USDD now exists on Ethereum. It marks an important expansion from its Tron-based origins, in order to reach true multichain dominance as well as a more integrated core infrastructure within DeFi.
You can read more about it here:
- USDD is the Justin Sun decentralized stablecoin that has now been natively implemented on Ethereum.
- Launch features a Peg Stability Modul that allows on-chain swapping and minting with USDT or USDC.
- Ethereum is now the second largest stablecoin after Tron
The following is an overview of the aforementioned announcement On September 8, USDD was natively launched on Ethereum’s mainnet. The stablecoin is backed by Justin Sun. USDD’s team stated that the expansion was a result of an audit conducted by CertiK. It also includes a Peg Stability Module.
The module allows direct on-chain USDD minting, and the swapping against stablecoins such as USDC or USDT. This goes beyond cross-chain bridges to integrate USDD directly into Ethereum’s liquidity layer. According to the announcement, an airdrop offering tier-based yield will begin on September 9th.
DeFi at its core
USDD’s expansion into Ethereum can be viewed as a strategic move by the company to gain a larger share of cryptocurrency’s largest user base and most liquid liquidity. According to the announcement, Ethereum is the most popular network in crypto. “largest Layer 1 ecosystem,” DeFi’s largest cluster of protocol developers and capital.
This expansion of USDD is essential for the currency’s relevance. USDD has been confined to its Tron-based network. The importance of native deployment as opposed to bridged versions is that it reduces counterparty risk.
Justin Sun (founder of Tron and USDD) welcomed the news on Twitter, highlighting that this expansion provides a true decentralized alternative for stablecoins and pointing out the growing scope and multi-chain ambitions of the protocol.
The launch of the protocol’s sUSDD is a key element of its long-term plan. The sUSDD is not only a reward coin, it is also designed to be an interest bearing version of USDD and act as a decentralized saving instrument. The vision behind sUSDD was to develop a native interest-bearing mechanism in the USDD ecosystem of Ethereum. This would allow users to accrue passive interest directly on-chain.
Airdrop campaign
Users can earn Ethereum native USDD by depositing USDT directly into the PSM contract. Users can qualify for rewards by holding USDD in a non custodial Ethereum wallet.
The campaign, according to an announcement, uses Merkl to create a tiered rewards system. A 12% annual yield is set for all locked amounts under $50 million. It will then adjust downwards to 6% if liquidity increases. These rewards are continuously accruing and may be claimed from Merkl’s dashboard up to eight times an hour.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
