MonolithosDAO, the developer of the crypto-ruble, conducts MDT token sale

MonolithosDAO, the developer of an ecosystem for DeFi services, MonolithosDAO is conducting a token sale of MDT internal tokens. The presale ends on August 10, and on August 3 MonolithosDAO will place an ETH/MDT pool on the decentralized exchange Uniswap. Representatives of the project told ForkLog about this.

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MonolithosDAO is a platform for smart contracts on the Ethereum blockchain. The project is developing MCR, a decentralized stablecoin pegged to the Russian ruble.

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“The crypto-ruble can be used for trading, payments, transfers and investments. In the near future, MCR will appear on the Bitzlato cryptocurrency exchange. The fixed rate of MCR protects against volatility in the crypto market,” said Dmitry Kryshstal, MonolithosDAO’s Director of Development.

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MCR is backed by cryptocurrency — ETH and ERC-20 tokens. Unlike Tether and other stablecoins, MCR does not have a single issuer. MonolithosDAO users themselves create the tokens: they send cryptocurrency to the platform’s smart contract, which issues MCR.

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In fact, MCR is the debt of users to MonolithosDAO, secured by crypto collateral. If the value of the collateral falls below a prescribed level, the holder must top up the difference or the platform will sell the collateral at auction. A user can withdraw the collateral at any time: to do so, they must return all MCR and pay a fee.

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In addition, MonolithosDAO users can lock MCR in the platform’s smart contract and earn interest on it, like a deposit. The interest rate is set by MDT holders — the project’s utility token. They also decide on other platform matters: choosing the type of collateral, voting on system updates, and setting collateral-liquidation parameters.

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In total, MonolithosDAO will issue 1 million MDT, 800,000 of which will be available in a public sale. The MDT token sale consists of two stages: a presale and the listing of the token on the decentralized exchange Uniswap.

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Presale began on June 20 and will end on August 10. During the presale, MonolithosDAO is selling 300,000 MDT. The token price is $0.40. Each user can buy from 200 to 50,000 tokens. Tokens can be purchased on the the project site with BTC or ETH.

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MDT listing on Uniswap will take place on August 3. MonolithosDAO will contribute 500,000 MDT and $210,000 in ETH to the liquidity pool on Uniswap.

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ForkLog has previously explained what decentralized finance is and why the DeFi ecosystem matters.

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