First decentralized ruble stablecoin launches

The first ruble stablecoin launched
CONTENT

  • The new digital ruble will become an alternative to the fiat ruble

  • Stablecoin can be used for the DeFi market

  • New cryptocurrency created on the Land platform

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MonolithosDAO, a single hybrid platform with built-in DeFi services and decentralized stablecoin, is holding a private round of funding. Unlike other stablecoins, the MCR cryptocurrency is governed by all platform participants with voting rights through a decentralized autonomous organization.

The MonolithosDAO platform is an ecosystem of digital services that is designed in accordance with the fundamental rule of the cryptocurrency world, decentralization.

The first ruble stablecoin launched

MonolithosDAO is based on the MakerDAO protocol and runs on the Ethereum blockchain.

The first ruble stablecoin launched

This is a complete DAO project – coordinated, scalable, open source. DAO is governed by two mechanisms – self-executing smart contracts and voting.

The settlement unit of the MonolithosDAO network is the MCR crypto-ruble, the exchange rate of which is softly pegged to the ruble in a 1: 1 ratio.

The first ruble stablecoin launched

It is possible to keep the MCR rate at the target with the help of votes and scenarios for adjusting the interest rate. 

“2020 has once again shown the validity of investors’ concerns about too active intervention of regulators and central banks in the economy. We see how the big economies are trying to fill the fire with the printing press. The past crisis gave birth to bitcoin, the current one will be the basis for the birth of more independent and sustainable services and assets. Decentralization can make financial services more resilient in the face of modern challenges, and the integration of a stablecoin, which is not subject to some centralized company and does not suffer from high volatility, expands the circle of potential users of the MonolithosDAO platform, ”said the head of business development in the MonolithosDAO development team Dmitry Kryshtal.

 

MCR stablecoins are generated on the basis of the collateral that the user himself places on the Land platform. Land is a DeFi platform that exists within the MonolithosDAO ecosystem built for trading, lending, escrowing and generating MCRs. Land is a decentralized platform accessible through an Ethereum-backed wallet. Access to assets remains entirely in the hands of the users themselves. 

Any Ethereum-based ERC-20 digital coin can become a collateral asset on the Land platform, for the adoption of which members of the decentralized organization with voting rights voted to accept as collateral on the MonolithosDAO platform. This right is granted to holders of MDT tokens. 

On June 20, the first, closed stage of the token sale started, which will last until August 10. During the private round, 300,000 MDT will be sold at a price of $ 0.4. The second stage of the token sale kicks off with MDT listing on Uniswap on August 3, 2020. At this time, the MonolithosDAO team will contribute 500,000 MDT and about $ 210,000 in ETH cryptocurrency to the created pool on the Uniswap site. Also, the MCR cryptocurrency will be included in the list of supported tokens on the Bitzlato peer-to-peer cryptocurrency exchange, one of the largest P2P trading platforms in the CIS market. In total, it is planned to sell 800,000 MDT, which is 80% of the total issue of stablecoins. 

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