yEarn Unveils StableCredit for Decentralized Lending DeFi Rate

yEarn – a tokenized yield aggregator – unveiled a new product called StableCredit – “a protocol for decentralized lending, stablecoins, and AMMS”. The product is NOT ready for mass use yet, but thanks to their “testing in prod” mentality we can have a sneak peek at what’s to come.

Introducing StableCredit, a new protocol for decentralized lending, stablecoins, and AMMs.

— (@iearnfinance) September 10, 2020


StableCredit allows users to provide assets and create tokenized credit in the form of StableCredit USD, a token based on the dollar amount of the collateral at the time of deposit.

Those holding StableCredit USD can swap it for other assets using yEarn’s native AMM, ySwap. ySwap is not live yet but with the pace that the yEarn community launches new products, surely it’s coming SoonTM. In the blog post announcing StableCredit, yEarn creator Andre Cronje also mentioned that Stablecredit can support other currencies such as EUR and JPY.

The full explainer article on StableCredit can be found here. While it’s definitely a complex idea to digest, those active in the crypto Twitter community have been quick to point out it’s potential to shake up existing DeFi money legos.

1/ StableCredit is an upcoming product combining some of the most widely used and pervasive concepts in DeFi: tokenized debt, lending, and AMMs.

— DeFiGod (@DeFiGod1) September 10, 2020

This announcement comes just 1 week after the rollout of yearn’s much-anticipated yETH vaults, continually showcasing the power of the engaged collective.

Coinbase Listing

Non-stop product releases are only half the story as yEarn’s native token – YFI –  is leading DeFi tokens back towards an uptrend.

Next week on September 14, YFI will become a supported asset on Coinbase Pro. Trading will commence the following day given certain liquidity conditions are met.

YFI is no longer the best-kept secret in niche DeFi circles it was just a few months ago with the Coinbase listing introducing YFI to both the retail and institutional markets. With DeFi rising in popularity and major exchanges like Binance actively working to incorporate DeFi products, it will be interesting to see if Coinbase ends up leveraging the attractive yields that yEarn can provide to its retail clients.

For anyone who once doubted yEarn, there’s no longer a doubt that the project has swept DeFi by storm, and continues to ship at a lightning pace in an already high-speed sector.

While the future roadmap for yEarn is not clearly solidified, the upcoming opportunities for anyone to create a yVault and be rewarded for doing so points towards a future in which hungry DeFi traders can earn a tangible income off of creating yEarn-based products.

In the meantime, be sure to stay up with yEarn on Twitter.

The post yEarn Unveils StableCredit for Decentralized Lending appeared first on DeFi Rate.

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