Keeping Up With The Evolution of DeFi On NEAR
Published by La Devochka
Amazing DeFi tools and applications are born everyday in the NEAR ecosystem. To keep up with the evolution of DeFi on NEAR is an arduous task, but hopefully this series is making things a little bit easier for the NEAR community. In the fourth article of the series ‘The Evolution of DeFi on NEAR’ we will provide an overview of OIN Finance, Cheddar, and Crust.
OIN Finance is a multi-chain decentralised stablecoin issuance and trading platform. By allowing crypto projects to issue their own branded stablecoins collateralised by their own tokens, OIN aims at granting every crypto project access to DeFi tools.
In August, OIN finished its rebranding and together with it they launched their DeFi strategies for stablecoins. The strategy anticipates a focus on large public chains and their L1 solution, which translates into the issuance of more stablecoins.
September was a particularly intense month for OIN Finance which saw the proliferation of new partners and the launch of OIN DAO V3.
The announcement of a stablecoin constellation is particularly important since it will allow to level up DeFi by bringing greater utility to the booming stablecoin market. By partnering with L1 solutions, OIN is hoping to tap into the stablecoin market in full, something that is not currently possible on Ethereum. L1 solutions promise better usability, higher transaction throughput and lower gas fees, the essential components for a thriving DeFi. Moreover, through the joining of forces the building of a multi-chain future will finally come to fruition. The constellation partners announced throughout the month were NEAR, Paras, and Metapool.
For more information on the stablecoin constellations read OIN’s introduction to the stablecoin constellation. To keep up to date follow OIN’s Twitter page.
Cheddar is a loyalty token and yield farm on NEAR Protocol that provides long-term benefits to its holders via PowerUps, cross-dApp integration, and use throughout the NEARverse.
Cheddar launched on testnet in the summer, and since then it has swiftly delivered great results.
In August Cheddar published a Genesis government post getting it approved by the community only one week later.
On the 17th of September the Cheddar community farm opened and the first week of staking closed with $5 million USD.
Crust is a decentralized storage network that provides practical, powerful, and user-friendly IPFS-based decentralized storage solution packages. Its partnership with NEAR was announced at the end of September and it’s going to bring to the NEAR community a package of comprehensive decentralised storage solutions for Web3 end users and developers.
Files, a lightweight and open-source Web3.0 application that provides decentralized storage space for storage users is one of the main components of the package offered by Crust. And among some of the most important features are multi-wallet access (MetaMask and NEAR accounts), end-to-end file encryption, long term storage with abundant IPFS replicas, and the possibility to easily share links and retrieve files from anywhere.
These features are not exhaustive, soon more developer toolkits are going to be implemented as well as Host, an application that helps decentralised hosting for any web content, static web pages and front-ends.
In this article we have covered OIN updates, introduced Cheddar, and the new NEAR partnership with Crust. To stay updated on the evolution of DeFi on NEAR make sure to stay tuned and read the next article.