Spin
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Spin

Spin Partners with Decentral Bank
to Offer More to USN holders

We’re back with an exciting new partnership deal! This time around, Spin is partnering with Decentral Bank, the issuer of the USN stablecoin powered by the NEAR blockchain. With USN set to become one of the major assets in the NEAR ecosystem, Spin plans to launch more USN stablecoin spot markets and launch USN-backed derivatives in the future. This will allow the NEAR users to trade on-chain Perpetual Contracts and other types of derivatives by depositing USN on Spin.

As USN’s ultimate goal is to become the backbone of decentralized finance in the NEAR and Aurora ecosystems, as well as Spin’s plans to build a one-stop decentralized trading platform, this partnership will expand the options offered to NEAR users. USN derives its yield from NEAR staking.

When USN was launched, Decentral Bank’s big plan was for USN to be minted with NEAR. The original approach implemented in USN v.1 allowed USN to be minted with NEAR 1:1, which obviously had its drawbacks when it came to rebalancing the reserve. USN v2, the current transitional model, only allows USN to be minted with USDT.

USN v.3, which will be launched in the third quarter of 2022, will allow USNs to be issued with whitelisted assets (including NEAR). It will be a strong and reliable architecture that will allow NEAR to be absorbed into reserves. The NEAR from the reserves will then be staked and the NEAR staking rewards will be converted back to USN using the CDP model. In essence, users will be able to mint USN for NEAR with a very visible overcollateralized ratio.

In this case, Spin Perpetual Contracts will be great hedging and income-generating tool for users who would like to speculate on the price of NEAR using USN as collateral, for example. Perpetual trading makes capital more efficient because it does not require holding any specific asset in order to profit from its price fluctuations. Thus, users will be able to continue minting USN with whitelisted assets and use Spin Perpetuals to speculate on the prices of these assets. Sounds like a good plan, doesn’t it?

Spin will also list new markets that will allow trading USN against NEAR and other ecosystem tokens. On Spin, users are invited to benefit from trading with limit and market orders, super low fees, and instant speed — a great choice for on-chain traders! Try trading on Spin today (the current trading limit is $50,000) and stay tuned for the upcoming public release of Perpetuals on the NEAR Protocol mainnet!

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Spin

Spin

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Spin is a 360° decentralized trading platform on NEAR Protocol that enables Spot, Perpetual contracts, and Options trading.