PANews May 16 news, according to The Defiant report, the DeFi strategy platform XSY.fi has launched the beta version of its synthetic dollar stablecoin Unity (UTY) on the Avalanche blockchain, and announced the completion of a $5 million Pre-A round of financing, led by Protagonist Ventures and Borderless Capital, with participation from Paper Ventures, Chainview Capital, Blizzard the Avalanche Fund, and Sonic Boom Ventures.
Users can stake AVAX to mint UTY, earning passive income while maintaining exposure to the original asset. UTY uses automated strategies to manage market risks without requiring active user involvement. The Chief Business Officer of Ava Labs stated that this product will enrich the DeFi toolset of the Avalanche ecosystem. XSY is also launching a limited-time point program, where users can accumulate points through activities such as minting and providing liquidity, which can be exchanged for governance rights in the future.
