Stablecoin projects in DeFi

It seems like stablecoins are becoming a nice niche in DeFi farming. Personally, they’re my favorite.

Short basics: stablecoins are commonly kept to the peg by one of the three following mechanics

  1. Collateralized, for example, USDT (fiat-backed) or DAI (crypto-backed)
  2. Algorithmic, unbacked, adjustments to supply (elastic supply) to remain peg
  3. Treasury Bond backed, providing interest

The list does not include major protocols like Maker Dao (DAI). The big players like USDC, USDT, and DAI are mostly only providing APY based on lending - for example, on AAVE and Curve (basically a bank). Anyways, I look at experimental protocols as degen with higher risk using liquidity pools.

*To conclude: to farm means to get rewarded for providing liquidity in an LP (liquidity pool).
**Beware: the peg is not guaranteed.
***Beware: some might be rug pulls, DeFI peg protocols are considered very high risk until proven otherwise over a longer timeperiod.

ETH

BSC

POLY

FTM

xDAI

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I added Iron since they are actively working on V2.

Iron will relaunch July 12th on Polygon.

Wault released WUSD stablecoin.

Iron Stable planned to release August 25.

Soo maybe some of you remember mault. It was super profitable but only for a short amount of time and then it lost peg.

They’re now almost launching v2. Will keep posted

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Btw on the topic of stablecoins, AVAX pools on Beefy are single stake around 30 to even 40% right now. Not too bad tbh

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Came accross UPFI, their protocol seems like IRON, but they will deploy on solana.

Oh nice sounds interesting.

On BSC one of the only legit feeling stables I’ve discovered is USDO, they got a nice portal where you can deposit a wide range of tokens as collateral. You get % for doing this, and on top of it you can go to Beefy and have a USDO / USDT farm pure stables with no risk of IL

Ofc USDO needs to stay pegged, but overcollateralized stables are the most stable (look at DAI)

https://opendao.io/#mintUSDO

MALT V2 is apparently around the corner too. Will post updates

Found a good looking stablecoin project called Coffin Finance on FTM.

Farms will launch approx 2021-10-16T11:00:00Z

Also there was a free NFT mint, which it seems we missed :cry: listed here