Ondo Finance (ONDO) has launched a new campaign in collaboration with NAVI Protocol, aiming to encourage more people to use its stablecoin USDY
Ondo Finance, the developer of the yield-bearing stablecoin USDY, has teamed up with NAVI Protocol on Sui to launch a campaign that will drive adoption of its stablecoin.
The campaign, which began on Feb. 26 and will run until March 12, aims to encourage more people to use USDY by offering them a chance to win a share of $35,000. Participants will need to supply liquidity for USD by depositing it into NAVI Protocol.
Those who contribute will earn points that will determine their ranking on the leaderboard. At the end of the campaign, the top 100 participants will share $10,000, while an additional $25,000 will be distributed among 2,500 more winners. The prizes will be paid in both NAVX and USDY.
USDY is a tokenized US Treasury yield coin that pays out daily interest to users. It is a unique stablecoin that offers a high yield potential without the need for any staking or locking. USDY is also backed by a basket of US Treasury bills and bank deposits, making it one of the most stable and secure stablecoins on the market today.
Since it's backed by yield-generating assets, USDY automatically generates yield for its holders, effectively making it an on-chain alternative to holding cash in a savings bank account or investing in money market funds.
Because USDY earns yield without requiring any staking or locking, it's becoming an attractive stablecoin alternative in DeFi as it allows users to earn yield without taking on crypto volatility risks. Since it operates on the blockchain, it can also be used in DeFi for lending and borrowing.
USDY was first introduced on the Sui blockchain in March and has since been expanded to other networks, launching on the Cosmos ecosystem via Noble in July, the Aptos blockchain in December, and Arbitrum in August. USDY is also expected to launch on the Stellar network in the coming months.
Several other protocols on Sui, namely Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX, have integrated USDY. Among other DeFi platforms, USDY was integrated on BounceBit and Injective, offering users seamless exposure to USDY's yields. Drift Protocol enabled users to use USDY as collateral for perpetual trading on Solana.
