Bluejay Protocol is a system for creating and managing stablecoins to track different currencies around the world. Our approach uses a collateralized debt position (CDPs), like MakerDAO, to create an elastic supply of stablecoins soft-pegged to sovereign currencies that are programmable, decentralized, and fully backed by collaterals.
In many parts of the world, public trust in the governments and central banks is eroding, access to banking facilities is limited and remittance fees remain insanely high. In fact, UN Sustainable Development Goal aimed to reduce transaction costs to less than 3% and eliminate remittance corridors with more than 5% transaction fee entirely by 2030.
Bluejay aims to bring access to world-class financial services to the masses by mirroring their money on the blockchain. By leveraging on the existing decentralized finance (DeFi) infrastructure, the ecosystem can offer the under-banked population services like:
Access to safe-haven assets like USD for short term saving through Decentralized Exchanges (DEXs)
Instant & low-cost remittances to other currencies through DEX
Mid to long term savings plan through different asset management & lending/borrowing protocols
... and many more
The Bluejay Protocol will be launched on Polygon Network and will be made available on Ethereum Network at a later date.
Polygon Network is chosen as the initial platform to allow for low-cost transactions for everyday payment while balancing access to existing DeFi infrastructure like DEXs. It allows our users to easily convert between the stablecoins and other assets like USDC, DAI, ETH, MATIC, etc without paying exorbitant transactions fees. For users who have significant asset holdings, they may use the Polygon Bridge to move assets onto the Ethereum network.