Since our protocol launched nearly 2 months ago, the SOFA team has been busy at work on expanding our protocol functions, including the launch of our leveraged product and new token denominations including stETH and USDC.
As the next dominant stablecoin to be on-board with all our SOFA products, we wanted to highlight some of our current milestones to offer a guidepost of what we hope to achieve with Circle going forward.
- The vast majority (>90%) of our current USDT deposits are on Arbitrum rather than Ethereum mainnet, thanks to the former’s materially higher AAVE yield
- As of the time of writing, SOFA has contributed towards ~25M of Arbitrum’s 85M in USDT reserves (30%), a substantial contribution over such a short period
With USDC yields on Arbitrum offered at a similar level to USDT, and are substantially higher than most deposit options in DeFi, we are excited to hopefully repeat our success. The extensibility powers of DeFi can be clearly seen through our staking contribution, and we urge all USDC users to explore the wonderful yield opportunities in SOFA to compound your savings securely.
Come join the growing SOFA family today — we are still very early in our journey ahead!