Frontier is proud to unveil one of our most ambitious initiatives to date: a serious exploration into $FRONT-backed synthetic and stable assets and research into the viability and sustainability of using $FRONT and $FRONT LP tokens as a bridge into high cap stable assets.
This begins today with our first deep and meaningful FUSD Initiative relationship.
We’re officially inking a strategic partnership with OIN Finance and entering into OINDAO, which will allow Frontier Token holders to stake $FRONT and mint $USDF1, a new and fully audited $FRONT collateral-backed token eventually redeemable for a variety of other liquid assets like DAI, USDC, USDT, and even NFTs. Minters (or stakers) will also earn $FRONT rewards for participating in this research around stability.
In short, $FRONT will be used to mint a new synthetic asset named $USDF1. Minters will earn $FRONT rewards and $USDF1 will eventually be used to swap into other tokens or redeemed for other items.
$USDF1 and OIN Finance
$USDF1 will go live on approximately Monday, December 21st, 2020, after we have had adequate time to stress test the system, calculate rewards and APY, set collateralization rates, and communicate proper risk and rewards around the nature of synthetics. We will also next week announce another exciting plan that will incentivize FRONT LP participants in new and innovative ways.
This is a huge stepping stone for us. Not only are we unleashing more use cases for $FRONT holders but we are also opening up new possibilities for cooperation with other incredible blockchain companies that focus on synthetic assets, DAO participation, stablecoins, and semi-liquid LP tokens. We believe that in 2021 synthetics and liquid LP tokens will see rapid iteration and wish to be part of that conversation.
The OIN Finance team was our first selection as a partner for the Frontier USD Initiative. During the last several months they have given us valuable input into concepts around collateralized positions, safe small cap asset collateral ratios, legitimate use cases for synthetic assets backed by $FRONT, and a richer understanding around pricing oracles.
There are other clear reasons why OIN Finance was selected by us and why we believe that this partnership-first approach with them will be a win-win:
- OINDAO is the first decentralized stablecoin issuance platform that also caters to the small cap assets. Different from Maker DAO, OINDAO empowers projects like Frontier to issue our own stable assets.
- Instead of just copying and forking the current model, OIN Finance team is aiming to bring value and what's missing in the current DeFi space to make DeFi more mature.
- OIN Finance's team has a solid understanding of the current DeFi landscape and their products are always up-to-date to fit the current market need. Their next product, OIN bond, a decentralized bond service with both fixed and variable income .
- The OIN Finance team is taking a holistic approach in bringing DeFi to the crypto users, bringing endless potential for synergies; OIN will bring DeFi functionality to the crypto community as a whole, while we at FRONT will make DeFi easier to interact via the aggrefation of popular protocols into one platform.
Security and Audits
$USDF1 has been fully audited top to bottom by Beosin, a leading smart contract and blockchain security firm that understands the ecological construction of blockchain security. The core members of Beosin team are composed of professors, post-doctors, and doctors from well-known universities at home and abroad who have been engaged in information security for more than 10 years.
The Frontier USD Initiative begins today with OIN Finance and will not stop there. We plan to perform more research on more blockchains to find a sustainable model by which small cap assets such as $FRONT can thrive as well as large cap assets. Our goals have always been agnostic and inclusive. We do not believe in gatekeepers or "one true chain" and have followed this approach for nearly two years now. We are thrilled to continue in this direction moving forward.
Stay tuned for guides and more information on how to mint your own $USDF1, and welcome OIN Finance into the Frontier USD Initiative.
About OIN Finance
OIN is a cross-chain layer 2 infrastructure that opens the door for all the blockchain assets to leverage the growing DeFi space. Starting with OINDAO, users can leverage their assets to create their own stablecoin, allowing new use cases and methods of incentive distributions. OIN will build the bridge technology to seamlessly integrate Ethereum and others to start into its ecosystem, opening up to all of the current DeFi space, leveraging their assets and providing yield stacking, mining pools, and more. The dedication to this end is reflected in a three-pronged mission: become the gateway into DeFi, promote the DeFi industry, and grow the DeFi Space to maturity.
Frontier is a Chain Agnostic DeFi Aggregation layer. Using Frontier, Users can Track and Manage DeFi positions, Stake Assets, Swap, or Exchange Assets, and explore more DeFi Applications in one single place. Frontier is also building Frontier chain, which is a Decentralized Key Management blockchain based on Cosmos SDK.