Stable Coin Network PegNet Completes Processing $500mln Worth Trades
PegNet, a network of stablecoins, has processed $500 million dollar worth trades as per data published by PegNetMarketCap.com. The platform was launched in August last year.
PegNet is a decentralized non-custodial ecosystem that consists of tokens pegged to various fiat currencies (the euro, USD for example) and other assets such as gold.
PegNet ensures that the network remains auditable and non-custodial while facilitating value transfer and easing the conversion procedures between various assets.
The platform is hosted on Factom, a tamper proof data retention system that functions as a data layer on the Bitcoin blockchain. The platform facilitates enterprises and government organizations to store data without any tamper proof worries.
PegNet users can deal with 32 kinds of assets without depending on third-parties, while spending only one-tenth of a penny (average charges).
Johnston stated that of late PegNet has started processing roughly $42 million worth assets every day. Being open source software offered for free, there is no firm making money out of it. The transacting fee of $0.001 is intended to prevent spams. Johnston points out that PegNet user can benefit from the platform.
More than half a BILLION dollars has officially crossed PegNet’s rails 🤯
— PegNet (@PegNetNews) March 18, 2020
Johnston is optimistic that the firm will soon reach market cap of $5 million, from the current level of $4.10 million.
He stated that assets continue to get added as investors and speculators purchase PEG and convert it into assets:
“Over the last 45 days or so, PegNet is averaging about 10 million PEG a day being purchased and burned in the system. It’s been amazing to watch people build confidence in the system and realize that decentralized oracles are really the solution to all the problems we’re seeing right now in DeFi.”