After a successful (albeit bumpy) launch, the Geminon protocol is finally up and running. Although this is a great milestone, it is really only the first step in a long way to go. In this article we tell you what you can expect in the coming months.
Deflationary currencies
Geminon was born with the aim of providing an alternative to traditional stablecoins that, being linked to legal tender currencies such as the US dollar or the euro, continuously lose value due to inflation. The first code written for the Geminon protocol, many months ago, was for the CPI prediction algorithm that was to serve as a dynamic peg target for our deflationary currencies.
The first currency to be created, the USDI (inflation-indexed dollar), will be available within weeks of the initial launch of the Geminon protocol. This wait is necessary, since the safety mechanisms that prevent attacks on the stablecoin minter need a certain “warm-up” time to do their job properly.
After the USDI will come a second deflationary currency referenced to inflation in the euro zone, the EURI, and in the coming months Geminon will continue to expand its catalog of hedges against inflation in different regions of the world.
Stablecoins
Although we believe that it would be most convenient to always use currencies that maintain their value over time (not inflationary), we are aware that many people still prefer to use currencies referenced to traditional fiat money for their exchanges, probably due to the desire to maintain the unit of account they are used to. Being aware of this reality, we must be aligned with what the public wants, and also provide traditional stablecoins.
Geminon will provide a full set of stablecoins from all regions of the world, with the same collateralization guarantees as our deflationary coins. We will start with the most commonly used, the US dollar and the euro, and during the following months many more will be added: pound sterling, Swiss franc, Japanese yen and Chinese yuan among others.
Stable swap
Geminon will have the largest variety of stablecoins and deflationary coins offerings out there, and the stablecoins with the best balance of decentralization, security, and scalability in the crypto market. In addition to providing the means to mint and redeem those coins, Geminon will have a full forex exchange, allowing any pair of our stablecoins or deflationary coins to be directly traded with zero slippage (infinite liquidity swaps), taking advantage of the collateral as shared liquidity feature of the protocol.
Collateral lending
The next step after completing the forex module will be to implement the collateral loans of the protocol. This will make it possible to use a part of the collateral deposited in the GLPs to generate yield for the protocol, which will be used to reinforce the collateralization and therefore the value of the GEX token.
When this treasury lending system is complete, it will be possible to borrow or use as collateral any stablecoin, deflationary coin, or protocol collateral, in addition to the GEX token, greatly advancing Geminon’s utility to users.
P2P lending
The next piece of Geminon’s DeFi puzzle will be P2P lending, which will allow users to deposit their own tokens into a smart contract to lend them to other users receiving interest in return and vice versa, depositing enough collateral in the contract to cover the loan received.
Interoperability
Simultaneously with the development of the different operational modules, Geminon will integrate successive mechanisms to improve the interoperability of the protocol:
1. Multichain bridge
Although we are developing our own bridge to move Geminon tokens and stablecoins between the chains on which the protocol operates and, in fact, we already have a first operational version (although only for internal use in arbitration work), we will integrate our tokens into an external bridging service so that our users can enjoy the freedom to move their assets between different chains as soon as possible, as Geminon’s own bridge is not expected to be operational before the second half of 2023.
2. Exchange
Listing your tokens on an exchange is nice, but having an exchange built into your app is even better. For this reason, we will integrate in our app an exchange service provided by an external liquidity provider, which will allow you to exchange dozens of assets without registration directly from our application and access Geminon services quickly and easily from any other blockchain.
3. Fiat ramp
It is not possible to speak of complete interoperability if there is no possibility of directly accessing a protocol with fiat money. That is why Geminon will also integrate a credit card payment provider that will allow you to buy and sell crypto directly from our application.
V2
As we said at the beginning of the article, all the features mentioned here will be important milestones, but they will still be a small step along the way. When the Geminon protocol is fully developed, it will be time for Geminon V2, and that is where things will get really interesting. And because of that, we will tell you about it in another article when the time comes.
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