Recent Innovations in Stablecoin Financing
Recent financing rounds showcase a surge in innovative projects within the blockchain ecosystem targeting stablecoin usage.
Level Level
Level Level, operating on the Ethereum network, has successfully raised $6.2 million with backing from prominent investors like Dragonfly and Polychain. The protocol has introduced a feature allowing users to gain level XP by depositing stablecoins. The simplest method involves exchanging USDC for lvlUSD, depositing it in XP Farm, with withdrawals locked for seven days. Alternative options for earning XP include staking Curve’s stablecoin pool LP tokens and borrowing lvlUSD through Morpho, although users are encouraged to conduct their own research (DYOR).
Loopscale
Similarly, Loopscale has emerged as a fresh lending platform on the Solana blockchain, attracting $4.25 million in funding led by Coinfund and Jump Capital. Recently, Loopscale initiated a public beta phase along with a points-earning program. Users can earn points through lending, looping, or borrowing activities. For those preferring passive income, depositing USDC or USDG into the Genesis Treasury pool is available.
Momentum
In the Sui ecosystem, Momentum completed a significant financing round of $10 million, spearheaded by Jump Crypto and Varys Capital. While no specific points program has been announced, the ecosystem has been bustling with activity, making it an opportune time to invest. Users seeking stable returns can explore depositing in the stablecoin LP pools, which have reported annual percentage returns (APR) exceeding 20%.
Infrared
Infrared, a Proof of Liquidity infrastructure for BearChain, secured $18.75 million in funding from Yzi Labs and Framework. Though it hasn’t launched a points initiative yet, it plans to issue tokens, presenting a potential opportunity for early liquidity providers.
Perena
Another player, Perena, focusing on stablecoin infrastructure in Solana, raised $3 million through a round led by Borderless Capital and Yzi Labs. Perena is currently running a Pre-Season Points Program that rewards users for trading activity and long-term liquidity provision in its stablecoin pool.
Aster
Aster, a perpetual decentralized exchange on the BNB Chain, gained attention thanks to support from Yzi Labs and co-founder CZ’s active engagement. Aster is promoting its S1 season points plan, where users earn points through trading and asset deposits. Strategies for maximizing point allocation range from simply minting and holding USDF to forming partnerships within liquidity pools on Pancakeswap.
The Payfi Protocol
The Payfi protocol, Huma, secured an impressive $46.3 million funding led by Distributed Global. It recently launched the Huma Feather Points Program, where users depositing USDC can earn a competitive APY of 10% alongside points. Users have the option of two deposit methods: Classic for APY and points, and Maxi for a higher points multiplier without APY accumulation.
Noble
Lastly, Noble, which serves as the stablecoin issuance infrastructure in Cosmos, has garnered $18.3 million in investments, led by Paradigm and Polychain. The newly introduced USDN stablecoin is part of a points program offering participants two options after purchase: deposit into the Yield Vault for a 13.5% APY without points, or utilize the Points Vault to earn Noble points without APY. As always, users are advised to conduct their due diligence.
