A group of Argentine developers launched the Peronio cryptocurrency, with reference to Juan Domingo Perón, which they described as “the people’s currency”.
It is a stablecoin, that is, a cryptocurrency tied to a stable asset. In this way, unlike what happens with the main cryptocurrencies of great value (such as Bitcoin and Ethereum, which present a lot of volatility), this linkage would reduce the volatility of its price.
Stablecoins are tied to other cryptocurrencies, fiat money, or commodity trading. In this case, Peronio is backed by dollars, which keeps its value glued to the US currency.
“Peronio seeks to give users a safer savings and investment alternative than the Argentine peso, due to the volatility and instability that it has suffered for decades,” the developers explained. And in turn, they added that they seek to turn the project into the “national leading cryptocurrency” through solid reliability over time that makes users multiply exponentially.
“Peronio seeks to give users a safer savings and investment alternative than the Argentine peso, due to the volatility and instability it has suffered for decades” (developers)
“The Peronio does not have nothing to do with whether you are a Peronist or not”, they clarified, but that it seeks to be an alternative to the peso since “the peso is a currency that is worth a little less every day.” Peronius is better it has no inflation, it is backed in dollars and also those backing dollars generate interest, for which it is worth more and more”, they highlighted, while emphasizing that “the best thing” is that no politician manages it”.
How does it work
As far as its operation is concerned, it is guaranteed by a series of smart contracts encrypted in blockchain technology. Which implies that no one – not even its creators – can alter it.
Peronio works thanks to another stablecoin: USDCalso backed by dollars and built on the Ethereum blockchain. USDC is deposited into a digital contract and for every 1 USDC sent to the vault 250 PE (Perons) are issued.
The dollars in the vault are deposited into the Exchange Quickswap Liquidity Pool and farmed (doing a repetitive action to increase profits) on QiDao, a stable open source protocol.
At today’s prices they are around 15% interest. Open source is a transparent tool characteristic of the blockchain.
“Peronio is better, it does not have inflation, it is backed in dollars and also those backing dollars generate interest” (developers)
This code is always open and available to be read, monitored and audited by anyone at any time. Everyone can examine it and indicate if they find any errors or even participate to solve it.
The Peronios appreciate once morest the Argentine peso as they are backed by the dollar (blue price) and once morest the same dollar due to the interests obtained from Quickswap’s Liquidity Pool and QiDao’s farm. They can be redeemed in the vault at any time and withdraw the corresponding dollars.
To obtain the cryptocurrency it is necessary to download Metamask, create a virtual wallet; connect to the Polygon Network and finally exchange the USDC for PE. It is worth mentioning that the app will also be available on iOS and Android soon.
KEEP READING:
