RATE Group | Bitcoin Smart Contract Solution RSK Sees New Stablecoin and Leveraged Token
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Bitcoin Smart Contract Solution RSK Sees New Stablecoin and Leveraged Token

22 Apr Bitcoin Smart Contract Solution RSK Sees New Stablecoin and Leveraged Token

Posted at 05:35h in Bitcoin News by

A startup has launched a leveraged token and a decentralized stablecoin on Rootstock (RIF), a smart contract solution based on Bitcoin (BTC)’s blockchain.

According to an announcement shared with Cointelegraph on April 21, Bitcoin-based decentralized finance (DeFi) protocol MoneyOnChain launched the new products on RSK’s sidechain.

A DAI competitor on Bitcoin’s blockchain

The new DeFi platform, dubbed RIF on Chain will feature RIF Dollar (RDOC), RIFX and RIFpro (RPRO). RPRO is a token that mirrors the price of RIF but also grants passive income by collecting a share of the fees generated by platform transactions.

RDOC is pegged to the United States dollar and backed by RIF tokens. Unlike competing Ether (ETH)-backed decentralized stablecoin DAI, RID Dollars can be acquired directly by spending RIF without creating a collateralized debt position.

The RDOC stablecoin is minted every time there is a certain amount of RIFpro staked on the platform. Lastly, RIFX is a token that…

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