Unbound Finance Closes on Mainnet with Final Testnet Launch

Decentralized finance protocol Unbound has taken another vital step towards its mainnet launch with the release of its final testing phase.

In an April 14 announcement, Unbound stated that it has launched its final Zeta testnet following successful testing since the first one was deployed in December 2020.

The announcement stated that there have been a vast number of improvements and upgrades made to the protocol over the past three months.

These include oracle design improvements, unlocking liquidity pool token (LPT) functions, a liquidity tracking tool, and enhanced security following threat modeling exercises.

A Treasury for LPs

Unbound Finance is a decentralized liquidity protocol that aims to tackle the issue of liquidity provider token liquidity efficiency. Essentially, it enables users to compound their earnings from LP tokens by using them as collateral to mint synthetic assets. The blog post explained:

“This means that now LPTs from Uniswap can be used to mint assets that can provide liquidity to Sushiswap, or a Balancer LPT can be used to provide liquidity to Uniswap.”

In addition to this unique ability to monetize LP tokens even further, Unbound will also support a range of synthetic assets, such as uETH, and its own stablecoin, UND. Liquidity pools will be sourced from various automated market makers offering better yields, and the platform will offer tools to enable users to compound these yields using independent price feeds and data oracles.

There have already been two audits, and a final one has been scheduled with PeckShield to be completed before the final launch. There was no official date for the mainnet launch, but considering that this is the final phase of testing, it won’t be long now. Updates will be posted on the Unbound Finance blog.

DeFi TVL Hits Record High

The decentralized finance sector continues to grow at an unprecedented rate with total value locked – the industry standard metric for market performance – hitting an all-time high this week.

According to DeFipulse.com, the TVL across all protocols it lists has hit a record $59.78 billion this week. There are now twelve DeFi protocols listed that have over a billion dollars in collateral locked up.

Since the beginning of the year, TVL has surged by 267% as crypto markets also make new highs. Dappradar.com is reporting a record TVL of $70 billion at the time of writing.

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