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0 sats \ 1 reply \ @KenyaCoin 9 Dec 2022 \ on: Introducing 10101 - One app, all things Bitcoin (aka a LN-wallet with DLCs) bitcoin
There's a number of somewhat similar methods that exist now for a stable USD position (e.g., Valet, previously branded StandardSats). There might eventually be a stable EUR position and maybe even GBP, JPY, AUD and CNY even.
But when might there be a method for the remaining 170 or so currencies used around the world. A merchant in Kenya may not want exposure to the dollar, or the EUR. Today they pay suppliers in KES, so they'ld like a stable KES to protect against exchange rate risk.
Would it be possible for such a CFD (and oracle) to exist (for this specific currency, for example)?
To the best of our knowledge, this is the first fully noncustodial approach.
In theory you can get any currency. The hard part will be to get the liquidity, i.e. you always need 2 parties for this, one who goes long and one who goes short. The one who goes short is stable in the currency of choise, e.g. if you have BTCKES, you need someone who wants to go long BTC against KES.
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