Dinero Protocol, a decentralized finance (DeFi) project, developed by Redacted Cartel, introduced a new permissionless stablecoin. The stablecoin, called DINERO, is backed by user-owned blockspace and is designed to maintain its value at 1:1 with the US dollar.
Users with Ether ($ETH) can utilize the Dinero protocol to stake their ETH and access a premium decentralized remote procedure call (RPC) that revolves around DINERO as a medium of exchange. The protocol also includes an ETH liquid staking token (LST), which benefits from staking yield and the Dinero protocol.
DINERO is collateralized by $ETH. Initially, DINERO will function like a typical collateralized debt position (CDP) stablecoin such as $DAI. However, the ultimate goal is to use the underlying $ETH collateral to enable a decentralized RPC and a block builder which protects Dinero users from MEV attacks.
Dinero Protocol aims to democratize access to premium block space on the Ethereum network by allowing users to back their own block space and access a premium decentralized RPC. The project believes that this will help create a more equitable and accessible DeFi ecosystem.
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DeFi
Ethereum
Stablecoins
