Decentralised finance is growing significantly and at a very high speed — many teams are building new projects and infrastructure to leverage the popularity while users are also fast embracing the possibilities of immense benefits that the DeFi brings. Different crypto market aggregators have published the amounts locked in DeFi protocols to be in billions of dollars. And of course, this wave has had a huge positive impact on the cryptocurrency ecosystem at large. However, little did people know that stable coins are important tools in the DeFi and derivative markets. It is common knowledge that stable coins are designed to be stable and backed by an existing item such as fiat, crypto or commodity — they are significantly huge in the crypto market as they have very large market capiltalisation in millions of dollars. In fact USDT has a market cap above $6 billion. While stablecoins are immensely popular, their utility has been significantly limited to exchanges. They are mostly used to form trading pairs on exchanges and not as transfer of value like other digital currencies.
Interestingly a team of cryptocurrency experts and visionaries believes that stablecoins holds more potential than to only be used on the exchanges as trading pairs or a conversion module to escape market shifts. CorionX team believes that stablecoins are significant in the DeFi movement and could be used more widely in daily lives. To achieve the goal of widescale usage of stablecoins, CORION foundation has built the CorionX project and launched the #MoneyInTheRightDirection movement.
In this article, I did a comprehensive review of CorionX project and explain it's business model.
What do you think at first when you hear about stablecoins? Actually, beside that Tether (USDT) is backed by USD at the value of $1, how many people actually know that many more stablecoins exist that are backed by other items such as USD coin (USDC) Paxos (PAX), Binance Dollar (BUSD), True dollar (TUSD), multi-collateral Dai (DAI), Single collateral Dai (SAI), Gemini dollar (GUSD) etc. The problem is not that stablecoins are not used; but that their utility is only restricted to crypto exchanges especially the popular fiat-backed coins. This has lead to the development of project model that aims to promote the usage of these coins beyond the exchanges.
CorionX is built to introduce the benefits of stablecoins far beyond what people already know. The CorionX platform is developed by an existing Swiss company. The foundation behind CorionX project has been in the market since 2016 and has a solid background. The company has launched a global campaign called #MoneyInTheRightDirection, which is aimed to spread the benefits of stablecoins and encourage people to transfer value through stablecoins.
The project will introduce users to varieties of existing stablecoins, with tailored tools that would facilitate DeFi protocols such as lending, saving, trading etc. Decentralised finance us already huge, but it is project to see more growth. Stablecoins coins has the potential to shift the paradigm of the market and CorionX is poised to connect users with the benefits of this market segment through the use of stablecoins.
Why do you think value proposition is important?
The CORION foundation is really serious about promoting the adoption of stablecoins on a mass scale. The foundation wants people to be aware of the potentials of stablecoins and how they can be beneficial in our daily financial lives. Here are some of CorionX platform — the users will have access to the following programs
CorionX has launched a native cryptocurrency, CORX, which would be used to support all the awareness campaigns, maximize platform functionality, support effective trading and DeFi interactions. CORX will serve as the ''gass" for other stablecoins.
CORX holders will have access to operate and trade on CorionX platform
Payment of services and membership fees
Token holders would be rewarded 2.5% quarterly as loyalty
Recruitment of merchants on the CorionX platform
CORX token enable access to CORION foundation infrastructure
Forming a strategic partnership is essential in the growth of a company. It provide benefits and positive experience if done well. There is usually a cross-benefit for the parties involved including investors and supporting partners. Collaborations and business partnerships offer more opportunities to develop on a very fast rate. The following are the companies who CorionX has entered partnership with in n order to advance the growth of the project
CryptoMarketAlert→ Crypto market alert is a cryptocurrency tracker with an aggregated view of all the coins through it's own portfolio infrastructure. Cryptomarketalert is a big portfolio service with more than 7000 coins and tokens. The aim of this partnership is to provide a detail and current market rate for CORX token after trading begins.
Syscoin foundation→ CorionX has entered business partnership with Syscoin. The partnership is aimed at expanding the awareness campaign about the adoption of stablecoins. Syscoin is seen as a strategic partner because they have real life reach. The company is a non profit organisation that represent the core team of Syscoin.
The success of any project is heavily reliant on its team. it is even more important in cryptocurrency market since many of the projects are essentially new start-up companies. CorionX project has a team with a dynamic collection of skills and it is being led by a CEO who is an expert in the market. This team will execute the ‘best plan’ for the development of the project
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