NEAR Protocol has brought out its own semi-algorithmic stablecoin called $USN.
$USN was launched on NEAR on 25th April 2021. It is soft-pegged to the US Dollar but doesn’t hold cash reserves, simliar to TerraUSD ($UST). $USN has launched in partnership with other strong stable coins, as mentioned by Zoran Kole (founder of Zoran Capital) [link]
Soft Peg: A soft peg is described by a method in which the rate regime is applied to a currency to keep it’s value stable against a reserve currency or multiple currencies.
Currently, the $USN stablecoin is backed by a reserve fund containing USDT and $NEAR. The coin was launched by Decentral Bank DAO, in collaboration with Proximity Labs.
– Decentral Bank Whitepaper [link]
Staking/Rewards
“They will offer an extremely attractive ~20% APR [annual percentage rate], which will ignite DeFi capital rotation into the NEAR ecosystem, siphoning the total value locked from other alternative layer-one protocols” —Zoran Kole, Crypto Insiders.
- $USN boasts a ~20% APR for the first few users (similar to $UST staking on Anchor Protocol, currently at 17.99% APR)
- Lowest staking APR will be ~11%
- Over $10m will be distributed in rewards monthly through lending protocols such as Burrow and Aurigami
How to mint $USN
- DecentralBank SWAP: This stablecoin can be obtained from wallet.near.org by clicking “Buy $USN” and using DecentralBank SWAP
- Ref Finance: You can also swap tokens like wNEAR, ETH, USDT, REF tokens to mint $USN
Conclusion
NEAR Protocol is one of the fastest growing blockchains currently. With super-fast transaction speeds, extremely low gas fees, custom wallet names, and high security, it has a bunch of advantages over other blockchains. The $USN launch gives NEAR another utility, strengthening the community and enhancing its ecosystem. Another reason to be bullish? We think so!
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