Bluejay Finance is an interesting decentralized stablecoin protocol. The team has created this capital-efficient platform for issuing stablecoins. The company backs every issued stablecoin with protocol-owned liquidity. The introduction of USD stablecoins has allowed both individual users and businesses to pay and receive payments, as well as gain access to a wide variety of financial services, such as money exchanges (i.e. Uniswap), asset management (i.e. Yearn), investments (i.e. Synthetix), savings (i.e. Celsius), etc. On the other hand, this has helped reduce inequality. Defi developers democratized access to financial services for users all over the world.
However, most stablecoin solutions created by developers are centred around USD. They aren’t designed for other currencies. That means that people do not have a choice when it comes to having exposure to currencies other than the U.S. dollar in the Defi space.
Bluejay Finance aims to introduce stablecoins of different currencies on the blockchain worldwide. As a result, the company will lower the barrier for individuals and businesses in those countries and enable them to make transactions with minimized currency exchange risk. Such terms will help to widen the product offerings of existing Defi companies that provide streaming payments (i.e. Sablier), crypto invoicing (i.e. Request), etc. Bluejay Finance’s ultimate goal is to lower inequality by enabling and providing equal access to low-cost financial services for all people.
How can the users participate in Bluejay Finance?
The company stated that there are two main strategies for investors and traders: Staking and Bonding. Stakers will be able to stake their BLU tokens in exchange for more of the same tokens. Meanwhile, bonders will provide liquidity or DAI tokens in exchange for discounted BLU tokens after a vesting period. BLU is the native utility token of Bluejay Finance. The company plans to launch its ICO sale soon. Besides, the token is already quite trending.
Customers can also participate in growing the protocol. They will be able to partake in the governance of Bluejay’s community discord. The team will welcome any help and initiatives to support and grow the protocol to one that the global users deserve.
According to the company, stakers will be aligned to the overall growth of this entire protocol. When there are more bonders, stablecoin users, and stakers, they will generate more value for the protocol through bond sales and transaction fees on liquidity pools. The latter, in turn, backs the value of BLU.
As a staker, a user will benefit greatly from the supply growth when the Bluejay protocol mints BLU tokens for distribution. The team noted that the platform would automatically compound staked BLU every second. That means a staker who is staking this token over a longer period will get exponentially higher rewards than those who are staking for a short period of time. Such an approach ensures that firm believers of the protocol will get huge rewards, but at the same time, stakers who are here for a short-term gain will still be able to gain something.
How will the bonders and stablecoin’s users gain?
The company pointed out that bonders are critical for the protocol growth, as well as the price stability of stablecoin. They introduce more liquidity and assets to the protocol treasury. Moreover, bonders will help to bring the stablecoins to peg in exchange for a direct discount on the protocol’s native token.
As a bonder, a user will benefit from the direct discounts on the BLU coins by committing their assets upfront. They will also be able to redeem the BLU at a set point in time. However, realized profits will depend on the token’s price, especially when the bond matures.
Stablecoin users are customers or protocols using the different stablecoins minted by Bluejay Finance. They will have the flexibility to choose what currency exposure they will prefer to have. The protocol’s liquidity will fully back these stablecoins. Users can redeem their coins for reserve assets on the various decentralized exchanges anytime.
Furthermore, as stablecoin users, people will benefit from a rent-free stablecoin with deep liquidity. The latter are not yield-bearing in nature. However, customers can use them as primitives in other protocols that support savings, asset management or lending & borrowing.
Bluejay Finance welcomes collaboration from various protocols and businesses that would like to diversify their risk. It will enable users who prefer different underlying assets on their investments to profit and help grow DeFi adoption in different countries worldwide.
What does the Empiric Network offer?
Empiric Network is the first transparent, decentralized, and composable oracle network worldwide. It successfully leverages state-of-the-art zero-knowledge cryptography. This company partners with the biggest market makers, as well as the most liquid exchanges who sign their own robust, high-quality data and send it directly on-chain. The company’s feeds are already live in public alpha on Starknet. They are powering the next generation of ambitious protocols such as CurveZero, ZKLend, Canvas, Magnety, FujiDAO, and more.
Empiric stands out from other robust platforms because it has no off-chain infrastructure. Thus, it eliminates an entire class of attack vectors. All sources using this network sign and timestamp their data and then post directly to Starknet. Moreover, the team has built Empiric with a system of fail-safes and redundancies. The latter includes independent implementations. The company uses multiple different infrastructure providers to send the data to its partners.
In addition, this network works with the most liquid exchanges and biggest market participants. In the future, the team plans to implement mechanisms to make data publishing permissionless. As a result, everyone will be able to provide data through the Empiric Network.
Most current oracle solutions operate as trusted and off-chain black boxes. However, Empiric’s smart contracts leverage zk computation, aiming to aggregate raw signed data with robustness and total transparency. The oracle is entirely on-chain. Thus, anyone will be able to verify any data point from origin through transactions to destination.
Besides, Empiric will allow users to compose that verified data flexibly. And they will be able to do that without sacrificing security or transparency. Overall, this company offers interesting services, just like Bluejay Finance. Its users will likely have the opportunity to greatly benefit.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.