Solayer Labs created $sUSD in collaboration with OpenEden, allowing users to earn returns on USDC deposits through exposure to US Treasury bills.
Solayer Labs, the premier re-staking protocol on Solana, has unveiled yet another acquisition, adding a new native asset to its portfolio. The protocol established the yield-bearing stablecoin known as $sUSD after successfully locking in a total value of $200 million over the previous month.
$sUSD is a tokenized Treasury Bill issuer that works in conjunction with OpenEden to provide users with the opportunity to earn yield on their deposits of $USDC. Many systems integrated into Solana receive protection from the deposited capital.
Solayer Launches Yield-Bearing Stablecoin on Solana
Solayer Labs has officially disclosed $sUSD, a yield-bearing, real-world asset-backed synthetic stablecoin. This stablecoin is based on the Solana blockchain. This one-of-a-kind token, which was developed in collaboration with OpenEden, gives users the ability to unlock returns on US Treasury bills for as little as $5 in USDC.
In the realm of cryptocurrency, it progresses toward the goal of democratizing access to reliable and low-risk financial assets. In addition to having a one-of-a-kind self-rebasing mechanism for the interest that is taken in, the USD is tied to the USDC at a ratio of one to one.
This process takes into account the interest that has been accrued on the present balance of one dollar as well as the increasing token balances over time. Solana developed the Token-2022 standard, from which the $sUSD cryptocurrency derives, adding support for interest-bearing tokens.
One of the key differences between this and a standard stablecoin is that there is no requirement for staking. Simply put, this indicates that the balance will automatically increase. Therefore, users are able to directly see the yield in their balance, which is now estimated to be 5.33 percent on an annualized basis based on yields on US Treasury securities.
sUSD Designed for Security, Accessibility, and DeFi Innovation
The $sUSD, a component of the Solayer Labs DeFi ecosystem, plays a crucial role in ensuring the safety of numerous integrated Solana systems. Included in this category are bridges and oracles that, by virtue of their replenishment protocol, let users engage in both on-chain and off-chain activities.
Solana optimizes the latter to achieve high speeds while maintaining low costs. The launch includes several different incentive packages. Some of these incentives include a yield increase of ten times on the initial ten thousand dollar deposits made during the inaugural minting phase on October 30.
$sUSD seeks to bring the “cypherpunk meets Wall Street” approach to Solana in order to deliver a DeFi product that is practical, user-friendly, and risk-mitigated. It achieves this through its innovative structure and real-world asset backing.
According to the protocol, the sUSD protocol operates as a Request-For-Quote (RFQ) marketplace without any exchange custody. Because of this, only owners have the ability to produce or destroy USD. Upon making USDC deposits, the matching engine generates quotes and distributes them to various RWA tokenizers that meet the requirements. Subsequently, the users are given back their own sUSD.
It is the purpose of Solayer to bridge the gap between traditional finance and blockchain technology, and this effort aligns with that mission. The company also broadens its product portfolio to include more reliable assets and a greater adoption of decentralized finance on Solana. The market is currently experiencing the bullish phase of Solana. A number of specialists even believe that SOL might reach $300.
Hitting $200M TVL Milestone
The third quarter was also a period of exceptional growth for Solayer Labs, which passed a significant milestone when it reached over $200 million in total revenue and earnings.
Users of Solana DeFi who sought exposure to the unique restacking opportunities and high-yielding assets available on the protocol saw an increase in their TVL. These opportunities and assets are rising month after month.
The anticipation of a potential airdrop is a significant aspect that contributes to the process of onboarding customers. The successful completion of Polychain Capital’s $12 million investment round, with additional support from Binance Labs and Big Brain Holdings, has heightened this anticipation.
This 13% reduction is more in line with Solana’s broader price changes owing to recent geopolitical tension and is not indicative of any large departure on the part of users. Despite the fact that Solayer Labs eventually retreated to approximately $180 million, this drop is more in keeping with Solana’s price movements.
The stability of customers’ deposits on the platform is reflected in the fact that the decline of TVL denominated in $SOL represents just 4.47%, as indicated by the data provided by DeFiLlama.
