IOLEND Emerges as a Prominent DeFi Player on the IOTA Network

IOLEND has emerged as a prominent decentralized finance (DeFi) player, offering innovative lending solutions on the IOTA network's Ethereum Virtual Machine (EVM).

Prominent decentralized finance (DeFi) protocol IOLEND has now emerged, offering innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). The protocol is unique in its use of $ETH, $USDT, and $IOTA as collateral, setting it apart from other DeFi platforms.

Built on the RDNT Capital fork, which boasts the reliable structure of Aave, IOLEND inspires confidence among users regarding the platform's security and reliability. Deposits and withdrawals of assets are enabled by the protocol, while interest rates are dictated by market forces.

One of IOLEND's strengths lies in offering some of the lowest APRs in the market. For instance, users can anticipate earning up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further complemented by native rewards in $IOL, the governance token of IOLEND. Additionally, users can earn extra rewards in $USDT, $ETH, and $IOTA by locking their IOL-IOTA LP tokens for durations ranging from one month to one year, yielding returns of up to 100% APR.

To enhance the platform's liquidity and user interaction, IOLEND also integrates bridging options through Stargate, enabling seamless movement of $USDT and $ETH to the IOTA EVM. Once assets are bridged, participation in liquidity pools (LPs) becomes possible, particularly the IOL-IOTA LP. Notably, locking these LP tokens allows users to earn real yields in $USDT, $ETH, and $IOTA.

In recent developments, the European Commission has been paving the way for a future of scalable, sustainable, and secure blockchain solutions across the European Union. Among the latest revelations from the Iota Foundation is the successful completion of the final stage in the EU’s blockchain Pre-Commercial Procurement (PCP) together with seven other parties.

This accomplishment sees the Iota Foundation setting the stage for the next phase in blockchain infrastructure together with the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC). In this third phase, the foundation will collaborate with local organizations like Software AG and the Universidad Politécnica de Cataluña.

Meanwhile, MEXC Exchange has announced the listing of IOTA (IOTA) in its Assessment Zone, with trading set to begin today, the 24th of August, 2024. The new trading pair, IOTA/USDT, will allow users to engage in open trading on the exchange.

As part of its efforts to cater to user requests, MEXC launched the Assessment Zone in 2020, serving as a platform for listing projects prior to their initial listing on the exchange. Notably, projects contained in this zone are subjected to a 60-day evaluation period. Following this period, tokens may be suspended or become inaccessible until the community renews them through a vote using MX.

In the last 24 hours IOTA, declined by 4% in the last 24 hours and 4.6% over the past week, reaching $0.1285. However, IOTA’s trading volume has increased by 3%, with $7.6 million traded at the time of the report.