ZUG, Switzerland, Aug. 04, 2022 (GLOBE NEWSWIRE) -- EnreachDAO, a blockchain company specialized in tokenizing trade receivables, has launched its depository smart contract protocol; Yaggr.
Yaggr governs deposits of digital assets in smart contracts that automatically generate, aggregate and compound yield of blockchains; whilst managing and hedging risk.
EnreachDAO smart contracts bring real world assets and transactions onto the blockchain utilizing fungible and non-fungible technologies.
“The $NRCH token is like a key that enables interaction with our smart contracts or dApps. As interactions increase this translates into more organic demand for the $NRCH token,” said DeFiKash, co-founder of EnreachDAO.
EnreachDAO interconnects real world assets to Ethereum Virtual Machine (EVM) compatible blockchain networks via composition of its smart contract products; Yaggr, KYCNFT and nReserve.
On June 28 2022 EnreachDAO released the Yaggr protocol showcasing “standardized vault strategies” using composite ERC-4626 tokens governing deposits of the $NRCH utility token.
Over 30 days later depositors have staked 34% of the $NRCH tokens circulating supply; a Total Value Locked (TVL) in excess of $2.8m represents over a third of $NRCH market capitalization at $8.2m in a $44B DeFi industry.
“Think of Yaggr, KYCNFT, nReserve as lego blocks; depending on the use case, you can compose combinations of those lego blocks to deliver the desired user experience through some form of interface,” commented DeFiKash.
ERC-4626 is “Ethereums Request for Comments” for yield bearing tokens representing a depositors share in industry standardized vaults.
Standardization of the interaction with vault smart contracts and integration of yield bearing tokens decreases the potential for smart contract risk i.e. exploits and increases time to market for smart contract development.
“We are working on 7 different exciting real world use cases that involve the composition of our products.”
“The ERC-4626 standard exposes EnreachDAOs products to a scale of opportunities with other projects and their users.”
“We have already been working with other projects and their developers who are adopting ERC-4626 and embedding our products into their solutions,” explained DeFiKash.
“Anything we build with ERC-4626 works with anything built for ERC-4626.”
On any given day, firms in the US are owed $3 Trillion in trade receivables. By combining tokenized receivables with its blockchain interoperable technologies, EnreachDAO will open up trade credit markets to greater efficiencies and transparency.
Mr S Khan