thecoinrepublic.com
Bitcoin news of the newly launched Bitcoin-backed stablecoin USDa by Avalon Labs has rapidly gained traction in the market. It has amassed a supply of over 200 Million within just two weeks of its release.
Positioned as the world’s first overcollateralized stablecoin backed by Bitcoin, USDa is now ranked as the third-largest CDP (collateralized debt position) stablecoin. USDa is trailing only behind established players like MakerDAO and JustStables.
Issued by Avalon Labs, USDa emerged has a great innovation in the stablecoin space. It is attractive due to its overcollateralization promise. It ensures stability and reliability by backing each USDa token with a higher value of Bitcoin.
This robust backing was intended to ensure that the stablecoin maintains its peg. Amid bitcoin news cycle strengthening, these developments have taken over.
Avalon Labs is recognized for its pioneering efforts in on-chain financial platforms focusing on Bitcoin. They gained further credibility and exposure from winning the second round of the Binance BNB Incubation Alliance.
This accolade highlighted the company’s commitment to innovation. It also saw to the potential of USDa to enhance Bitcoin’s liquidity and adoption in the broader financial ecosystem.
The introduction of USDa is a crucial development for Bitcoin in the stablecoin sector. This move aims to bridge the gap between decentralized finance (DeFi) and traditional financial mechanisms by leveraging Bitcoin’s market value and stability.
USD Exchange Volume Hits 3-year High in US as Avalon Labs Builds on BNB Chain
On that note, USD Support Exchange Volume across major exchanges for November showed a consistent total volume increase. The increase was particularly noticeable on Kraken, Coinbase, and Crypto.com, with the later two showing the biggest contributions to overall volume.
Bitstamp and Bitfinex, while contributing less volume compared to the leading exchanges, also display growth.
The “12 Others” category indicated a robust, diverse participation, suggesting a broadening interest in USD-denominated trading activities using the stablecoins.
The steady growth in exchange volumes across these platforms highlighted a growing demand for USD transactions in the cryptocurrency space. USDa could be poised to receive instant market especially from the U.S.
Avalon Labs is expanding its reach on the BNB Chain by launching the first Lista DAO market. This is a major development for crypto enthusiasts seeking high rewards with low risk.
Avalon Labs Expanding its Reach
Backed by a strategic investment of 10 Million from Binance Lab, Lista DAO is poised to redefine liquid staking for BNB through its innovative CDP protocol.
This launch was part of Avalon Labs’ broader strategy to deepen its integration within the BNB Chain ecosystem.
Lista DAO aimed to set new standards not only on the BNB Chain but across the DeFi landscape. It provides a permissionless staking solution that promises to enhance yield opportunities for its users.
The launch details revealed exciting possibilities: the use of slisBNB as collateral to borrow USDa, aiming to amplify yield plays significantly.
Furthermore, Lista DAO introduced a unique conversion where one stardust will equal one USDT, set to be available soon on Avalon’s platform.
This initiative marked a new beginning for Avalon Finance with the Lista DAO market now live, supporting a wide array of assets including BTCB, BNB, ETH, USDC, USDT, LisUSD, slisBNB, Lista, and FDUSD, aiming to foster substantial growth and user engagement on the BNB Chain.
Bitcoin news: Avalon Labs Prediction on BTC Price
Avalon Labs continued to ignite excitement within the crypto community by launching a carnival-like series of Token Generation Events (TGEs) on BNB Chain. It featured collaborations with LorenzoProtocol, StakeStone, PellNetwork, and Pumpbtcxyz.
Dubbed the “BTCFi Cabal,” this initiative marks a significant development, promising a 1000x opportunity as it teases the potential for Bitcoin to reach the $100K milestone.
Starting this Monday, enthusiasts can participate in the excitement, with Avalon hinting at a “600k baggie” for early participants.
Concurrently, Avalon Labs rolled out a Treasury Re-balancing proposal, now live for community voting.
This proposal encouraged the community to voice their opinions on increasing the USDa Annual Percentage Yield (APY) to an impressive 25%, along with adjustments to future protocol rewards.
This ambitious move by Avalon Labs aimed to blend high-yield potential with community-driven financial strategies.