- INDX has unveiled details of Jellyfish, its DeFi pivot
- Jellyfish aims to protect a user’s assets from crashes
- INDX’s masternode project was canned last year after over two years of development
INDX, the blockchain company that recently binned its masternode platform, has revealed details of its new DeFi project, Jellyfish. Jellyfish, which was announced in November, aims to provide protection for digital asset holders by swapping them into stablecoins if the price plunges and then swapping back once they recover. The project, which has been created in association with Block8, authors of the code for the Synthetix platform, has been labelled “truly game-changing” by INDX CEO Jonathan de Cartaret.
INDX Pivots From Masternodes to DeFi
INDX began life with a masternode index fund in 2018 when masternodes were the talk of the crypto town. For various reasons, including a plethora of regulatory hurdles, this product was never launched, and INDX looked to be going down a blind alley.
However, with DeFi hype replacing masternode hype, INDX decided toward the end of last year to can their ill-fated masternode fund and replace it with Jellyfish, a collateral-protection service created in conjunction with Block8. In in an email sent to INDX investors, INDX CEO Jonathan de Cartaret described Jellyfish as a “truly game-changing product for the market, offering retail and institutional investors a vastly efficient product to protect their crypto holdings.”
Cryptocurrency Crash Protection
According to the flashpaper, Jellyfish users will send their tokens to the platform where they will be converted into native tokens which track the price of the underlying asset. Should the price drop 10% the tokens will be converted into a native stablecoin, where they will remain until they move back within the 90% threshold. More features will undoubtedly be released by INDX once the more detailed whitepaper is published.
The Jellyfish flashpaper states that work is now beginning on the MVP (minimum viable product), with the product to be rolled out in three layers throughout the first half of 2021, with layer 3 due to be completed by June.