The popular decentralized financing platform Yearn Finance announced a new loan protocol called StableCredit.
StableCredit combines tokenized debt stablecoins, loans, and unilateral automated market makers to deliver what it calls a “fully decentralized credit protocol”. reminds of MakerDAO (MKR).
Introduction of StableCredit, a new protocol for decentralized credit, stablecoins and AMM. https://t.co/Cuoo2OMi5H
– yearn.finance (@iearnfinance) September 10, 2020
Users can deposit USD Coin (USDC) in mint condition StableCredit dollars at a ratio of up to 75%, which can then be exchanged for other crypto assets. In order to release the stored USDC, users must deposit the borrowed USD StableCredit back into the log.
An announcement dated September 10th said that StableCredit’s user interface is currently being finalized and the minutes are expected to be released publicly “in the next few weeks.”
In particular, the protocol won’t distribute a governance token to users, a tactic that is widely used to incentivize new DeFi platforms to use. YFI, Yearn Finance’s proprietary governance mark, was a major beneficiary of the recent DeFi bubble, up more than 800% in August to hit an all-time high of over $ 38,000.
Today the creator of Yearn Finance, Andrew Cronje expressed a certain contempt for the current state of the DeFi sector::
Current status of “defi” (degenerate finances) pic.twitter.com/UcNKvzNfII
– Andre Cronje (@AndreCronjeTech) September 10, 2020
Yearn has grown in popularity thanks to its various lending protocols, and its “vaults” have recently attracted investors with the promise of high returns. and reduce transaction fees through pooling.
YFI is up 11.4% in the past 24 hoursThe market has rallied in response to Coinbase Pro’s announcement that it will support the token from September 14th.
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