With almost $3M in Total Value Locked and $2M borrowed, investors are benefiting from the brand new Coin98 pool.
Borrow & Lend Stablecoins on Solana
Coin98 announced the new pool on April 12 via Twitter, allowing users to lend out stables for yield or deposit them as collateral for taking out loans. The pool currently supports $UXD, $USDH, $UST, $PAI, and $C98, and plans to add more stablecoins in the future. Borrowing stables requires 133% collateral (75% loan-to-value) and costs around 6% annually, and lending them out currently earns around 20%.
“We believe this is one of our cornerstones of rapidly growing Coin98 adoption across the multi-chain DeFi ecosystem, bringing greater value and opportunities to users. Prepare yourself for an explosion in the lending landscape of C98 on multichain!” claimed C98´s team on their announcement blog.
Since launching the first isolated pool, TURBO SOL, in February, Solend has launched many other pools, including the Invictus pool, the Stable pool, the Step pool, the Bonfida pool, and the Star Atlas and the Dog pool. Each one offers different collateralization ratios, digital assets, and APYs. Until then, Solend had only one global cross-collateral pool.
Since DeFi is a relatively new technology, it is susceptible to malicious attacks. Isolated pools are a great way to prevent attack vectors from spreading into entire protocols. These pools are separate lending markets, acting like quarantine for assets.
Check out this step-by-step guide by Coin98 on how to use the new Solend isolated pools.
What is Coin98?
Coin98 is a one-stop platform for users to access the DeFi ecosystem, such as Decentralized Exchanges (DEX), lending protocols, on-chain governance, blockchain-based games, and cross-chain transfer on over twenty networks such as Binance Smart Chain, Solana, Ethereum, Avalanche, and more.
Where to find Coin98:
What is Solend?
Solend is an algorithmic, decentralized protocol for lending and borrowing on the Solana blockchain. Users of the Solend protocol can earn interest, borrow, leverage long or short. In addition, funds deposited on Solend can be utilized as collateral for loans.
Where to find Solend:
Source : web3wire.news