Ondo Finance has launched a campaign on SUI’s Navy Protocol to adopt its produce-bearing Stabecrim USDE.
Ondo is Finance (Ondo) Launched New one Campaign In collaboration with the NAVI protocol, the goal is to encourage more people to use their stablecoin usdy, by a token US Treasury produce coin Ondo Finance. By running from 26 February to 12 March, the initiative offers the participants a chance to earn prizes by supplying liquidity for the USD (submitting it in the Navi Protocol).
Participants earn marks based on their liquidity contribution, making them eligible for part of the awards, which will be paid in the NAVX and USDY. The campaign has a total prize pool of $ 35,000. The top 100 participants will share $ 10,000, while the additional $ 25,000 will be distributed among over 2,500 winners.
Usdy is a special type of stablecoin created by Ondo Finance that earns daily interest. Unlike regular stabelcoins such as Tether (USDT) or USD Coin (USDC), which only holds their value, the USDY is supported by the US Treasury Bill and Bank Deposit. Because it is supported by yield-giving assets, it automatically produces yield for its holders. It effectively makes USDY an on-chain option to keep cash in the savings bank account or invest in money market funds.
Since USDY earns yield without staking or locking, it is becoming an attractive stabechoin option in Defi as it allows users to achieve yield without taking Crypto volatility risks. Since it is operated on blockchain, it can also be used to borrow and borrow in DEFI.
Usdy was earlier Pur: In March 2024 on SUI blockchain. Later, it was expanded to other networks, launched in July 2024 on Cosmos Ecosystem via Noble, Aptos Blockchain in 2024 December, and intermediary in August 2024 (ARB). First in February, USDY also Launched In the coming months on the stellar (XLM) network.
except Naval protocolMany other protocols on the SUI, namely later finance, cetus, types of finance, bucket protocols, turbos and kriyadex, have integrated the USDY.
Among other Defee platforms, the USDY was integrated Bouncebit And the injected (injury), offering users a spontaneous risk for the yield of USDE. Drift protocol Active User to use usdy as collateral for business on Solana (Sol).
As CoinmarketcapAs of 26 February, USDY market capitalization is approximately $ 382 million.
