The Corion Foundation, the non-profit behind CorionX — a platform built to promote the adoption and use of stablecoins and decentralized finance (DeFi) technologies — has just partnered with Fuse to help make stablecoin transactions cheaper and more accessible through the use of its Fuse Chain and Ethereum Bridge solutions.
Addressing the Accessibility Gap
As a platform designed to help maximize the use of stablecoins by providing incentives to both retail users and institutional players, and providing an ecosystem for open finance and DeFi adoption, CorionX hopes to make the technologies more accessible and attractive to individuals and businesses.
To achieve this, it needs to help users overcome two of the biggest challenges currently facing the stablecoin and DeFi industries — scalability and cost. Right now, the vast majority of stablecoins operate on the Ethereum blockchain, as do most DeFi applications. However, the blockchain is only capable of comfortably sustaining around 15 transactions per second (tps) — a throughput far too low to support mass adoption of anything built on Ethereum.
This limited throughput, combined with significantly increased interest in stablecoins and DeFi in recent months, has led to congestion on the network, leading to transaction confirmation delays and skyrocketing transaction fees — which recently exceeded an average of $15 per transaction this past September. These high fees make interacting with DeFi apps an expensive task, potentially excluding many users while making micro-transactions undesirable.
To overcome this issue, both the Corion Foundation and Fuse believe that the next logical step is blockchain interoperability — which is essentially the process of allowing different blockchains to communicate with one another, allowing assets from one blockchain to be used on another, while benefiting from the advantages of its native chain. This is exactly what Fuse looks to achieve with its Fuse Chain and Ethereum Bridge platforms.
Fuse Chain is a powerful Ethereum sidechain that works with the Fuse Ethereum Bridge to allow users to transfer their Ethereum and ERC-20 assets on the Fuse sidechain. Unlike the standard Ethereum blockchain which uses the slow Proof-of-Work (POW) consensus algorithm for transaction confirmation, Fuse Chain uses the much faster Delegated Proof-of-Stake (dPOS) for both quicker and cheaper transaction consensus.
Through the partnership, CorionX users will be able to use Fuse Studio — a dApp that allows users to store a wide array of cryptocurrencies and fiat currencies, including ERC-20 stablecoins and CorionX (CORX) tokens on the massively scalable Fuse Network. This will be accessible through the CorionX wallet, to make using Fuse’s sidechain solution and sending cheap stablecoin payments a simple task.
“This partnership will help to achieve our shared vision to support mainstream adoption of stablecoins and Decentralized Finance and help millions of people in local economies to use CorionX and Fuse services worldwide. CorionX users will able to use many daily benefits due to integration of Fuse Network and Chain, CorionX Wallet, Merchant payments, and fiat gateway as a white label solution provided by Fuse,” said Corion Foundation Board Member, Miklos Denkler.
An Educational Drive
CorionX is designed to push the #MoneyInTheRightDirection movement by providing a global framework for the adoption and expansion of stablecoins, open finance, and DeFi, by opening access to the tools and providing the incentives users and firms need to participate in the new digital economy.
Part of this goal hinges on an ambitious education and awareness campaign, which the Corion Foundation will use to drive home the benefits of stablecoins, open finance, and DeFi, and help drive the mass adoption of these technologies. As part of the collaboration, the Corion Foundation and Fuse will work together to spread awareness about these technologies, through a series of AMAs, webinars, training sessions and more.
“This partnership will accelerate crypto, DeFi and stablecoin adoption and allow everyone to participate in this digital economy with ease,” said Fuse CEO Mark Smargon.
2CorionX recently entered into the third and final round of the CorionX (CORX) DeFi token sale, which is currently being hosted on the Probit exchange, ending October 21, 2020.