Phoenix Rising: Building the ‘One-Stop Shop’ for DeFi on Stellar
The post Phoenix Rising: Building the ‘One-Stop Shop’ for DeFi on Stellar appeared on BitcoinEthereumNews.com.
With the launch of the Soroban smart contract platform on Stellar, developers are rushing to create decentralized apps (dapps) and platforms within the Stellar ecosystem. Among the first to launch is the Phoenix DeFi Hub, which aims to be the “one-stop shop” for decentralized finance (DeFi) on Stellar, its creators told Decrypt. “We’re going to be launching a bunch of DeFi protocols that all synergize with each other and drive value,” said Phoenix Marketing Director Griffin Williams. First up is a decentralized exchange (DEX) launched in May, with an NFT marketplace soon to follow. “We started with a DEX, since exchanging tokens is the basic functionality that DeFi was founded with,” said Phoenix Co-Founder and Smart Contract Lead Jakub Bogucki. Following the launch of the NFT marketplace, he added, “we want to add additional protocols which will expand both user experience and give users more options to strategically use their funds.” “We’re really end-user focused,” said Phoenix Co-founder and Frontend Lead Milan Steiner, adding that, “Stellar is the perfect chain for that, because we have all these on- and off-ramp possibilities with Stellar Anchors.” The focus on stablecoins on the Stellar network also makes it “the perfect onboarding for new users,” he said. To that end, Phoenix has joined the Circle Alliance Program and plans to “further deeply integrate Circle assets like USDC moving forward,” said Williams. Phoenix is also looking to attract seasoned DeFi degens with airdrops to the Polkadot and Solana ecosystems, Williams added. Stellar may have “joined smart contracts pretty late in the race,” said Bogucki, but that means that “all the lessons have been learned.” The Soroban smart contract platform uses the “excellent” Rust programming language, he explained, and offers “plenty of unique features” for developers. “Soroban puts a lot of emphasis on efficient use of…
Filed under: News - @ August 15, 2024 9:18 pm