Road Town, BVI, 12th November, 2021,
Evrynet is pro ud to announce it will join the Stanford Future of Digital Currency Initiative (FDCI) as a member. Evrynet joins other members such as IBM, Ripple, Celo, and others to help develop universal digital currency APIs. Moreover, the SPEEDEX technology will make its way to Evry.Finance’s decentralized exchange dApp.
The Stanford Future of Digital Currency initiative welcomes Evrynet as its latest member. The objective is to collaborate with Stanford’s FDCI and incorporate the SPEEDEX technology into the upcoming Evry.Finance decentralized exchange DApp. Through SPEEDEX, the DEX will improve its overall transaction speed and achieve a theoretical throughput of up to 100,000 transactions per second.
By joining Stanford’s FDCI, Evrynet joins members Algorand Foundation, Celo, Polkadot, Ripple, IBM, and the Stellar Development Foundation.
Additionally, Evrynet appoints Muharem Hrnjadovic as Chief Technology Officer (CTO). Muharem has filled the CTO role for Monetas and Sygnum AG in the past. He is also a former Senior Software Engineers for the Kraken Digital Exchange.
Together with technical lead Sam Wong and advisory board member Geoff Ramsayer, Evrynet will enter its next phase of development and traction. Moreover, Sam and Geoff have worked closely with Professor David Mazieres on developing the SPEEDEX technology.
Professor David Mazieres adds:
“The Stanford Future of Digital Currency Initiative (FDCI) is working to ensure digital currency APIs are open to innovation and can benefit the greatest number of people. A key part of this is enabling everyone to participate in the global economy on equal footing, regardless of their native currency. SPEEDEX takes a giant step in this direction by providing fast, fair, and economically efficient asset exchange at layer-1 in decentralized blockchains. We are delighted that Evrynet has embraced this technology and will be deploying it in a production setting.”
Evrynet continues to attract attention from without and outside of the blockchain space. The project works with MIT to expand its reach in the financial world. Evrynet brings the necessary infrastructure to developers and businesses looking to build centralized, decentralized finance (CeDeFi) applications through a set of intelligent financial services. Evrynet is interoperable with many blockchain ecosystems, allowing for exploring numerous products, services, and use cases.
Geoff Ramsayer comments:
“If digital currencies are to benefit the greatest number of people, they will need to be built on high-performance infrastructure, and in particular, will require a high-throughput distributed exchange where any user can freely trade one currency for another at a fair exchange rate. Conventional wisdom holds that the only path to blockchain scalability lies in Layer-2 networks; SPEEDEX, by contrast, shows that it is possible to construct a scalable DEX that runs directly within a replicated state machine. And in doing so, SPEEDEX eliminates internal arbitrage, risk-free front-running, and treats users fairly, regardless of their access to capital and computing resources. I am beyond excited to see Evrynet deploying the technology based on SPEEDEX.”
Earlier this year, Evrynet raised $7 million in private funding. That funds will allow the team to develop its DeFi application for institutional investors. Its Evry.Finance application will serve as a decentralized exchange, but also encompasses liquidity pool and staking solutions.
Evry.Finance is the first DApp developed by Evrynet. It aims to provide features friendly to institutional inventors to allow them to participate in DeFi. Individual investors will also be able to enjoy the simple user interface where Evrynet aims to bring a more diverse yield product through bridging real-world assets and DeFi.
Korapat Arunanondchai (project lead)a
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