Deep dive into $USDY/$mUSD and $mETH, new assets on Minterest
Minterest is thrilled to announce the launch of two new next-generation assets on our protocol: $USDY/$mUSD, powered by ONDO Finance, and $mETH, powered by the Mantle Network! As we pave the way for a new era in lending and borrowing, we invite you for an exciting journey into the native yield-bearing $USDY/$mUSD and $mETH markets.
Lending $USDY/$muSD and $mETH earns you a variety of yield too:
- Base interest.
- Yield-bearing APY.
In this article, we’ll dive into the details of our partnerships and provide a guide on how to be the first to access the new assets on the platform.
What is $USDY/$mUSD?
$USDY and $mUSD are native assets on ONDO Finance backed by real-world assets that generate native yield.
Here’s a brief overview of each:
- $USDY: $USDY is an accumulating token. Holders of $USDY experience a direct increase in their token’s value. The yield is generated from underlying assets in the form of increasing redemption value. In simpler terms, the value of 1 USDY will automatically increase over time as interest is accumulated. $USDY can be purchased on any of the supporting DEXs: FusionX, iZUMi.finance, and Agni.Finance.
- $mUSD: At its core, $mUSD is a tokenized bearer note designed to maintain a $1 peg. Its unique mechanism allows it to rebase, with interest distributed through the issuance of new token units. This ensures that $mUSD holders enjoy stability and benefit from the accumulated interest.
Which asset does Minterest support?
Minterest now supports deposits in both $USDY and $mUSD within the same token asset market.
The two assets are utilised interchangeably. Minterest utilises USDY so mUSD deposits will be converted to USDY automatically. Tokens can also be withdrawn to either asset type. All native interest generated will continue to be earned on the chosen asset.
What is $mETH?
mETH is a permissionless ERC-20 receipt token offered by Mantle, enabling users to stake ETH and receive mETH in return.
It serves as a value-accumulating token that can be seamlessly integrated into applications, representing the underlying staked ETH and accumulated rewards. This innovative token is part of Mantle’s Liquid Staking Protocol (LSP), aligning with the goal of mass adoption of DeFi.
How to get $mETH?
More markets, more crypto, and more opportunities to lend and borrow with the only lending protocol that redistributes 100% of fees back to its users.
29, January 2024