These platforms will offer users various benefits, such as affordable interest rates, transparency, and security. Risebit will also release its cryptocurrency, Risecoin, which the community will use in the voting processes for investment projects.
Intelligent arbitrage in the Risebit ecosystem allows users to always get the best conversion rate for their crypto assets. This is possible thanks to an intelligent system that searches for the best conversion rate among all exchanges. Once the algorithm finds the best price, it routes the transaction to that DEX.
The goal of this system is to become a cross-chain solution not limited to a single DEX. This would be a significant advantage because it would allow for more price discovery and options for the user.
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At the moment, Risebit runs on the BNB Chain. However, the team is already working on expanding the system to other blockchains. Specifically, the founders mentioned Ethereum, Avax, Polygon, and Moonbeam, with others coming in the future.
Risebit goes beyond the trading dimension by introducing borrowing and lending services in its ecosystem. As the founders explained in their whitepaper, the interest rates will be much lower than traditional banks generally require.
Moreover, the platform will require users to post crypto assets as collateral. If the value of the posted collateral falls below the settlement price, Risebit will automatically sell the crypto assets.
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In this way, the system will reestablish liquidity and cover the taxes associated with the loan. The platform aims to avoid any issue that may arise from a massive drop in the value of posted collateral.
The team mentioned Bitcoin, Ethereum, Cardano, Polkadot, Avax, and Solana among the cryptocurrencies accepted as collateral. Users will be able to borrow BUSD in this new decentralized platform.
Another essential feature unveiled by the team is its governance system. The project wants to create an ecosystem in which users can have control and vote on what they want.
The whole workflow consists of two macro-steps:
- Risebit audit: The team will review each new project at an early stage. Specifically, Risebit will be interested in the project viability, security audits, and other aspects of the initiative.
- Voting: At this point, the community can vote on the project they want Risebit to invest in. Each community member can burn Risecoin tokens to participate in the project.
Overall, the voting operations will take 1-2 weeks, after which Risebit will announce the winning project.
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