Halodao a stable marketplace protocol is now working with Yield Guild Games(YGG). This collaboration comes in handy to enable their members to withdraw money in their local areas easily. The goal of the stable coin is to place a play and grow pattern where members are able to increase their earnings.
Why the Collaboration between Yield Guild Games and Halodao
The establishment of this pattern known as Guild allows anybody without cash to participate in all sorts of games offered and earn money.
YGG being a member of this structure has so far qualified 4700 learners to earn a significant amount of money.
Since the game, launch families have suffered a lot especially in regions where generating income is quite difficult.
How it HaloDao and Yield Guild Games Partnership Works
After earning the coins, most people want either keep or withdraw into cash. The latter of which is what HaloDao plans to make a progress in. The holders of the coins convert the money into stablecoins and withdraw it with profit.
HaloDao and YGG are producing tools to welcome the spirit of play to earn. This allows people to get more than their earnings during gaming.
Presently HaloDao is working with local currency stablecoin providers. Their major points being Southeast Asia, Europe, UK, and Hong Kong. These areas will be empowered to use their local coins using DeFi.
HaloDao contract is a DeFi application meant to provide stablecoins and improve businesses between one another.
StableCoins
Stablecoins are frequently getting popular for investors and companies. one of the reasons is that stablecoins are somewhat immune to the huge price fluctuations.
A stable coin is a kind of cryptocurrency. Each stable coin ties its value to a more firm asset. for example money. So should you buy stable coins? Yes.
Here are some of the reasons why you should buy a stable coin:
- Firstly, they are very steady compared to other cryptocurrencies.
- Secondly, they can be used anywhere. You just need to exchange them into your local currency and you have your cash.
- Finally, they cannot decrease in value. As mentioned they are stable. however, their potential profits are defined by your local currency.
Some examples of stable coins include; Tether(USDT), USD Coin (USDC), Binance USD (BUSD), and Dai(DAI)
Their Use Case
Stable coins are an easy way to move funds between cryptocurrency exchanges. Citizens of countries with unstable currencies can buy stable coins and that could plummet in value. People who want to transfer money through crypto can use stable coins instead of more volatile coins. Some exchanges allow you to lend your stable coins to earn interest on them.
Are there Risks in Stablecoins?
For the most part, stable coins are much safer than any other coin. Normally you don’t need to worry about their price hiking. However, there are a few risks you should know about.
One of the risks is the natural outcome of stable prices; the price of a stable coin may not drop but it also won’t increase.
Stablecoin’s value always depends on the asset it is tied to. They can still increase or decrease in price based on what happens to the asset. For example, if your stable coin is attached to the dollar then you are banking on the value of the dollar.