Gate.io Building DeFi Ecosystem On its Public Blockchain, GateChain
SINGAPORE, Aug. 18, 2020 /PRNewswire/ -- Global digital asset exchange, Gate.io, has announced building a highly-secure GateChain DeFi network, featuring stablecoin (USDG), Decentralized Exchange (DEX), Decentralized loan, and liquidity mining.
Gate.io's revolutionary public blockchain, GateChain Mainnet, is already live. It offers an innovative Vault Account feature that can revoke stolen funds. The underlying technology and a high-performance fault-tolerant mechanism make it the desired solution to the widely prevalent asset security issue in the cryptocurrency space, guaranteeing 100% fund security.
GateChain Token (GT), the native token of GateChain, will serve as a crucial part of the GateChain DeFi eco. GT will be used as the collateral asset for getting the GateChain stablecoin USDG, while also being used for liquidity mining rewards and voting.
"Gate.io has always been a strong supporter of DeFi, considering DeFi technologies are an indispensable driving force behind the growth of the blockchain industry. At the same time, there are some concerns about the ever-increasing problem of asset security. Recently, we have seen many security incidents among the DeFi space where security is compromised due to smart contract bugs or management account breaches. GateChain's Defi will provide 100 percent asset security with its novel features," said Marie Tatibouet, CMO at Gate.io.
Significant Highlights of GateChain DeFi Infrastructure
- USDG: USDG will be the base currency for the GateChain DEX. Specifically, GateChain Defi will roll out stablecoin USDG through a Collateralized Debt Position, where anyone can collateralize GT and high-quality blockchain tokens to produce USDG. Users can trade USDG to provide liquidity and win rewards
- DEX: DEX is the core of the GateChain DeFi network. It is more open and transparent than centralized exchanges, enabling everyone to deploy a trading market. With its high transaction throughput (2000+TPS), and fast block confirmation (4s), GateChain is perfect for running a DEX
- Decentralized Lending: Using experience from existing Margin Lending and borrowing features of Gate.io, GateChain DEX will also be built into a platform that provides stunning borrow and lending services to the users
- Liquidity Mining: Gate.io will create a reward pool for the USDG network and GateChain Decentralized Lending system via GT buy-back
- Decentralized Governance: GateChain contains a Decentralized Governance mechanism, where each GT holder is eligible to vote. Users can participate through proposal submissions and voting
- Cross Chain: GateChain will integrate with multiple public chains such as Ethereum, Bitcoin, Cosmos, and Polkadot chains to enrich decentralized products.
- Fingerprint Hardware Wallet: GateChain Defi will provide a Fingerprint Hardware Wallet for daily use, ensuring the private key will be kept within the Hardware Wallet while enabling users to do routine trading and transfers
- Decentralized Oracle & Decentralized KYC: Gate.io will look into teaming up with Oracle pioneers and decentralized KYC leaders to prove relative services to its users, seeking to create a sustainable GateChain DeFi Eco with diversified DeFi products
Decentralized Finance (DeFi) has been gaining momentum. All kinds of products such as DeFi stablecoins, DeFi loaning platforms, and DeFi trading networks are growing in popularity with over $4 Billion locked in value in the DeFi space.
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