising arm dubbed MetaCartel Ventures (MCV). “If paired with relevant investing experience, we are able to identify quality value early opportunities that additional investors are usually oblivious to,” the MCV group said at that time.
Fast forwards a few months, and simply a matter of a few days ago MetaCartel Ventures produced its first purchase into Reflexer Labs, the group that’s developing out the reflex relationship infrastructure that’s likely to serve because the foundation for the MetaCoin task.
Whitepaper Released
This 7 days, the Reflexer Labs team published a whitepaper because of its first reflex bond providing , the RAI. Therein, the project’s group explained:
“A reflex bond’s purpose isn’t to maintain a particular peg, but to dampen the volatility of its collateral. Bonds allow one to gain contact with the cryptocurrency market minus the same scale of risk as holding actual crypto assets. We believe RAI, our first reflex bond, could have immediate utility to other teams issuing synthetics on Ethereum … since it gives their systems a lesser exposure to volatile assets such as for example ETH and offers users additional time to exit their positions in case there is a substantial market drop.”
Conclusion
In the years ahead, then, RAI includes a real chance to turn into a force to be reckoned with in the DeFi space, namely as an extremely reliable collateral type for lending projects like Maker, Compound, and Aave.
In the mean time, what counts is tracking how RAI performs in the open. Can stablecoin with out a direct peg bring real stability to DeFi? Only time will tell, but most are watching.