Popular decentralized financial platform Yearn Finance announced a new lending protocol called StableCredit.
StableCredit brings together debt and loan stables and automated one-way market makers to deliver what it describes as a “fully decentralized lending protocol” reminiscent of MakerDAO (MKR).
Users can deposit USD Coin (USDC) into StableCredit USD at rates up to 75%, which can then be exchanged for other crypto assets. To free the locked USDC, users must return the borrowed StableCredit to the protocol.
The September 10 announcement provides for the finalization of the StableCredit user interface, and the protocol is expected to be released publicly “in the coming weeks.”
Specifically, the protocol will not distribute the governance code to users – a tactic often used to encourage use of the new DeFi platforms. Governance symbol YFI, owned by Yearn Finance, was a major beneficiary of the latest DeFi bubble, reaching over 800% in August, and peaking at more than $ 38,000.
Earlier today, Yearn Finance’s creator Andrew Cronier expressed his disdain for the current state of the DeFi sector:
Yearn has gained popularity through a host of lending protocols, and recently Vaults has attracted investors with promises of high returns and lower transaction fees through consolidation.
YFI is up 11.4% in the past 24 hours as the market rallies in response to Coinbase Pro’s announcement that it will support the token effective September 14th.