Crypto Updates

How Staked ATOM Can Be Used to Borrow UST

How Staked ATOM Can Be Used to Borrow UST - YoursBulletin

There are lots of usage cases for staking, and the Cosmos ATOM token is leading the method for them. The Anchor Protocol just recently released a brand-new method to make additional yields by staking ATOM.

The Anchor Protocol revealed brand-new Defi chances for ATOM holders late last month. Additionally, it stated that the combination presented the initially decentralized usage case for loaning versus ATOM and staked ATOM. This brings worth to both the Terra environment and more-comprehensive Cosmos environments.

Anchor Protocol is a decentralized cost savings platform offering low-volatile yields on Terra stable coin deposits. It just recently held a governance vote to allow bATOM for usage as security on the procedure.

The vote passed so ATOM holders can now take pleasure in yields from the Terra community.

Another usage case for $ATOM

– We can now use staked $ATOM(bATOM – sktATOM) on pSTAKE as security to obtain $UST.

– Depositing obtained $UST on Anchor to make ~20% APY or utilizing it for DeXes like osmosis.

πŸ‘‡πŸ‘‡πŸ‘‡https://t.co/pQ1SGK9CX0

β€” Matcha_Crypto βš› (@GreenCryptoTea) April 5, 2022

Altcoin Buzz exposed how to make more than 72% by staking ATOM and USDC on StellaSwap. Now it is time to discover how to make yields on Anchor with ATOM.

Staking ATOM for Extra Yields

5 Best Places To Stake Cosmos (ATOM) In 2022 | HedgewithCrypto
Β 

Furthermore, making it is possible for bATOM as security on the Anchor Protocol has been made possible by onboarding covered stkATOM to the Terra community. Holders of the covered token can make staking benefits while keeping the liquidity of their staked ATOM.

pStake Finance, which develops the covered ATOM, stated that the combination of bATOM permits speakers to obtain their possessions. These would otherwise be locked when staking in the Cosmos community.

β€œUsing pSTAKE & Anchor, $ATOM stakers will be able to use their position (as bATOM – stkATOM on Terra) as security to obtain $UST, which can be used in a variety of Defi apps.”

Terra’s UST stablecoin is one of the fastest-growing in the Defi environment. Its flow has grown by 65% because of the start of the year and it is now the 4th biggest. As a result, the stablecoin supply is now at a record 16.7 billion UST.

Additionally, Binance released staking rewards for UST on April 6. This suggests that ATOM holders can use their staked token alternative to obtain UST and stake that with Binance.

#Binance Staking launches $UST staking with up to 19.63% APY@terra_money

➑️https://t.co/kCjp27H8nl pic.twitter.com/IWMRxHnrnE

β€” Binance (@binance) April 6, 2022

Price Outlook

The Cosmos Hub token has dropped 5.1% on the day, according to CoinGecko. As a result, the token was trading at $29.12 at the time of composing.

The token is still up partially over the past fortnight and month. However, it stays 34.5% listed below its January all-time high of $44.45.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top