InDeFI Set to Launch Stablecoin Based on DAI Design

Russian businessman and ex-banker, Alexander Lebedev has announced his intention to launch a ruble-pegged stablecoin based on the DAI model on Ethereum through the InDeFi platform. 

Following the Blockchain life conference held earlier this week in Mexico, the former Russian National Standard Bank owner and Garantex CEO, Sergey Mendeleev disclosed their intention to commence a unique cryptocurrency project. 

Mendeleev, who established the Garantex cryptocurrency firm that was sanctioned by the United States Treasury Department, pointed out persuasively that the initiative has no connection with Russian Central Bank’s proposed virtual ruble. 

With applications of the MakerDAO DAI algorithmic stablecoin model, the distribution of the crypto rubles will be conducted by a decentralized smart contract with over-collateralization.

MakerDAO’s system operates in a way that users can lock ether in a smart contract and borrow DAI. The loans are secured by Ether collateral held in escrow by the smart contract.

Mendeleev Argues for Indefi’s Crypto-Ruble Coin 

While speaking to CoinDesk, Mendeleev claimed that InDeFi’s crypto-ruble will be decentralized. He added that there is a trial version of the coin ready for testing and review.

According to Mandelelev the coin “will not only make it easier for Russian citizens to access international cryptocurrency exchanges but also, after changes in legislation, provide transactions with foreign counterparties via crypto.”

The distribution of the crypto rubles will be conducted by a decentralized smart contract that has over-collateralization, with applications of the MakerDAO DAI algorithmic stablecoin model. 

Back in 2021, Lebedev and Mendelelev, began Indefi as an establishment to offer loans in stablecoin. Meanwhile, Lebedev claims that he has been investigating conventional banking frauds, as he mentioned in an interview last April. Likewise, he argued that he perceives cryptocurrency as a method to detour the unscrupulous mainstream banking industry.

Again, Mendeleev related that InDeFi has not been operating as supposed lately. “Like any other DeFi project on the falling market,” he noted that InDeFi is “ looking for new forms [of business] and apps.”

The debut of InDeFi may receive soft landing support from the Central Bank of Russia as the apex monetary authority has been exploring avenues to create innovative crypto solutions in the face of sanction.