The international exchange Gate.io has announced the establishment of the DeFi GateChain network, which is characterized by the cooperation with the stablecoin USDG, the decentralized exchange (DEX), decentralized loans and the reduction in liquidity. This was reported to Cointelegraph in Spanish through a statement.
They highlighted that Gate.io’s public blockchain called GateChain Mainnet is already active.. And they said, “With its Vault Account, it has an innovative feature that allows you to get stolen money back. The underlying technology and a high performing, fault tolerant mechanism make it the desired solution to the widespread and widespread problem of asset security in the crypto space. “
They then provided details on GateChain Token (GT), GateChain’s native token: “It will serve as an integral part of the GateChain DeFi ecosystem. GT is used as collateral to receive the Stablecoin USDG from GateChainwhile it is also used as a reward for liquidity mining and voting. “
Marie Tatibouet, CMO of Gate.io stated:
“Gate.io has always been a huge supporter of DeFi as DeFi technologies are an essential engine for the growth of the blockchain industry. At the same time, there are some concerns about the growing problem of asset security. Lately we have seen many such incidents in the DeFi space where security has been compromised due to smart contract errors or account management violations. ”
What to watch out for
Some highlights in the Gate.io declaration on the GateChain DeFi infrastructure are:
- USDG: It will be the base currency for the GateChain DEX. In particular, GateChain DeFi will introduce USDG stablecoin via a guaranteed debt position where anyone can guarantee GT and high quality blockchain tokens to produce USDG. Users can trade USDG to provide liquidity and earn rewards
- DEX: It is the core of the GateChain DeFi network. It is more open and transparent than centralized exchanges and allows anyone to implement a trading market. With its high transaction throughput (2000 + TPS) and fast block confirmation (4s), GateChain is used to execute a DEX
- Decentralized Loans: GateChain DEX, using Gate.io’s existing margin lending expertise and lending capabilities, will also be integrated into a platform that will provide impressive lending services to our users.
- Liquidity reduction: Gate.io will set up a premium fund for the USDG network and the GateChain decentralized lending system through GT buyback
- Decentralized management: GateChain contains a decentralized management mechanism in which every GT holder is entitled to vote. Users can participate by submitting suggestions and voting
- Cross chain: GateChain will be integrated into several public blockchains such as Ethereum, Bitcoin, Cosmos and Polkadot to enrich decentralized products
- Hardware wallet for fingerprints: GateChain DeFi provides a hardware fingerprint wallet for daily use to ensure that the private key remains in the hardware wallet and users can perform routine transactions and transfers.
- Oracle Decentralized and KYC Decentralized: Gate.io is considering a partnership with Oracle pioneers and decentralized KYC executives to demonstrate the relevant services to its users and to create a sustainable GateChain DeFi ecosystem with diversified DeFi products.
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