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Solana's Defi Landscape to Shift With Marginfi’s Introduction of YBX Stablecoin

source-logo  news.bitcoin.com 11 May 2024 17:03, UTC

The decentralized lending protocol built on the Solana blockchain, Marginfi, announced the upcoming launch of YBX, which is expected to be the first notable decentralized stablecoin on Solana, aiming to provide an alternative to the network’s heavy reliance on Circle’s centralized stablecoin usd coin (USDC). The stablecoin, backed by SOL-based liquid staking derivatives (LSDs), is set to debut before June, following the completion of its second audit, amidst the company recovering from a substantial total-valued locked (TVL) withdrawal triggered by the resignation of co-founder Edgar Pavlovsky. In addition to solving Solana’s defi dependency on USDC, Marginfi says it is planning to introduce a governance token and expand its collateral options beyond LSDs, along with launching an integrated stableswap feature to enhance liquidity and yield opportunities for its users.