The Corion Foundation, the non-profit behind CorionX, and Fuse have teamed up to bring stablecoin transactions and decentralized finance (DeFi) accessible through its Fuse Chain and Ethereum Bridge solution.
Fixing Stablecoin and DeFi Sector’s Biggest Challenge by Corion Foundation
As part of the partnership, both Corion Foundation and Fuse will work towards spreading awareness of blockchain technology. A series of AMAs, webinars, and training sessions to be used for the awareness campaigns.
Mark Smargon, CEO of Fuse, said:
“This partnership will accelerate crypto, DeFi, and stablecoin adoption and allow everyone to participate in this digital economy with ease.”
Currently, the biggest challenges that the stablecoin and DeFi industry face are scalability and cost. At present, the majority of stablecoins operate on the Ethereum blockchain, similar to that of most DeFi applications. Meanwhile, the Ethereum blockchain network is only capable of handling around 15 transactions per second. Such slower transaction speed with an increased interest towards stablecoins and DeFi has only led towards congestion on the network. Both Corion Foundation and Fuse believe that blockchain interoperability can solve this issue.
Towards Blockchain Interoperability
Fuse Chain is an Ethereum sidechain that can work with the Fuse Ethereum Bridge to allow users to transfer their Ethereum and ERC-20 assets on the sidechain. Unlike the standard Proof-of-Work (POW) consensus algorithm. Fuse Chain uses Delegated Proof-of-Stake (dPOS) for both speedier and cheaper transaction consensus.
Miklos Denkler, Board Member of Corion Foundation, said:
“This partnership will help to achieve our shared vision to support mainstream adoption of stablecoins and DeFi 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.”
The partnership will also allow CorionX users to use Fuse Studio, a dApp that can store various crypto and fiat currencies. Also, ERC-20 stablecoins and CorionX (CORX) tokens on the Fuse Network, accessible through the CorionX wallet.