Defi.money Launches Its Stablecoin On Arbitrum And Optimism, Opens Early Access To MONEY Minting
In Brief
Defi.money launched its USD-pegged decentralized stablecoin, MONEY, on Arbitrum and Optimism networks, enabling whitelisted users to mint it.
Decentralized stablecoin issuer Defi.money announced the launch of its USD-pegged decentralized stablecoin, MONEY, on both the Arbitrum and Optimism networks.
Whitelisted individuals can gain exclusive early access to mint MONEY, which can then be staked directly or deposited into stable pools on Curve, where LP tokens can also be staked for additional benefits. Minting MONEY or taking out a loan through Defi.money involves depositing collateral and specifying the amount of MONEY to borrow.
Those who are not yet whitelisted can still earn rewards by depositing into Curve stable pools. Additionally, whitelisted users have the option to hold the veCRV token or participate in the referral program.
In order to get whitelisted, users can join the Defi.money Guild, complete the Guild tasks and wait 24 hours for their whitelist status to be processed. Once whitelisted, users can access the application and begin earning points.
Defi.money noted that, as the protocol is still in its early stages, conservative debt ceilings will be implemented to ensure a gradual, balanced, and thoroughly tested release. Additionally, before launching, the protocol underwent audits and security reviews by Bail Security, ChainSecurity, and MixBytes, with risk analysis conducted by Llama Risk.
Defi.money: What Is It And How It Functions?
Defi.money is built on the crvUSD architecture, offering protection against price volatility. The protocol is Ethereum Virtual Machine (EVM) agnostic, meaning it operates across multiple EVM blockchains simultaneously, which enhances blockchain abstraction and improves user experience. Additionally, it sets itself apart from other CDP collateral-based stablecoins through its Lending-Liquidating AMM Algorithm (LLAMMA).
Meanwhile, its MONEY stablecoin is cross-chain, allowing for interoperability with any EVM blockchain and seamless movement between different chains. It is particularly optimized for Layer 2s like Optimism, Arbitrum, and Base, enabling faster creation and more cost-effective management.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
