07 June 2023 15:06, UTC
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As the Liquid Staking Derivatives Finance (LSDFi) season progresses, the space continues to buzz with novel advancements. One such breakthrough is the introduction of Raft, a revolutionary LSDFi protocol offering unique features and strategic alliances. Today, we turn our focus to Raft’s latest development – the launch of the R stablecoin, the first US Dollar stablecoin collateralized solely by Lido Staked Ether (stETH).
Game-Changer R Stablecoin
Amidst the rapidly growing market cap of stETH, surpassing $13 billion, Raft has seized the opportunity to launch a lending protocol along with the R stablecoin. This launch presents a promising solution for Lido users in pursuit of capital-efficient ways to utilize their stETH. The protocol allows depositors to generate R, a decentralized USD stablecoin, using their stETH. “By accepting only stETH collateral, we eliminate fiat backing completely, providing R holders with peace of mind,” says co-founder David Garai.
Another unique feature of Raft coming soon is its One-Step Leverage, a game-changer that enables users to gain up to 11x leverage on stETH in a single transaction, higher than what any other platform currently offers. Beyond providing a higher leverage ratio, Raft also simplifies the typically complex multi-step transactions required to gain leverage on stETH through other lending platforms like Aave or Maker.
Integration and Expansion
Raft isn’t just about launching groundbreaking features; it’s also deeply invested in fostering a robust ecosystem through strategic collaborations and the active engagement of Frontend Operators.
Raft is pushing the boundaries of what’s possible in the LSDFi landscape, which you can try by borrowing R against your stETH. Its launch of the R stablecoin backed by stETH is a significant stride forward in the DeFi sector and demonstrates the team’s commitment to providing users with a reliable, and efficient suite of financial products. With its commitment to innovation and strategic expansion, and as we venture further into the LSDFi season, Raft is primed to set a new standard in DeFi, potentially making traditional protocols obsolete. Will the rest of the industry be able to keep up?
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Sourced from cryptonews.net.