What are the benefits of FLEX Coin and flexUSD Launching on SmartBCH?
CoinFLEX is excited to announce that FLEX Coin, the native exchange token, and flexUSD, CoinFLEX’s stablecoin, are now supported on the Bitcoin Cash smart contract, SmartBCH. Let’s break down the benefits of flexUSD and FLEX Coin within the SmartBCH ecosystem.
What are Stablecoins?
Stablecoins are cryptocurrencies pegged to a specific asset. The most common type of stablecoins is those pegged to the US dollar. The most popular US dollar-pegged stablecoins include flexUSD, USDT, USDC, BUSD, etc.
What is flexUSD?
flexUSD is the first interest-earning stablecoin in crypto.
What’s the difference between flexUSD and other stablecoins like USDC or USDT? Other stablecoin issuers today do not pay interest, so the only way to earn yield or interest from your stablecoins is by lending them out to corporate borrowers or to a DeFi lending platform.
flexUSD is the first stablecoin that pays holders interest on-chain, every 8 hours. Regardless if flexUSD is sitting in your cold-storage wallet, held on a dApp, or with a different exchange, you still earn interest. To learn about how flexUSD pays interest, click here.
Recently, flexUSD has seen competitive APYs. At the time of writing, flexUSD’s 7-day average APY is 21.21%. Recently, on September 8th, 2021, flexUSD APY hit 114.49%. To find all the important information about flexUSD, such as flexUSD market cap, historical rates, and average 7-day APY, visit our transparency page.
Benefits of flexUSD on SmartBCH
SmartBCH needs a stablecoin, as much of the crypto trading and lending activity involve stablecoin-denominated trading pairs.
First mover advantage is extremely important within crypto. Although Cardano (ADA) is still ranked third according to Coingecko at the time of writing, it’s still nowhere near the size of Ethereum in terms of market capitalization. Both Ethereum and its smart contract were launched before Cardano, which helped propel Ethereum to become a competitive rival to Bitcoin.
flexUSD aims to become the dominant stablecoin in the emerging space of DeFi. flexUSD’s first mover advantage on SmartBCH, together with CoinFLEX acting as a bridge for Bitcoin Cash enthusiasts onto SmartBCH, should accelerate this goal. As the SmartBCH ecosystem grows, we expect flexUSD’s adoption to grow accordingly as other smart-chains, exchanges, and dApps support the stablecoin.
What is FLEX Coin?
FLEX Coin, the exchange’s native token, is the cornerstone of the CoinFLEX ecosystem. FLEX offers several important benefits, such as reducing your trading and transaction fees on the exchange.
FLEXDAO Launching Soon on SmartBCH
The latest utility that we will be introducing for FLEX is its governance mechanism for FLEXDAO. FLEXDAO will be one of the first applications on smartBCH, and the first user-oriented, blockchain-based mechanism of governance, voting, and feedback on a centralized exchange.
When FLEXDAO launches, holders who stake FLEX will receive an additional 10% of CoinFLEX’s profits and revenue pro-rata. The new FLEX staking mechanism will introduce long-term alignment of incentives between FLEX holders and the exchange.
For more information about flexUSD, visit: https://coinflex.com/flexassets
For more information about FLEX Coin, visit: https://coinflex.com/flex-coin
Founded in 2019, CoinFLEX is the Home of Crypto Yield and is committed to providing institutional and retail investors an easily accessible platform to earn and trade crypto.
CoinFLEX creates innovative solutions to bring investors and crypto markets together through intuitive yield products such as flexUSD, the world’s first interest-earning stablecoin, and AMM+, the most-capital efficient automated market maker in the world. CoinFLEX is backed by crypto heavyweights, including Roger Ver, Mike Komaransky, Polychain Capital, and Dragonfly Capital.
All content expressed is purely for entertainment and educational purposes only. This is not financial advice. Do your own research before investing or trading.
Author: Adam Diaz