Shell Finance Unveils Its Mainnet, Paving the Way for sUSD Borrowing, Auctions, and Arbitrage Trading
In Brief
Decentralized stablecoin protocol Shell Finance With the launch of its mainnet, Shell Finance signifies a leap forward for the adoption of stablecoins in the Bitcoin DeFi (BTCFi) sector.
Operating on the Bitcoin Layer 1 network, Shell Finance allows users to leverage on-chain Bitcoin assets—such as BTC, Runes, BRC-20 tokens, and Atomicals—as collateral in order to borrow the synthetic sUSD stablecoin. Ordinals By building directly atop Bitcoin's Layer 1, Shell Finance boosts liquidity for assets on this layer, which means users can access sUSD without stepping outside the Bitcoin ecosystem.
The sUSD stablecoin, pegged at 1 USD and developed by Shell Finance, operates on the Runes Protocol. Users can secure sUSD loans equivalent to their collateral's value and easily repay by returning the same amount of sUSD to the protocol. Shell Finance’s focus on Bitcoin Layer 1 enhances overall liquidity, enabling users to tap into sUSD seamlessly within the Bitcoin framework.
We’re excited to announce our mainnet launch, ushering in a revolutionary phase for stablecoin functionality in the cryptocurrency ecosystem.
How To Use Shell Finance?
Currently, the protocol is compatible with various wallets like OKX Wallet, UniSat Wallet, and Xverse Wallet, among others. Fractal Bitcoin is also set to launch in December.
Furthermore, users can participate as Liquidators in auctions. If collateral hits a liquidation threshold, it triggers an auction process, allowing Liquidators to bid and acquire it at a price below the predetermined floor using sUSD, thereby creating potential arbitrage opportunities. Following acquisition, users have the option to resell the liquidated collateral on platforms such as DotSwap, Magic Eden, or OKX, or they can hold onto it for potential appreciation.
Additionally, users can engage in arbitrage trading, since sUSD may occasionally be traded at prices slightly above or below its $1 peg, offering unique leverage trading opportunities. Initially, this service will be available through a pool on DotSwap, with plans to extend to Magic Eden.
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In line with the Trust Project guidelines Alisa, a passionate journalist at Cryptocurrencylistings, dives deep into the worlds of cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With a sharp eye on emerging trends and innovations, she strives to provide insightful coverage that informs and captivates readers as they navigate the fast-paced realm of digital finance.