Alternity CNY LCNY
What is the project about? Alternity is a decentralized protocol built on the Ethereum blockchain, inspired by the design of the Liquity Protocol. The protocol provide users with a stablecoin that is pegged to the Chinese Yuan, achieved by utilizing Ether as the required collateral. Loans are paid out in LCNY (a CNY pegged stablecoin) and need to maintain a minimum collateral ratio of 110%. Alternity aims to cater to users who value diversification and seek alternatives to USD-pegged stablecoins. As a protocol, Alternity is non-custodial, immutable, and governance-free. What makes your project unique? LCNY is the first immutable and decentralized CNY pegged stable on the Ethereum blockchain. History of your project. The primary motivation behind the Alternity Protocol is to address the growing demand for a stable, decentralized, and Yuan-pegged financial instrument in the DeFi ecosystem. As the global economy continues to evolve, the need for diverse stablecoin options that cater to various markets becomes more evident. Recognizing China's growing influence and the rising importance of the Yuan, Alternity offers an alternative solution with a Yuan-pegged stablecoin, providing diversification, risk management, and a more robust DeFi ecosystem. What can your token be used for? This solution allows users to diversify their stablecoin portfolio or have debt denominated in CNY.