ReDeFi paves the way for a new era, ‘’Banks On Chain.’’ The current monetary system is limited to old technologies, costly operations and slow speed when it comes to any kind of transactions.
The current crypto system with stablecoins, while its convenient, its also troublesome as regulations differ in each side of the world, and a user needs to perform a series of operations and transactions to get fiat in his bank.
Onchain Money is the world’s first tokenised deposit system that mirrors fiat currencies (GBP, EURO, USD) on-chain, providing a seamless bridge between traditional and decentralised finance while preserving the ‘singleness of money’ principle.
Rather than solely relying on speculative demand, RED will be the main utility token for the ReDeFi L2 sidechain.