Avalanche DeFi Breakthrough: Avant Protocol Launches avUSD and savUSD

• Avant Protocol is set to launch on Avalanche and will offer a platform for yield generation, reshaping DeFi in the crypto space.
• AVAX has recovered in the past 24 hours to post a 5% gain after losing nearly 20% last month, with longer-term holders increasing their positions.

The Avalanche ecosystem continues to grow aggressively—in the past week, its total value locked (TVL) has shot up 10% to hit $816 million. Avant Protocol, the latest DeFi project on Avalanche, is hoping to capitalize on this growth to offer the best platform for yield generation.

Avant was unveiled last week and is set to launch in the near future.

Unveiling Avant

A revolutionary DeFi platform soon-to-launch on the Avalanche network, designed to introduce a pioneering primitive for stable value and yield generation.

Avant reshapes the crypto landscape with an innovative and scalable on-chain solution.

🧵(thread) below

— Avant (@avantprotocol) July 11, 2024

Avant will operate on two tokens, the avUSD and savUSD. The former is a stable token that users will receive when they deposit their stablecoins on the platform. At launch, it will support USDT and USDC, the two largest stablecoins in the market with a combined $146 billion market cap.

savUSD, on the other hand, will bear yield for its users, leveraging “managed, market-neutral strategies to generate yields from deposited assets.”

The Avant team revealed:

Avant utilizes a delta-neutral strategy, focusing on arbitrage and hedging to minimize risks associated with volatile markets, ensuring consistent returns.

The Avant team is currently raising funds to complete the development of its protocol and will launch the website and publish its documentation over the next few weeks. It’s also set to announce early deposit opportunities for potential users.

DeFi on Avalanche has continued to grow over the past few years. On the TVL front, Benqi and Aave lead the pack with nearly $300 million. Overall, the TVL stands at $816 million, and while it has increased significantly since mid-June, it still pales in comparison to the all-time highs hit in late 2021 when the TVL surged past $11 billion.

Avalanche’s Growth Continues

Avant is the latest in a long line of new products, platforms, protocols and services launching on Avalanche. The smart contract platform, which boasts fast transactions and low fees, has attracted millions of users in recent years as it continues to compete with other Layer 1s such as Solana and Ethereum.

Last week, ContinuumDAO announced its integration into Avalanche. The decentralized multiple-party computation (MPC) network promises to anchor the future of Web3, and now Avalanche will be part of the ecosystem, as CNF reported Friday.

Just days earlier, Alchemy Protocol had announced support for Avalanche, offering developers in its ecosystem features such as subgraphs.

AVAX trades at $27, gaining 5% in the past day amid a broader market turnaround that led to a market surge of over $110 billion. The gains were much-needed for AVAX, which shed 18% last month.