Money On Chain: discover its components and contributions to DeFi

Today took place the session of „DeFi for Bitcoin“, directed for Asia and organized by IOV Labs. In it, some interesting things were discussed, such as the development of Money On Chain and Defiant.

In general, the panelists discussed how a decentralized financial system is being built that allows Bitcoin users to lend, borrow, trade and earn interest.

Among them were, Eddy Travia (Regional Director in Asia Pacific IOV Labs); Gabriel Kurman (Lawyer in IOV Labs); Manu Ferrari (Co-Founder and COO of Money on Chain) and Bruno Calmels (Co-Founder and CTO Defiant).

However, in this opportunity we will talk about the most important news about the Bitcoin Revolution advances of Money On Chain. In this case, the person in charge of explaining the benefits and projects underway related to this was Manu Ferrari.

Binance launches DeFi platform for its users

Money on Chain and its contribution to decentralized finance (DeFi)
After a brief introduction to what decentralized finance is, Ferrari commented that he considers Bitcoin to be the foundation of the financial system of the future. Therefore, he considers it necessary to establish it as something decentralized.

However, the main problem for this to become a reality is precisely the volatility that this crypt currency has. Therefore, the solution they were able to propose from Money On Chain was a stablecoin with collaterals in Bitcoin.

Ferrari confessed that at that moment they did not know about the existence of Maker DAO, and thought „if nobody has done it, let’s do it ourselves“. Within the pending projects, he commented that they are working on some components of the protocol. The first one he highlighted was the MoC token, or Money On Chain Token.

This token is supposed to have governance utility, but they are still coding it. However, he stressed that „what we already have in place is the platform for stablecoins.

Additionally, he also spoke about Dollar on Chain (DoC) and BTCx. In that sense, he commented that all three are used as BTC’s collateral. However, he also pointed out that they also use RIF as collateral for stablecoins.