The recent unveiling of Defi.money's stablecoin on Arbitrum and Optimism networks also brings an invitation for select users to take part in the early minting process of MONEY.
In Brief
The launch of MONEY, a decentralized stablecoin tied to the USD, marks a significant step for Defi.money as it rolls out this feature on both the Arbitrum and Optimism networks, granting early minting privileges to those who are whitelisted.
Decentralized stablecoin issuer Defi.money Defi.money has made it public that it has launched its decentralized stablecoin, MONEY, which is linked to the USD on both networks. Arbitrum and Optimism networks.
Users who are on the whitelist have the unique chance to access early minting of MONEY, which can then be staked or placed into stable pools on Curve, where they can earn liquidity provider tokens that can also yield additional rewards. To mint MONEY or take a loan through Defi.money, users need to provide collateral and specify how much MONEY they wish to borrow.
Even those who haven't yet made it onto the whitelist can still gain rewards by depositing into Curve stable pools. Furthermore, whitelisted users can choose to hold the veCRV token or join a referral initiative.
To become whitelisted, individuals should join the Defi.money Guild, perform tasks within the Guild, and then wait 24 hours while their status is processed. Upon receiving their whitelist approval, users can start engaging with the application and accumulating points.
Defi.money has made it clear that, given the protocol is still in its nascent phases, they will enforce conservative lending limits to promote a careful and methodical rollout. Prior to this launch, their protocol underwent comprehensive auditing and security assessments by agencies including Bail Security, ChainSecurity, and MixBytes, while Llama Risk conducted a meticulous risk analysis.
What exactly is Defi.money and how does it operate?
Built on the crvUSD framework, Defi.money offers a robust safeguard against price fluctuations. The protocol is designed to be EVM agnostic, meaning it runs across various EVM-compatible blockchains simultaneously, enhancing user experience through better blockchain interoperability. It distinguishes itself from other stablecoins that rely on collateral through its innovative Lending-Liquidating AMM Algorithm, known as LLAMMA.
Meanwhile, its MONEY stablecoin The platform supports cross-chain functionality, which means it can interact with any EVM blockchain seamlessly and facilitate transactions across different chains. It's especially optimized for Layer 2 solutions, enabling quicker deployment and cheaper management. Optimism , Arbitrum, and Base Please remember that the details shared on this platform should not be viewed as legal, tax, investment, or such advice. Always invest wisely and only what you can afford to lose, and it’s advisable to seek independent financial guidance if you have reservations. For more information, consider reviewing the terms and conditions as well as the support resources provided by your issuer or advertiser. While MetaversePost aims to deliver accurate and impartial information, keep in mind that market conditions can change rapidly.
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In line with the Trust Project guidelines Alisa, a passionate reporter at Cryptocurrencylistings, specializes in the areas of cryptocurrency, zero-knowledge proofs, investment strategies, and the vast world of Web3. With a strong focus on the latest trends and technology, she provides insightful coverage that helps keep readers informed and engaged in the fast-changing digital finance sector.