In a late night release, CoinDesk has let the CAT out of the bag as it relates to the new feature being announced today by Chia Network. It looks like the announcement will leverage offer files, as I and many others guessed, and will definitely involve Hashgreen as discussed yesterday. But there is also a stablecoin coming – Stably or USDS.
This is a major milestone in the Chia ecosystem as until now Chia traders relied on less-than ideal cryptocurrency exchanges to buy and sell their coin with no on-chain solution. Even better, the stablecoin coming to Chia isn’t one of the bad ones who make me nervous. Stably will also be bringing with it wrapped BTC and wrapped ETH, which will make it easier to trade those assets directly against Chia blockchain assets as well.
“In an evolving DeFi ecosystem, Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier. Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins (USDS) and wrapped cryptocurrencies is integral to the process. We’re excited to bring accessibility to the future of finance.”Gene Hoffman, Chia Network President and COO
This is super good news for the Chia ecosystem and is going to really enable things to start taking off outside of the core Chia community. Friend of the Marmot’s Preston Byrne had an insightful reaction to this news:
It really is a big change to what DeFi has been up until now, which are largely blockchain applications that are controlled or gateway’d by central authorities. Decentralized in name only. But the ability to just trade offers peer to peer means that any centralized functions will have to add value to the transaction, rather than just taking some.
Chia will be launching with two DeXs, neither of which is Tsunami. We have the aforementioned Hashgreen DeX and something called OfferBin.io, seen below. This is the first time hearing about OfferBin but it looks just like you would expect, and it looks ready to go. I hope they touch on this a bit more tomorrow, but that means we have three Decentralized exchanges ready to launch, not just two.
Finally, I will leave you with this quote from Gene about how he sees the future of finance, and why the announcement today is such a big deal.
“From empowering new users to seamlessly enter the Chia DEFi ecosystem for the first time, to granting seasoned farmers and investors more agency in how they exit their positions as needed, the benefits of Stably stablecoins and DEXs on Chia’s blockchain are setting the standard for how crypto transactions should always be,”Gene Hoffman, Chia Network President and COO