Cryptocurrencies are gaining more and more ground around the world and Argentina is not far behind. With a very active market in the crypto universe and more and more followers interested in it, it was a matter of time before a national encrypted asset was created.
In this way Peronio was born, the initiative of a group of Argentine developers who were inspired by Juan Domingo Perón to launch the first national crypto asset backed by the US dollar and which they described as “the currency of the people”.
Peronio is a stablecoin, that is, a cryptocurrency that is tied to a stable asset, which allows to minimize the volatility of its price, unlike what happens with the main encrypted currencies with great value such as Ethereum and Bitcoin.
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Stablecoins are linked to other cryptocurrencies, commodity trading, such as Venezuela’s Petro, which is backed by oil, or fiat money.
In this case, Peronio is backed by dollars, so its value will be linked to the US currency. Its operation is guaranteed by a series of smart contracts encrypted in blockchain technology, which implies that no one, not even its own creators, can alter it.
The developers explained that “Peronio seeks to give users a safer savings and investment alternative than the Argentine peso, due to the volatility and instability suffered for decades by the local monada.”
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In addition, they added that the project seeks to become the “leading national cryptocurrency through solid reliability over time that makes users multiply exponentially.”
They also clarified that the “Peronio has nothing to do with being Peronist or not,” but seeks to be an alternative to the peso, since “the peso is a currency that every day is worth a little less. Peronio is better, it has no inflation, it is backed in dollars and also those backup dollars generate interest, so it is worth more and more. And I think the best thing he has is that he is not handled by any politician.”
Peronio works thanks to another stablecoin: USDC, also backed in dollars and created on the Ethereum blockchain. USDCs are deposited in a digital contract and for every 1 USDC sent to the vault 250 Pe (Peronios) are issued.
The dollars in the vault are deposited in the Liquidity Pool of the exchage Quickswap and farmed (doing a repetitive action to increase profits) in QiDao, a stable open source protocol. At today’s prices they are around 15% interest.
Open source is a transparent tool characteristic of blockchain technology. This code is always open and available to be read, monitored and audited by anyone at any time. Everyone, absolutely everyone, can review it and indicate if they find any errors or even participate to solve it.
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The Peronios appreciate against the Argentine peso by having support in the dollar (blue quote) and against the same dollar by the interest obtained Lliquidity Pool from Quickswap and the Farm from QiDao. The “people’s currency” can be redeemed in the vault at any time and withdraw the corresponding dollars.
To obtain them it is necessary to have the metamask virtual wallet. While soon the application for Android and iOS will also be available.
All the technical information about Peronium is available on Github, in open source, as mentioned above, and it is recommended to review it in depth before making any kind of investment.