The SOFA team is thrilled to announce our upcoming support for and integration into Curve’s Lending Protocol!
Ever since our inception, one of our key long term missions is to expand the SOFA ecosystem and to leverage the various leading on-chain protocols to build out DeFi’s promise as a viable financial infrastructure alternative. We have taken the first steps today to realize that vision as $RCH is now available as a lending collateral to borrow crvUSD!
Expanding the $RCH Utility Use-Case
The SOFA team has been a big proponent and has strictly adhered to a 100% fair token launch, in order to avoid the common VC cliff drops and exit liquidity issues that are common with most DeFi projects. Furthermore, by eliminating any protocol treasury and ensuring that all revenue fees are recycled into $RCH burns, we are aiming to create a long-term deflationary supply model, and ensuring that all protocol benefits will fully accrue to our token holders.
Since our protocol launch, we have further expanded on our $RCH use-case to provide utility benefits. Our $RCH-based Earn product was launched last week, and have already generated nearly $7.5M in accumulated volume over the past week alone.
We are following on that momentum with our SOFA x Curve integration, where users will be able to deposit $RCH and borrow crvUSD, allowing users to convert their holdings into immediate liquidity to be used in supporting protocols.
Unlocking DeFi Liquidity
One of the principal shortcomings of DeFi has been capital inefficiency, unlike in traditional finance where capital is constantly being re-pledged across counterparties. Another one of SOFA’s core missions is to unlock ‘money velocity’ in DeFi, by having our position tokens (rUSDT) to be recognized as acceptable collateral across both CeFi & DeFi channels.
The collaboration with Curve will further expand this liquidity flywheel, by giving our users another venue to borrow and access immediate liquidity needs through their lending protocol.
The Beginning of a Deeper Integration
The support of $RCH on Curve’s Lending pool is just the beginning of an exciting journey, and the team is eager to announce more exciting and follow-on integration in the weeks ahead. For now, stay tuned to our official social media channels, and keep an eye out for more expansion announcements as we continue to build out the SOFA ecosystem!