RENEC Lend Launches USDS Supply Pool on Solana with Potential APY Up to 60%
Ho Chi Minh City, Vietnam, November 28th, 2024, Chainwire
RENEC Lend has announced the launch of its new USDS Supply Pool on the Solana blockchain, providing participants with an opportunity to earn rewards through a limited-time event. Running from November 28, 2024, to January 4, 2025 (UTC), this initiative offers users the chance to earn a potential combined annual percentage yield (APY) of up to 60% through dual reward tokens.
What Makes This Event Special?
From November 28, 2024, to January 4, 2025 (UTC), users who supply USDS to the pool have the opportunity to earn rewards through a dual reward system. Participants may receive up to 30% APY in USDS profits and 30% APY in REL rewards, for a potential combined APY of up to 60% during the event period. This initiative offers a distinct opportunity within the current DeFi landscape to earn rewards while engaging with stable, blockchain-based assets.
How Does It Work?
During the event, participants who supply USDS to the pool can potentially earn rewards in two forms: USDS profits and REL tokens. These rewards may accrue based on the amount supplied and the event’s terms. The REL token, native to the RENEC Lend platform, provides additional utility within the ecosystem, including access to exclusive rewards and lower borrowing rates.
Event Details
Participants in the USDS Supply Pool can earn rewards in two forms:
- Timeframe: November 28, 2024 – January 4, 2025 (UTC)
Rewards
- Up to 30% APY in USDS profits
- Stable 30% APY in REL tokens
The total potential APY depends on the reward pool’s availability, distributed on a first-come, first-served basis. Actual returns may vary based on participation timing and the remaining reward pool.
How to Participate
To join the event, users can follow these steps:
- Acquire USDS: Obtain USDS through platforms like Jupiter and store it in a Solana-compatible wallet.
- Supply USDS: Access the RENEC Lend Dashboard, connect a Solana wallet, and supply USDS to the designated pool.
- Earn Rewards: Once USDS is supplied, the platform will begin tracking any potential accruals in USDS and REL, subject to the terms of the event and reward pool availability.
Important Notes:
- The reward pool for USDS and REL is limited, with rewards distributed on a first-come, first-served basis.
- Users will be able to withdraw their supplied USDS and accrued rewards (REL & USDS) starting from January 4th, 2025 (UTC).
- To ensure platform stability, the supplied USDS will be considered isolated assets and will not contribute to the total borrowing limit on RENEC Lend.
About USDS
$USDS is a stablecoin, rebranded from Dai (DAI), pegged 1:1 to the US Dollar. Integrated into the Solana network by Sky, formerly known as Maker, USDS is the first large native stablecoin for DeFi on Solana. It offers new opportunities for lending, borrowing, and trading within the Solana ecosystem. Currently, USDS is the third-largest stablecoin in the market with a market capitalization of $5.3 billion and a 2.8% market share.
About RENEC Lend
RENEC Lend is a token supply and borrowing platform backed by the RENEC Foundation, providing supply and borrowing services for both tokens and fiat, supported on the RENEC and Solana blockchains. We are committed to offering low borrowing interest rates of under 5% per year, while also allowing users to earn profits from airdrop events. This is a fantastic opportunity for you to save on costs and maximize your assets!
About REL
Relend token ($REL) is the native token of the RENEC Lend platform, designed to enhance user engagement within the ecosystem. Owning $REL provides users with exclusive access to rewards, lower borrowing rates, and more opportunities within the RENEC Lend platform. To fully understand the advantages and tokenomics of $REL, click here to learn more about its potential.
$REL is currently listed on leading decentralized exchanges (DEXs) like Jupiter, and Raydium making it easy for users to buy, sell, and trade.
For more information, readers can visit:
- Website: RENEC Lend Homepage
- Telegram Group: RENEC Lend Community
- Twitter: Relend Official
