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The XUSD/BTC pool has launched, get ready for another incredible yield!
Since the launch of the Binance bridge yesterday, and upgrades to the ETH bridge, users can now bring multiple stablecoins across to Sovryn from Binance Smart Chain (DAI, USDC, BUSDT and BUSD) and from the Ethereum network (DAI, USDC and USDT).
Stablecoins that are bridged to Sovryn are aggregated and returned as XUSD, enabling Sovryn users to deposit any compatible stablecoin of their choosing and receive XUSD, which is always convertible 1:1 back to all of the dollar-pegged counterparts. This means one can deposit USDT (ethereum) -> XUSD, and withdraw XUSD -> BUSD (binance), or any of the aggregated stablecoins. Streamlining stablecoins in this manner will allow Sovryn to maximise the liquidity brought onto the system and offer a smooth user experience without clutter.
To make all of this possible, we’re thrilled to announce that the XUSD-BTC pool is now live! This pool allows Sovryns who have already bridged their stablecoins to trade them against BTC - which in turn means you can now swap XUSD with any other token on Sovryn! Not only that, but we look forward to the upgrade that Babelfish will bring where XUSD will eventually aggregate and represent stablecoins from many different chains.
Intensive Yields for LPs!
To celebrate the launch of XUSD on Sovryn, an intensive yield farming promotion will begin rewarding liquidity providers as of today!
25K SOV will be available to early LPs until 14th June. On 14th June the rewards will be recalibrated. The XUSD-BTC pool will require equal deposits to both sides of the pool, so you will need to provide both XUSD and BTC at the same time.
So what are you waiting for? Bridge your stablecoins and start earning on Sovryn - the decentralized, non-custodial powerhouse of DeFi on Bitcoin.
Coming up next, launching on Uniswap!