- BOBC Stablecoin Wins at Based LatAm Buildathon, Showcasing Innovative Finance Solution in Bolivia’s Growing Crypto Scene.
- Bolivia Experiences Rapid Crypto Adoption; BOBC’s Win Highlights Potential for Decentralized Financial Solutions in the Region.
Bolivia is witnessing substantial innovations, particularly highlighted by the recognition of BOBC Stablecoin at the Based LatAm Buildathon hosted by Base, Coinbase’s Layer 2 solution. Rafael Abuawad Vivanco’s project, which ties the stablecoin to Bolivia’s national currency, stood out among 118 Web 3.0 focused projects, securing a notable victory.
This event underscores a broader trend of rapid cryptocurrency adoption within the region. Following the Central Bank of Bolivia’s (BCB) decision to lift a long-standing ban on cryptocurrencies, there was a reported 100% increase in digital asset transactions within three months.
This policy shift is pivotal, considering Bolivia’s earlier stringent stance against the digital currency market.
BOBC Stablecoin’s win at the Buildathon was distinguished by its innovative approach to blending stablecoin stability with a yield-generating mechanism. This model was praised for its potential to facilitate faster, cheaper, and more equitable financial services, a significant step forward for Bolivia’s financial inclusiveness.
Rafael Abuawad expressed gratitude towards Base’s team for their support in realizing this vision and emphasized the project’s foundational stage, promising more developments.
“Decentralized stablecoins allow people to participate in a faster, cheaper and more equitable financial system, something that my beloved Bolivia will greatly benefit from. We thank the incredible team at Base for their support in making this vision a reality. This is just the beginning – let’s keep building together!” said Rafael Abuawad to the Bolivian newspaper Economy.
Further details from Devfolio highlight BOBC as an overcollateralized stablecoin project on the Ethereum blockchain. This model, where cryptocurrencies back the stablecoin via smart contracts, is gaining traction in Bolivia, indicated by the high adoption rates of stablecoins.
“Building a good decentralized application involves several steps. The first was creating a protocol completely from scratch (using Vyper) that would allow the stablecoin to exist. This was the most challenging part because I had never done anything like this in the past, and it was a lot of fun!” according to the BOBC project on Devfolio.
Abuawad’s project involved developing a unique protocol from scratch using Vyper, a challenge he found both demanding and exhilarating. This endeavor represents a crucial advancement in creating decentralized financial applications that can serve real-world needs effectively.
Other noteworthy projects recognized at the Base Buildathon include CrediTalent, which focuses on reputation-based credits; Bonfi Finance, supporting regional SMEs; CLPD, a stablecoin pegged to the Chilean peso; and BuildMyEvent, a crowdfunding solution for event organizers in Latin America.
Each project reflects a facet of how blockchain and cryptocurrencies are diversifying and enhancing the economic landscape across various sectors.
Moreover, the recent initiative by Banco Bisa, one of Bolivia’s prominent financial institutions, to launch a cryptocurrency custody service further illustrates the evolving financial environment.
This service allows transactions with Tether’s USDT stablecoin, marking a significant shift towards integrating digital assets into mainstream financial services in Bolivia.
Congrats to the winning teams of the Based LatAm buildathon, powered by @devfolio — the first set of winners from Base Around the World
Here are the winners who worked to solve problems in their local community, onchain:
CrediTalent for connecting people with reputation-based…
— Base (@base) October 29, 2024
Jesse Pollak, founder of Base, expressed the platform’s commitment to building a global onchain economy that fosters innovation, creativity, and freedom.
“Our mission is to build a global onchain economy that increases innovation, creativity, and freedom, and we know we can only do that with talented builders from around the world. We believe that bringing more people onto the onchain platform will help increase economic freedom,” said Jesse Pollak, founder of Base, about the winners of the buildathon.
He emphasized the importance of bringing more people into the onchain community to enhance economic freedom, a sentiment that resonates with the overarching goals of cryptocurrency advocates worldwide.
