Jax.Network is excited to unveil a stablecoin bridge

The stablecoin bridge to swap JAX for Wrapped JAX (WJAX) is launched

Jax.Network expands its ecosystem to capture the DeFi space.

The launch of this stablecoin bridge is a very important milestone for Jax.Network because it opens the way for WJAX adoption along with localized stablecoin derivatives backed by its reserves”

— Vinod Manoharan, the Founder of Jax.Network

DUBAI, UAE, July 7, 2022 /EINPresswire.com/ -- Jax.Network, a blockchain merge-mined with the Bitcoin network, has launched a stablecoin bridge for swapping JAX to WJAX. The bridge allows miners to transfer their newly mined stablecoins to Layer 2 and sell them in the open market.

“The launch of this stablecoin bridge is a very important milestone for Jax.Network because it opens the way for WJAX adoption along with localized stablecoin derivatives backed by its reserves,” Vinod Manoharan, the Founder of Jax.Network commented.

JAX is a stablecoin created on top of Jax.Network shard chains as a result of burning BTC and JXN block rewards. Thus its value is always stable, as it's based on the cost of 1 unit of computing power spent on finding a proof-of-work. JAX operates on Layer 1 and needs to be transferred to Layer 2 via a bridge in order to access the DeFi ecosystem.

The bridge helps miners to transfer JAX from shard chains, where the coins were initially mined, to Binance Smart Chain at a fixed fee of 10 WJAX. It’s worth mentioning that WJAX can be used not only for payments but also with the purpose of swapping them for localized stablecoins such as JAX Dollar (JAXUD) and JAX Rupee (JAXRE) at a better exchange rate.

About Jax.Network

Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value. Established in 2018, the company united professionals from all over the world to build a blockchain network based on the Proof-of-Work consensus mechanism and pure state sharding as a scaling solution. Jax.Network uses a specific merge-mining technique. It allows miners to mine multiple shards simultaneously without splitting their hashrate and get rewards proportional to their effort. Being an open-source project, the JaxNet protocol can be used by anyone to build new projects on top of it and contribute to the development of the ecosystem.

Viktoriya Nechyporuk
Jax.Network
viktoriya@jax.net
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Jax.Network is excited to unveil a stablecoin bridge

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