Solayer USD (sUSD), the first RWA-backed synthetic stablecoin on Solana, was launched on October 29th by Solayer Labs and OpenEden. However, within just an hour of opening the deposit window today, we experienced an influx of over $10 million in USDC deposits.
$10 million USDC deposited into sUSD
within the first hour
Welcome USD💚 pic.twitter.com/8AZ26UxWQG
— Solayer (@solayer_labs) October 30, 2024
Solayer USD claims to be the first yield-producing stablecoin on the Solana blockchain. It is pegged to the US dollar and backed by real-world assets, initially starting with US Treasury securities.
By holding sUSD, users are said to automatically earn 4-5% yield through T-Bills and earn further rewards from the platform and its partners, without the need for mints or staking. .
Read more: XRP Ledger expands with tokenized Treasury bills
On the other hand, this unique product may have been the catalyst for its rapid popularity in a short period of time.
Chaz, one of Solayer’s founding engineers, said that typical stablecoin issuers often make money by investing users’ deposited dollars without providing them with any benefits. Therefore, he pointed out that the perception regarding investing in stablecoins is changing.
Lookonchain’s on-chain data site also provided an update, stating that the platform attracted nearly 5,900 deposits in the first hour of being available for deposits, accumulating over $10 million in USDC stablecoin deposits. is shown.
sUSD, the first RWA-backed synthetic stablecoin #Solanaexceeded 10M $USDC Deposits poured in within just an hour of launch, with approximately 5.9 million deposits collected! https://t.co/6Thd3nKRNY pic.twitter.com/64TxZk7VB2
— Lookonchain (@lookonchain) October 30, 2024
About Solayer
Solayer is a re-staking protocol that runs on the Solana network and aims to improve the security of block spaces and decentralized applications (dApps). This will allow users to lock up their staked Solana tokens for additional revenue, fostering a stronger ecosystem for on-chain activity.
Additionally, the platform states the goal of improving network access reliability while reducing costs by up to 50x.
In addition to Solayer USD (sUSD), it features a native token known as Solayer SOL (sSOL), referred to as Solayer’s liquid token. sSOL acts as a liquidity token on Solayer, facilitating various DeFi applications such as liquidity provisioning, collateral, and spot trading.
According to data from CoinMarketCap, the price of Solayer SOL (sSOL) token is currently $180.50, down 3.27% in the past 24 hours. The market capitalization is $216.19 million.
sUSD, on the other hand, claims to be a completely permissionless stablecoin that anyone can mint or redeem without permission.
“Its decentralized RFQ protocol allows market makers to compete in order fulfillment, eliminating dependence on centralized parties,” the official website states.
All transactions are recorded on the Solana blockchain, ensuring both transparency and public verifiability.
Read more: Solana Price Prediction to Reverse Ethereum on Key Indicators
