On May 16, according to The Defiant, the DeFi strategy platform XSY.fi launched the beta version of the synthetic stablecoin USD Unity (UTY) on the Avalanche blockchain. XSY.fi announced the completion of a $5 million Pre-A funding round, led by Protagonist Ventures and Borderless Capital, with participation from Paper Ventures, Chainview Capital, Blizzard the Avalanche Fund, and Sonic Boom Ventures.
Users can mint UTY by staking AVAX, allowing them to earn passive income while maintaining the value of their assets. UTY employs an automated strategy to manage market risks without user intervention. The Business Director of Ava Labs stated that this product will enrich the DeFi toolset in the Avalanche ecosystem.
XSY.fi also launched a limited-time reward points plan, allowing users to accumulate points through minting, providing liquidity, and other activities. These points can be exchanged for governance rights in the future. The content is for informational purposes only and is not investment advice.
Source: https://tintucbitcoin.com/xsy-fi-goi-von-5-trieu-usd-buoc-dot-pha-defi/
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