Builder Project Name: MoneyOnChain
Submission Date: October 31, 2024
Sector: Stablecoin Protocol
Links: moneyonchain.com
Description:
Money On Chain is a decentralized DeFi protocol built by bitcoiners to drive Bitcoin’s mass adoption through tailored solutions for different user needs. It offers:
- A fully Bitcoin-collateralized stablecoin (DoC).
- BPro, token designed for long-term Bitcoin holders, providing modest leverage and additional returns.
The protocol removes counterparty risk by allowing users to retain their private keys, and it utilizes a unique, robust financial model proven resilient even in extreme market conditions. Money On Chain also uses the MOC token for governance and IPFS for decentralized web access, creating a secure, community-driven platform on Rootstock.
Tokens Overview
DoC: A Decentralized Bitcoin-Backed Stablecoin
The DoC token is pegged to the US dollar, consistently maintaining a value of one dollar. This stability is managed through a smart contract that allows DoC holders to mint and redeem their tokens for smart bitcoins (rBTC). DoC is versatile and secure, compatible with hardware wallets for easy transfer and storage.
BPRO: A Token for Long-Term Bitcoin Holders Seeking Free Leverage
BPRO is designed for long-term BTC holders to leverage their assets.
Key Features of BPRO:
- Free Leverage: BPRO holders benefit from leverage provided by DoC token holders, enabling the token’s value to increase further as BTC’s price rises.
- Fee Earnings: BPRO holders receive 20% of the fees paid by users when issuing or redeeming DoC and BPRO, increasing the token’s value.
- Maintenance Costs: An annual fee of 1% is deducted weekly from BPRO’s value and paid to the MoC protocol.
- Tradable: BPRO can be traded on secondary markets or redeemed for rBTC through the protocol’s smart contract.
- Self-Custody: BPRO can be stored securely in hardware wallets.
- MOC Liquidity Mining Program: BPRO holders are incentivized to retain their positions through MoC’s liquidity mining rewards.
Money On Chain Token (MoC): Governance and Incentive Token
The MoC token has various roles within the Money On Chain ecosystem:
- Governance: MoC stakers can vote on and veto proposed updates, ensuring platform changes align with community interests.
- Fees Revenue Stream: Stakers earn a portion of platform fees and staking rewards.
- Oracle Revenue: MoC holders running an oracle node earn additional income.
- Platform Fees Discount: MoC tokens offer a discount on protocol fees when used for payments.
Each time the protocol is used, a fee in rBTC is collected and converted to MoC tokens. These MoC tokens are then distributed among MoC stakers, node operators.
Governance Rules
MoC holders have the power to vote on platform updates, with any changes that impact MoC holders requiring majority approval. Holders proposing changes must hold at least 1% of the circulating MoC supply, and only staked tokens can vote. For votes to be valid, a quorum of at least 20% of circulating MoC is required.
How your product adds value to the Rootstock ecosystem.
Money On Chain, the first protocol deployed on Rootstock, brings unique value with its extensive history, innovative financial models, and OMOC oracles that supply USD prices to other Rootstock protocols like Sovryn and Tropykus. With an active global community, especially in Latin America, Money On Chain has fostered adoption and new use cases for RBTC while also developing RIF On Chain, which enables RIF holders to leverage their tokens or issue USD-pegged tokens, such as RIFUSD, further enriching Rootstock’s ecosystem.
What’s its synergy with other projects on Rootstock?
Money On Chain has established a range of synergies with other projects on Rootstock, contributing to a rich and interconnected ecosystem. Here are some key synergies:
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Oracle Services: Money On Chain’s OMOC oracles provide essential USD price feeds, which are critical for protocols like Sovryn and Tropykus. These oracles enhance reliability and cohesion across projects by allowing all Rootstock-based protocols to access a consistent, trust-minimized price for the USD.
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First Mover and Community Influence: Being the first protocol deployed on Rootstock, Money On Chain has played a foundational role in building and nurturing a global community, particularly in Latin America. This active community has not only supported Money On Chain but has also extended a welcoming network to newer Rootstock-based protocols, fostering collaboration and expanding user bases for projects like Sovryn, Tropykus, and others.
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Financial Model Innovation: Money On Chain’s innovative financial models, which were developed natively for Rootstock without forking other protocols, set a precedent in the ecosystem. Other projects benefit from these pioneering models, providing a template and ecosystem standards that drive further innovation within Rootstock.
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RIF On Chain Integration: The Money On Chain team developed RIF On Chain, a similar protocol specifically for RIF token holders. This allows RIF holders to leverage free collateralization options, creating more use cases for the Rootstock-based RIF token, including the issuance of RIFUSD, a USD-pegged stablecoin, which amplifies the utility and demand for RIF while diversifying the Rootstock ecosystem’s offerings.
These synergies contribute to a stronger, more integrated network, where protocols support each other’s growth and innovation, reinforcing Rootstock’s position as a leading Bitcoin-compatible sidechain.
Mission: What is your larger mission and objectives?
We are on a mission to equip the next generation of fintech innovators with trust-minimized solutions to build a new, inclusive global economy.
Our vision is to make cutting-edge technology accessible to all, transforming everyday life in meaningful ways.
Our purpose is to drive the monetary revolution with creativity and resilience as our guiding lights.
General traction
Money On Chain stands as the oldest DeFi protocol on Rootstock, recognized for its stability as the only Bitcoin-collateralized stablecoin protocol that has maintained its peg for over five years. Currently, it holds the highest Total Value Locked (TVL) on Rootstock, underscoring both its robustness and wide adoption. The BPro token offers a HODL + Earn option with leverage to optimize Bitcoin returns, and the protocol’s OMOC oracles support other Rootstock projects. You can view full performance details performance page.
Conclusion:
The RootstockCollective community should vote for Money On Chain for several compelling reasons:
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Proven Track Record and Innovation: Money On Chain is the most established protocol on Rootstock, bringing innovation with a native model built from scratch. Money On Chain has pioneered its own financial models, offering original solutions tailored specifically for Bitcoin-based financial ecosystems.
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Essential Infrastructure for Rootstock: The protocol’s OMOC oracles supply accurate USD pricing to other key protocols on Rootstock, like Sovryn and Tropykus. This price feed is critical infrastructure, supporting the integrity and reliability of multiple platforms within the ecosystem.
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Community-Driven Growth: Money On Chain has a vibrant, active global community, particularly strong in Latin America. This community not only supports Money On Chain but also acts as an entry point for new users across other Bitcoin-based protocols on Rootstock, fostering collaborative growth and expanding Rootstock’s reach.
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Longstanding Presence and Impact: As the first protocol deployed on Rootstock, Money On Chain has built a solid foundation, demonstrating resilience and adaptability. Its community’s success has directly contributed to the expansion and adoption of Bitcoin DeFi, showcasing a sustainable growth model.
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Expansion Through RIF On Chain: Money On Chain’s team developed RIF On Chain, a protocol for RIF token holders to leverage their assets or create USD-pegged tokens like RIFUSD. This flexibility enhances Rootstock’s offerings, drawing in new users and cases for Bitcoin-based finance.
With this unique combination of pioneering innovation, infrastructure support, active community engagement, and a dedication to expanding Rootstock’s ecosystem, Money On Chain stands out as a cornerstone for RootstockCollective.