A New Launched Based On Bitcoin’s Blockchain
Bitcoin smart contract solution Rootstock is welcoming a new stablecoin and leverage token. In the past few days, a startup launched a new stablecoin and decentralized token on Rootstock.
Bitcoin-based DeFi (decentralized finance) protocol MoneyOnChain launched the products on the smart contract solution based on Bitcoin4 blockchain.
The new platform which goes by the name RIF on-chain wi has RPRO, RIFX, and RDOC. The RPRO token will mirror the price of RIF; however, it will also generate passive income by holding a part of the fees generated on the platform from various transactions.
RDOC takes base from the U.S dollar, and it is backed by RIF tokens. The good news is that RID dollars can be obtained by spending RIF without forming a collateralized debt position. Finally, RIFX token shines the light on RIF’s price fluctuations with leverage.
“RIFX is a RIF leveraged decentralized long position. Based on an automated smart contract that renews every 30 days, the product has a leverage factor of 2X at the very beginning of its lifespan and a variable leverage afterward based upon certain variables such as the price of RIF token and the amount of RDOC stablecoins in the ROC platform. Users must be aware of the risks. […] The ROC platform, in this current version, does not have a Margin Call notification,” said Diego Gutierrez Zaldivar, CEO of IOV Labs (IOV Labs is behind Rootstock)
The Bitcoin Foundation
Zaldivar also mentioned that RIF uses Bitcoin’s blockchain for security purposes. According to him, RI is merge-mine with Bitcoin. He said that Bitcoin is already a part of the system, and he hopes the role of the premium cryptocurrency will be looked at in the coming months.
“Bitcoins are locked on-chain, and RBTC tokens are minted on the RSK network accordingly. RBTC (and thereby BTC) will serve as collateral for loans, as a pegging mechanism for RIF Dollar and more,” Zaldivar added.