DUSD is the first Stablecoin Index on Binance Smart Chain
DefiDollar launches DUSD & the Savings Account on BSC powered by Nerve Finance
Key highlights:
- DefiDollar goes Multi-Chain!
- Stablecoin Index and Savings Account launched on BSC
- Built on top of Nerve Finance
- Yield farm NRV
DefiDollar’s DUSD is set to be the first stablecoin index on BSC. This marks the beginning of the multichain presence of the DefiDollar protocol.
DFD — (The governance token of DefiDollar) recently had a spectacular launch on BSC and is available on PancakeSwap.
On BSC, DUSD will allow users to participate in a simple savings account with even as little as $10 which was impossible due to the high gas costs on Ethereum.
We are building this on top of Nerve Finance — The leading stableswap AMM on BSC
“We’re excited to see teams like DefiDollar taking advantage of the composability of our protocol to create innovative new DeFi primitives for end users” — Socrates — Nerve Finance
The peaks supported by the protocol dictate which stablecoins can be used to mint DUSD. We are launching with support for the Nerve Stablecoin 3pool. Thus, it is possible to mint DUSD with BUSD, USDT and USDC. We will consider adding other peaks to augment the index in the future.
Visit the app:
What about rewards?
DefiDollar protocol on BSC accrues the following :
- Trading fees — LP’s get trading fees from Nerve Finance
- NRV — Nerve Finance’s LM token
- Redemption fees — When converting DUSD to underlying assets
The Future of Savings!
Our community members their concern at the high gas prices on Ethereum because of which they were unable to participate in the Savings Account or mint DUSD.
The saving account is to enable anyone in the world to earn interest on their holdings and that vision can be realised for as small as $100 without spending a bomb on fees.
The below txn to mint DUSD and participate in the savings account just took $1.85 to execute.
Note: Please be aware that there is a 0.5% exit load on withdrawals from the savings account.
Below is a stepwise guide on how to participate in the savings account:
Step by Step Guide to supply liquidity into the Savings Account:
- Visit the DefiDollar App
2. You can use either of BUSD,USDC, USDT, or DUSD to participate in the savings account. Select the asset that you want to use to enter the savings account.
3. We are depositing BUSD in the example, Input the amount of asset you want to supply and click Mint+Deposit.
4. In the pop up on Metamask click “Confirm”
5. Once the txn gets mined you will receive a confirmation and your account balance will be updated.
