As a seasoned researcher with a keen eye for emerging trends in the blockchain industry, I find myself intrigued by Solayer’s latest offering – the yield-bearing and restaking stablecoin, Solayer USD (sUSD). With my background in decentralized finance (DeFi) and extensive experience navigating the volatile crypto market, I can appreciate the potential this innovative stablecoin holds.
As a dedicated crypto investor, I’m thrilled to announce the launch of Solayer’s native stablecoin, Solayer USD (sUSD). This decentralized finance (DeFi) project, with a primary focus on reinvestment activities, has now made its mark on the mainnet. The sUSD is backed by U.S. Treasury bills, ensuring stability and trustworthiness in my investment portfolio.
As per a joint announcement, this token is set to pioneer yield-generating possibilities in the crypto sector, specifically within the Solana blockchain. This means users can potentially earn returns of up to 4%, with these rewards being automatically deposited into their digital wallets.
Yield-Bearing and Restaking Features
As a researcher exploring stablecoins, I’m particularly interested in the yield-bearing stablecoin, sUSD. This coin aims to challenge established players such as Tether USD (USDT) and Circle USD (USDC), which currently hold over $120 billion and $34 billion in market value respectively. The unique selling point of sUSD is its yield-bearing feature, made feasible by the integration of Token2022, a Solana extension that introduces interest-earning tokens. By utilizing this tool, sUSD can distribute yield payments to users without compromising its 1:1 peg with the US dollar.
Beyond its ability to generate returns, this dollar-backed stablecoin also offers a unique staking feature on the Solana (SOL) network. This staking function enables users to pledge their assets to support other decentralized systems that utilize proof-of-stake consensus methods beyond the protocol. By partnering with Solana’s ecosystem, this could potentially speed up the growth of the stablecoin, tapping into the vast user base of the platform.
Solayer said that the stablecoin already has prominent brands as launch partners. These partners include OpenEden, a blockchain tokenization platform that recently celebrated a milestone of crossing $150 million in tokenized US Treasury bills alongside Wormhole, Squads, and Orca.
Stable Minting via RFQ Protocol
Solayer explained that the stablecoin, known as sUSD, is produced using a non-custodial Request for Quote (RFQ) process which facilitates the exchange of USDC into sUSD. OpenEden, acting as a launch partner, will be responsible for managing this conversion. The company assures that even during market volatility, sUSD will maintain its stability and can be exchanged or redeemed as needed.
After a successful trial period with selected financial institutions and accredited investors, Solayer chose to reveal the token to the general public for access.
From today onwards, users can easily obtain the sUSD stablecoin by depositing their USDC directly into the Solayer pool, which will then provide them with the sUSD token as a result.
Over time, the digital platform called Solayer has been steadily increasing its influence within the cryptocurrency world since its debut. This month, they unveiled two new products for public use. Recently, it was announced by Coinspeaker that Solayer launched BGSOL, a token designed for liquid staking, which is a collaboration with Bitget.
The LRT token, backed by exchanges, is the initial one of its kind, offering users benefits like re-staking rewards and flexible redemption possibilities. Solayer emphasized their main objective is to fully utilize the staking capabilities of the Solana platform.
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2024-10-29 18:48