Place/Date: Singapore - March 31st, 2022 at 12:09 pm UTC · 4 min read
Contact: Annabel G, Marketing & BD Director of TrueUSD, Source: TrueUSD
TrueUSD (TUSD) and Balancer (BAL) Automated Market Maker (AMM) partnered up with Polygon to offer liquidity providers with TUSD and BAL rewards from a stablecoin pool incentive program last November. The program incentivizes liquidity providers to add TUSD-DAI-USDC-USDT liquidity to the Polygon ecosystem.
In return for adding liquidity, providers will receive BAL, TUSD, and MATIC, an outstanding opportunity for liquidity providers to gain exposure to three different assets while providing liquidity to the ecosystem. The program is live on-chain and is open to all.
TrueUSD and Balancer (Polygon) are very popular among investors searching for a safe DeFi investment that has generated considerable interest in the crypto communities. This pool’s TVL rose as high as $116.9 million, prompting excitement from all corners of the crypto community. All MATIC rewards were paid out in early 2022, while liquidity bonuses in TUSD and BAL were maintained.
The market for stablecoins has exponentially evolved in the last year, with its value reaching nearly $200 billion. TUSD, the first regulated stablecoin fully backed by the US Dollar, independently verified on-chain, has earned trust from customers for its safety and transparency. Its market capitalization now totals nearly $1.5 billion, putting it fourth among stablecoin peers after USDT, USDC, and BUSD.
TrueUSD has established partnerships and collaborations with prominent financial institutions, exchanges, and decentralized finance projects to offer users simple and flexible high-yield campaigns as well as additional incentives.
In addition, it aims to establish a multi-dimensional, secure, and efficient connection between digital assets by utilizing multi-chain deployment, bank collaboration, and third-party verification of funds.
Balancer now boasts a TVL of around $3.13 billion, and its partnership with TrueUSD launching the incentive program brings further liquidity to the protocol.
Balancer has also co-launched a Boosted Pool incentive program with the lending protocol Aave on its Ethereum version. Building on the liquidity incentive program between TrueUSD and Balancer, there is a high potential that the two will continue to seek other forms of collaboration in the future.
The TUSD liquidity incentive program on Balancer is still ongoing. The TVL of TUSD-related liquidity pools has exceeded $64 million, ranking No.1 on Balancer. The APR and trading volume stood at 5.65% and $10.25 million, respectively. The TUSD-USDC liquidity pool on Beethoven X, Balancer’s next-generation AMM protocol on Fantom, has a TVL of $7.30 million with a 15.63% APR, presenting another opportunity.
The data above suggests that the incentive programs are well received. As a medium of exchange for digital assets, stablecoins play a critical role in DeFi. TrueUSD’s strong alliance with quality projects has proven to be a sound strategy.
By offering liquidity providers TUSD and BAL rewards from their stablecoin pool incentive program, TrueUSD and Balancer hope that such unprecedented success will continue to deliver stable liquidity to the Polygon ecosystem.
TrueUSD (TUSD) is the first independently-verified digital asset pegged 1-for-1 to US Dollars. The ERC20 stablecoin uses multiple banks, escrow accounts, and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud.
TUSD offers liquidity on dozens of leading exchanges, DeFi protocols and is supported by major OTC desks. TUSD also supports nearly instant minting and redemption speeds through the Silvergate Exchange Network (SEN) and PrimeX by PrimeTrust.
Balancer Protocol allows for automated portfolio management, turning the concept of an index fund on its head. Instead of paying fees to portfolio managers, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities.