Welcome, Crypto Explorer! ππ
Dive into the world of Deenar, the first gold-backed token in the Cosmos ecosystem, now live on HAQQ Network, a blockchain designed for the global Muslim community. This groundbreaking development brings physical gold onto the blockchain, offering new liquidity solutions for Cosmos users and enabling millions of Muslims to invest in a stable asset while adhering to Islamic ethical standards. ππ«
Gold-Backed Stablecoins: A New Frontier
Cryptocurrency is known for its volatility, offering both fortunes and losses to investors. For those seeking stability, traditional assets like precious metals or real estate have always been attractive. Gold, as a store of value since ancient times, has consistently shown good returns and resilience against macroeconomic cycles. π π
However, gold remains inaccessible to many due to its challenging purchase and storage processes, as well as liquidity issues. Gold-backed stablecoins address these problems by merging gold’s stability with the efficiency of blockchain. These digital assets are backed by physical gold stored in vaults by authorized custodians, offering easy buying, selling, and trading. π³π
In 2024, several gold stablecoins emerged, including Tether’s aUSDT and Deenar on HAQQ Network.
What is Deenar?
Deenar is the first gold-backed stablecoin on Cosmos, launched as HAQQ Network aims to bring real-world asset (RWA) utility to this thriving ecosystem. Each Deenar token represents 1 gram of physical gold, putting gold on the blockchain and adding value and investment opportunities to Cosmos users and projects. ππ«
Beyond its financial benefits, Deenar caters to the 2 billion Muslims worldwide who may avoid traditional financial institutions due to ethical concerns or lack of access. Deenar is Shariah-compliant, offering a safe and ethical investment alternative for millions. ππ
How Deenar Works
Deenar is minted by Fiduciary Standard, a licensed stablecoin issuer based in Switzerland. The total supply of DEEN is 12,000 tokens, each representing 1 gram of gold stored in Brinks vaults in Dubai. To obtain Deenar, users need to create a HAQQ Wallet, connect it to the Sushi decentralized exchange, and buy DEEN or swap USDT or ISLM for the token. Transactions settle quickly and gas fees remain low. π³πΌ
Deenar is compatible with all HAQQ and Ethereum wallets supporting ERC-20 tokens and can be transferred via IBC to any other Cosmos-based blockchain. Each on-chain address holding DEEN is associated with a specific gold bar, and users can retrieve its serial number on the project’s website. Redemption for physical gold is possible for those whose token amount covers the available bullion. π¦π
All DEEN transactions run on the HAQQ blockchain, ensuring transparency, security, and eliminating human error.
Benefits of Physical Gold On Chain
As the first gold-backed token in the Cosmos ecosystem, Deenar offers numerous benefits to developers, users, investors, and the Muslim community. ππ«
For developers and users, Deenar is a new DeFi instrument that brings the value of a renowned physical asset onto the blockchain. For investors, it offers an opportunity to invest in gold without the typical purchase and storage hassles. Fractionalization allows even small-scale investors to participate and benefit from gold’s stability. For Muslims, Deenar provides access to decentralized financial services that comply with Islamic ethical principles. ππΌ
From long-term investment to daily use, Deenar Gold allows a wide range of market participants to benefit from the easy transferability, liquidity, and transparency of gold on the blockchain. ππ«
Hot Take: Embrace the Gold Rush
Crypto Pioneer, seize the opportunity presented by Deenar, the first gold-backed token in the Cosmos ecosystem. This innovative development brings the stability of gold to the blockchain, offering new investment opportunities and making gold investment more accessible. Don’t miss out on this chance to diversify your portfolio and invest in a Shariah-compliant, gold-backed stablecoin. ππ«
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