Shareslake has been working hard during the year to open the Cardano technology to those use cases in which the typical crypto volatility is not an option.
On May 1st, 2022, the Shareslake network was released as a fork of Cardano. It has the peculiarity to run on top of Redeemable, a fiat-backed stablecoin that is designed to be not just a common stablecoin, but to preserve people purchasing power over time. The Shareslake network supports all the same features as Cardano, but the transaction fees are paid using Redeemable instead of ADA. The Redeemable can be staked just like ADA is on Cardano mainnet and anyone can deploy their own pool and start to earn this new stablecoin.
Recently, on September 26th, the Shareslake bridge opened its doors, bringing the Redeemable coin to Cardano as the first ever Cardano stablecoin. The bridge allows moving Redeemable between Shareslake and Cardano networks, joining both ecosystems to power the Cardano DeFi landscape.
Currently, there are two main ways of obtaining Redeemable. You can mint new Redeemables in both, Shareslake and Cardano networks through the Shareslake dashboard, which adds USD to the fiat reserve and mints the new equivalent Redeemable. When minting directly in Cardano you can also add the reserve deposit using ADA, which will be converted to USD before adding the funds to the reserve. In Cardano, you can also use Minswap, Wingriders or MuesliSwap to swap ADA by RED. When using Redeemable in Cardano always remember to check the policy id:
More information about how the Shareslake bridge works can be found in the Shareslake blog.