Joshua Henslee talks about Accord Money on Bitcoin SV

BSV Expert and Developer Joshua Henslee released a new video discussing the launch of Accord Money on BSV. Watch the video via the link or read a summary of Henslee’s thoughts below.

What is Accord Money?

Henslee explains that Accord Money is a stablecoin yield farming project on BSV. It allows users to borrow a stablecoin (Accord Dollar) against BSV at a current interest rate of 15%.

To use Accord Money, users deposit their BSV tokens into a smart contract. In return, they get Accord Dollars, a market-made stablecoin token. This means that the more BSV tokens there are in contracts, the more Accord Dollars will be minted.

Henslee has repeatedly said that it’s crucial for BSV to have a stablecoin. He says he’s not sure if this is the one because it comes from an app rather than a bank, but he notes that it already has significant liquidity.

The current collateral to debt ratio on Accord Money is 120%. If a user deposits 10 BSV tokens, the contract would release the equivalent of 8 coins in Accord Dollars. Right now, that would be around $640, which at 15% annual interest, meaning the user would have to pay back roughly $740 to get her BSV back. Accord Money also…

Read more at coingeek.com

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