Ondo Finance has launched a marketing campaign on Sui’s NAVI Protocol to drive adoption of its yield-bearing stablecoin USDY.
Ondo Finance (ONDO) has launched a brand new marketing campaign in collaboration with NAVI Protocol, aiming to encourage extra folks to make use of its stablecoin USDY, a tokenized US Treasury yield coin by Ondo Finance. Working from Feb. 26 to March 12, the initiative provides individuals an opportunity to earn rewards by supplying liquidity for USD (depositing it into NAVI Protocol).
Contributors earn factors based mostly on their liquidity contributions, making them eligible for a share of the rewards, which shall be paid in NAVX and USDY. The marketing campaign has a complete reward pool of $35,000. The highest 100 individuals will share $10,000, whereas a further $25,000 shall be distributed amongst 2,500 extra winners.
USDY is a particular kind of stablecoin created by Ondo Finance that earns every day curiosity. In contrast to common stablecoins like Tether (USDT) or USD Coin (USDC), which simply maintain their worth, USDY is backed by US Treasury payments and financial institution deposits. As a result of it’s backed by yield-generating property, it robotically generates yield for its holders. This successfully makes USDY an on-chain various to holding money in a financial savings checking account or investing in cash market funds.
Since USDY earns yield with out requiring staking or locking, it’s turning into a pretty stablecoin various in DeFi because it permits customers to earn yield with out taking over crypto volatility dangers. Because it operates on the blockchain, it will also be utilized in DeFi for lending and borrowing.
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USDY was first launched on the Sui blockchain in March 2024. Later, it was expanded to different networks, launching on the Cosmos ecosystem by way of Noble in July 2024, the Aptos blockchain in Dec. 2024, and Arbitrum (ARB) in August 2024. Earlier in Feb., USDY additionally launched on the Stellar (XLM) community within the coming months.
Other than NAVI Protocol, a number of different protocols on Sui, particularly Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX, have built-in USDY.
Amongst different DeFi platforms, USDY was built-in on BounceBit and Injective (INJ), providing customers seamless publicity to USDY’s yields. Drift Protocol enabled customers to make use of USDY as collateral for perpetual buying and selling on Solana (SOL).
In line with Coinmarketcap, as of Feb. 26, USDY has a market capitalization of round $382 million.
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