Element DeFi has been awarded grant funding to support building the first Stablecoin DeFi SuperMarket on Algorand (not just DeFi Marketplace), where a crypto user gets all the services in one place.
It’s a well-known fact that blockchains are often forced to make trade-offs that prevent them from achieving all three aspects: decentralization, security, and scalability. Like blockchain, stablecoin protocols have their own trilemma problem b/w decentralization, stability, and capital efficiency. Several protocols were introduced to meet these three, but none succeeded. ELEMENT designed a new paradigm to remedy several pitfalls and risks associated with the so-called ‘Stablecoin trilemma’ problem by introducing a new kind of capital-efficient protocol incorporating several resilient game theory economics together.
Element aims to be a portfolio of stablecoins powered by two innovative protocols and a cohesive ecosystem of interconnected DeFi 2.0 Apps built for the borderless future.
These two protocols would serve as the stepping stones towards capital efficiency, stability, risk-free lending, and liquidity for a strong and more open finance future for the masses.
Most financial transfers consume country-specific denominations. Hence, it is crucial to create country-specific stable coins to support local and regional commerce. Element aims to address vital region-specific currency needs as a multidimensional stablecoin platform, each pegged to the world’s major currencies. The platform will issue stablecoins pegged to USD and INR during the genesis period and gradually extends its branches to cover other countries over time through community voting.
Element’s Stablecoin as a Service platform in the longer term will leverage Algorand’s co-chain architecture and acts as a one-stop-shop for futuristic TradFi and Central Bank Digital Currency (CDBC) related initiatives.
Element Fi participated in Whub.io’s Sustainable Future Economy Algorand Hackathon in Asia in November 2021, winning 1st prize for their protocols. “Element Fi’s Algorithmic Stablecoin is an innovative application focusing on elastic supply fractionals. It’s exciting to have them released on Algorand testnet.” – Daniel Oon, Head DeFi, Algorand Foundation said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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