Yearn.Finance Introduces New DeFi Protocol StableCredit Devoid From Governance Tokens

Yearn.Finance's StableCredit is a new lending protocol which unlike many DeFi protocol does not have a governance token feature.

By · Sep 11, 2020 . 5min read

Yearn.finance StableCredit news

Yearn.finance, declared that soon it would include a new Stablecoin-based DeFi protocol dubbed StableCredit. According to the report, StableCredit would be similar to MakerDAO (MKR). It will combine tokenized debt stablecoin, lending, and single-sided automated market makers. Therefore it will provide a comprehensive decentralized lending protocol to its users. StableCredit has the characteristics of other decentralized lending protocols, bounding the governance token but governance. Moreover, it seems like Andre Cronje, Founder of Yearn.Finance is all set to pave the way for new dynamics in the DeFi Protocols.

Yearn.Finance Dodges Governance Tokens With StableCredit

StableCredit is a new lending protocol by Yearn.Finance whose clients can use the stablecoin as security to borrow other assets in the automated market maker. Unlike other Defi projects, this one doesn’t have a governance innovation. With Yearn.finance new project, it announced that they are going against the current norm by evading the governance tokens trend. Yearn.Finance notified that its team is currently operating on the user interface of StableCredit, which will be completed soon. The DeFi protocol further elucidates that as the user interface is in its final development stage, there are chances of it getting launched shortly.

Yearn.Finance reported that StableCredit would secure the USD Coins (USDC) deposited by the users. The secured USDCs would be utilized by the protocol to build a new StableCredit USD ratio of up to a maximum of 75%. Moreover, the depositors could utilize the minted StableCredit USD to buy other crypto assets. Yearn.Finance has also suggested that the depositors would have to deposit back the borrowed StableCredit USD.

Earlier, Yearn.Finance announced its plans to release yinsure.finance, a prototype for a new sort of tokenized insurance. Rogue programmer, Andre Cronje developed Yearn.Finance. Additionally, after its launch in January, the yEarn Finance platform has taken the Ethereum DeFi sector by storm. However, it outperformed popular protocols like Compound and Synthetix. Yearn.Finance’s, yinsure.finance provides a new type of insurance to its users yEarn governance proceeds to be the most effective in the DeFi ecosystem to date.

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