For the last twelve months or so, our trading platform Darico.co has managed to build a loyal community of retail and professional traders who have used cryptocurrency to get exposure to a wide range of traditional assets. Now we’re excited to announce that we are building something much bigger than that. For this, we’re closing our current platform. You won’t be able to access Darico.co anymore starting from September 30th, 2020.
The good news is that we're transitioning the ecosystem to a more sophisticated infrastructure that reflects our ambition in the Decentralized Finance (DeFi) space. We expect to launch the new DeFi-oriented platform, called Defino, before the end of this year. Nonetheless, we’ll keep you up-to-date by providing a more accurate roadmap closer to the launch.
The new platform will act as a bridge between the traditional and cryptocurrency markets. It will host the same wide range of traditional assets, including forex pairs, commodities, indices, exchange-traded funds (ETFs), and individual stocks. Besides this, users will be able to get exposure to Bitcoin and altcoins as well. The difference is that each asset will be represented by a token residing on blockchain, which will ensure a higher degree of security, transparency, and speed of execution compared to conventional contracts for difference (CFDs).
By leveraging blockchain, Defino will offer more features and trading products. For instance, it will host exotic pairs that will allow traders to go long or short specific assets from a given market at the expense of other assets that have almost zero correlation. Thanks to this possibility, users will be able to trade an infinite number of exotic pairs. For example, one can prefer to trade Bitcoin against Tesla shares or the S&P 500 index.
Besides the flagship spot trading platform, the upcoming DeFi ecosystem will eventually provide derivative products, including futures and options.
This announcement should definitely bode well for Darico Ecosystem Coin (DEC) token holders. We’re excited to announce that the new DeFi platform will revolve around DEFO - our proprietary token to be created specifically for Defino. You will be able to swap your DEC for DEFO with a rate of 10 to 1 (10 DEFO for each DEC). Be ready to stake DEFO as collateral to mint Defino USD (DUSD). The stablecoin will be your ticket to access and trade all the assets listed on Defino DEX, whether you go long or short on them. The realized profit and loss will be expressed in DUSD, which you can eventually burn to receive DEFO tokens back from the smart contract.
As for the DEFO token, it will have multiple use cases within the ecosystem, enabling holders to enjoy additional benefits. To begin with, all the fees collected on the platform from trading activities will be shared among staked DEFO holders.
And by the way, we’d like to reiterate that DEC holders can also get incentives from the Darico crypto exchange platform that has been launched just recently. Specifically, DEC holders will get Darico Ecosystem Community Shares (DECS) for free during the snapshot event scheduled for the fourth quarter of 2020. By owning DECS, users automatically become shareholders of our crypto exchange and are eligible to receive regular dividends.
Regarding the new DeFi platform that we’re now building, the end goal is to create a decentralized ecosystem that will merge the crypto space with traditional finance into a unique symbiosis. Our vision is to turn Defino into a Decentralized Autonomous Organization (DAO) and implement community governance.
Stay tuned for more updates!