The Good Tech Companies - Hermetica's Synthetic Dollar Sparks DeFi Revolution

Episode Date: July 17, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/hermeticas-synthetic-dollar-sparks-defi-revolution. Hermetica, a DeFi platform, has unveiled USDh - a synthetic dollar backed by Bitcoin. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #hermetica, #usdh, #synthetic-dollar, #jakob-schillinger, #robin-obermaier, #hermetica's-synthetic-dollar, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Hermetica, a DeFi platform, has unveiled USDh - a synthetic dollar backed by Bitcoin. USDh could be the start of a Bitcoin renaissance. But let's be real - this is still the Wild West of finance. Today's golden goose could be tomorrow's cautionary tale.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Hermetica's Synthetic Dollar Sparks DeFi Revolution, by Ashan Pandey. It was just another sweltering day in Panama when Hermetica, a DeFi platform, decided to shake up the crypto world. Their big reveal? USDH, a synthetic dollar backed by Bitcoin, living right on the AUG blockchain itself. Talk about a curveball. Now, I've been around the crypto block a few times, seen my fair share also called, game changers. But this? This might actually be something. Here's the deal. Hermetica's cooked up a way for Bitcoiners to have their cake and eat it too. Imagine holding something as stable

as a dollar, but it's powered by Bitcoin under the hood. No more playing hot potato with your cryptoon sketchy exchanges or praying your favorite stablecoin doesn't pull a terra. I caught up with Jakob Schillinger, the brains behind Hermetica, to get the lowdown. Guy was practically vibrating with excitement. We're changing the game, he gushed. Bitcoiners can now earn yield without ever touching a bank. It's like. It's like we've finally built that bridge between the old world and the new. Take Robin Obermeier from Liquidium. When I caught up with him, he couldn't stop grinning. This could be huge for Bitcoin defy, he said, leaning in like he was hearing a secret. We're talking about unlocking billions in idle Bitcoin. That's not chump change change but let's pump the brakes for a

second for all its promise usdh is stepping into uncharted territory the crypto graveyard is littered with projects that promised the moon and delivered squat so what makes usdh different for one it's built on bitcoin itself not so melt chain not some 2 solution, though they're eyeing that too. We're talking about the big leagues here. And that's where things get interesting. Bitcoin, for all its fame, has been a bit of a one-trick pony. Store of value? Sure. But try buying a coffee with it. USDH could change that, making Bitcoin more than just digital gold. We might be looking at the birth of a whole new financial ecosystem,

but, and this is a big but, it all hinges on adoption. The tech might be solid, but if no one uses it, it's just another clever idea gathering dust in the crypto attic. That's the real test facing Hermetica. Can they convince the Bitcoin faithful to embrace this new idea? Will the promise of stability and IELD be enough to lure in the cautious? But hold your horses, folks. It's not all sunshine and rainbows. Sure, the potential is massive. We're talking about possibly unlocking hundreds of billions in idle Bitcoin. That's billion, with a B but let's be real. This is still the wild west of finance. Today's golden goose could be tomorrow's cautionary tale.

That said, some heavy hitters are taking notice. Robin Obermeyer over at Liquidium couldn't stop singing USDH's praises. This could bait a missing link for Bitcoin DeFi, he told me, eyes gleaming like he just struck gold. So, what's the bottom line? Hell if I know. Could be the start of a Bitcoin renaissance. Could be another flash in the pan. But one thing's for sure, it's gonna be one hell of a ride. Keep your eyes peeled, folks. The Bitcoin rollercoaster just added a few more loops, and we're all strapped in whether we like it or not. Grab your popcorn. This show's just getting started. Don't forget to like and share the story. Tip Vested Interest Disclosure This author is an independent contributor publishing via our business blogging program.

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