How to swap NEAR to USN?
What is USN?
USN — is an NEAR-native stablecoin soft-pegged to the US Dollar that was issued by the Decentral Bank DAO. It is backed by a Reserve Fund that contains NEAR and USDT, making USN an over-collateralized stablecoin.
USN is minted in a “swap” process with NEAR. The NEAR is then staked to generate rewards that will be then distributed among the USN holders. The key thing here is that minting doesn’t affect the NEAR circulation supply. The Decentral Bank DAO will use an arbitrage system to ensure that 1 USN is traded for 1$ in NEAR.
Read more: “What is USN”.
You can get USN by swapping NEAR with your MyNearWallet.
Key features of USN
- Cheap and fast cross-border transactions as USN uses NEAR Protocol and Aurora infrastructure.
- Ease of access. You can mint USN in the NEAR to USN “swapping” process directly in the MyNearWallet.
- Organic yield. The minimum APY for USN holders is around ~10%, which is a current NEAR’s staking reward. However, the USN yield is likely to grow based on the NEAR staking percentage and market value. Note that the USN yield will begin after a DAO vote. Please check this guide if you want to learn more about NEAR’s staking rewards. DYOR, not a financial advice.
- Lending. USN will be used as collateral in NEAR lending protocols. Borrowing will boost the supply of USN. Also, the lending protocols will incentivize creation of USN pools. All these actions will boost APY and bring more rewards to the USN holders.
- CEX integration. The Decentral Bank DAO says that users can expect USN to be integrated by major CEXs and other chains making USN a perfect tool to be used in trading cryptocurrencies.
- DeFi integration. USN will soon be integrated in DeFi protocols on NEAR and Aurora, according to the issuer.
If you want to learn more about USN, please, visit the Decentral Bank DAO official website or read this article explaining USN.
We recommend you to read the Decentral Bank Whitepaper.
How to swap NEAR to USN?
1. Click “Swap” on the wallet homepage.
2. Click on the arrow to choose an asset you want to swap to.
3. Choose “USN”.
4. Enter the amount of NEAR you want to swap for USN.
5. Click “Review Swap”.
6. Check the information and click “Confirm & Swap”.
7. Congratulations! Your transaction is completed.
That’s all it takes to mint USN. Now, you can hodl it or use it and benefit from its stablecoin properties.
Conclusion
USN unites the benefits of the NEAR ecosystem, like utility and growth, with strong peg defence. Potentially, it can become widely adopted not only across the NEAR and Aurora ecosystem but it can also influence the whole cryptocurrency sphere. USN has many use cases opening up new opportunities to the users.
If you’d like to get started with USN, MyNearWallet is the best place for you.
