SINGAPORE–(BUSINESS WIRE)–Standard Protocol – a Polkadot-based Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets – has established a strategic partnership with DEXTools, a DeFi hub on Ethereum and BSC, to create a new standard for digital asset management.
The move is expected to drive liquidity to Standard Protocol via connecting with the five million monthly users of DEXTools, which offers a plethora of unique DeFi tools, insights, and data analytics.
Details of the partnership aren’t fully disclosed, but this’s just the latest in a series of strategic partnerships that Standard Protocol has made with key players in the DeFi space.
Earlier this month, Standard Protocol joined hands with Bridge Mutual, a decentralized and discretionary risk coverage application that allows DeFi users to cover each other’s risk in use cases including contracts, stablecoins, and exchanges. This partnership will provide a safety net for the community, states the announcement.
Ahead of Standard Protocol’s IDO on April 29 via Polkastarter, a permissionless DEX, they also announced partnership with Litentry (a cross-chain Decentralized Identity (DID) aggregator) to ensure the fairness and transparency of the IDO whitelist process.
For context, a common problem in IDOs is that the whitelist selection process is prone to being corrupted by bots and multiple applications from individual users. Litentry will provide advanced IDO whitelisting methods with identity-based validation through its DID aggregation and computation model.
This helps Standard Protocol identify the eligible while filtering out illegitimate users. As part of the partnership, the identity data from Standard Protocol can be used to feed a credit computation model in an effort to provide more accurate representations of user identities.
Another partnership is with Patract, a solution provider for the development of Parachains and DApps in the Wasm smartcontract ecosystem of Polkadot. Patract integration helps the community design, develop on-chain contract modules and Runtime support. This alliance will provide DApp developers with full-stack tools and support services in the Standard Protocol ecosystem.
Standard Protocol, founded by Hyungsuk Kang, is the first project from Korea to be awarded a Polkadot Web3 Foundation grant.
“We’re laser focused on pinpointing problems with current stablecoin ecosystems and providing superior solutions. This is what Standard Protocol is ultimately about and how we expect ourselves to continue working in the future,” said Kang.