The stablecoin lending protocol’s TVL has almost doubled since YZi Labs’ strategic funding final week.
Stablecoin lending protocol USDai (USDAI) has almost doubled in complete worth locked (TVL) since final week, leaping from round $60 million on Aug. 26 to cross the $110 million mark this weekend, per information from DefiLlama.
On Aug. 26, YZi Labs, beforehand Binance Labs, the enterprise arm of the world’s largest crypto alternate, introduced that it had made a strategic funding in USDai.
The venture, developed by Permian Labs, consists of two tokens. USDai is an over-collateralized artificial greenback, backed by GPU compute energy and constructed to channel capital into AI infrastructure, per the venture’s web site. Holders can stake their USDai to obtain one other token, sUSDai, its yield-bearing counterpart, for a at the moment marketed APR of about 8%.
To encourage participation within the venture’s preliminary coin providing, the workforce behind USDai created a rewards system dubbed the “Allo Sport” that lets merchants mint each USDai and sUSDai to earn factors towards allocation for each the ICO and an airdrop.
Based on Dune information, customers have already locked over $5 million value of USDai belongings in Curve, one other $2 million in Pendle, and greater than $845,000 in Euler, which means solely round 15% of USDai’s complete circulating provide is at the moment being utilized in DeFi.
In mid-August, USDai raised $13 million in a Sequence A spherical led by Framework Ventures, with backing from Dragonfly, Bullish, Arbitrum and others.
