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Forex DeFi Is HERE!


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Forex trading houses are among the most corrupt financial institutions in the world.

That isn’t my opinion alone, but the opinion of master trader Dr. Alexander Elder who says he would never enter a forex brokerage house, or use any of their online exchange services.

These brokerages and banks trade against their customers, know where the orders are sitting, and have extremely difficult to navigate fee structures and platforms.

All of this is done to rob the retail trader of their funds, and it is estimated that a whopping 96% of forex retail traders lose money to the brokerages.

Well, Andre Cronje has a solution to that problem with his forex DeFi solution.

Users can say goodbye to the big bank shuffle they are all too familiar with, and this new platform may just disrupt and change the forex ecosystem forever.

I encourage you to take a look:

Crypto Briefing had more on the story:

Andre Cronje has built a new DeFi protocol based on the forex markets.

Cronje announced the project, called Fixed Forex, in a Friday blog post. It lets users mint and exchange various fiat-pegged stablecoins, including the U.S. Dollar (USD), Euro (EUR), South African Rand (ZAR), Japanese Yen (JPY), Renminbi (CNY), and others.

Cronje, who’s best known for building a range of notable DeFi projects including Yearn Finance, Keep3r Network, and multichain.xyz detailed his new venture in the announcement. He explained how users can mint fiat-pegged stablecoins and exchange them with other assets on the Ethereum network.

Taken directly from Andre Cronje’s Medium site:

Fixed Forex is designed to be an immutable, 0 fee, 0 governance, decentralized stable coin framework.
LTVs (Loan-to-value ratios) are derived from Compound, Aave v1, Aave v2, and Iron Bank. As these systems add or update their accepted collateral, so does Fixed Forex dynamically update.

Minting caps (how much liquidity a user can mint against a given collateral) are derived from available on-chain liquidity, the higher the on-chain liquidity, the higher the minting caps.

Fixed Forex introduces gentle liquidations, the absolute minimum amount of debt is repaid to bring a users position back to even, no more worrying about the full stack being liquidated during draw down events.

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