Original author: mysexylife.eth, Crypto KOL
Original translation: Felix, PANews
After the collapse of UST, many traders lost trust in decentralized stablecoins. Therefore, they will switch from one centralized stablecoin to another according to the current situation.
With all the upcoming stablecoin protocols using LST (Liquidity Staking Token) as collateral, greed may be triggered. Most of these protocols are currently far away from UST. Many of them are even modified Liquity forks. The current CDP (collateralized debt position) market is becoming increasingly large, difficult to monitor, and there are copies. This article is an inventory of the current stablecoin protocols using LST as collateral by crypto KOL mysexylife.eth.
Raft
Built on Ethereum.
Collateral: wstETH, rETH
Stablecoin: R, market cap $31 million
Raft is a decentralized lending protocol that allows users to borrow stablecoin R using LST (currently supports stETH) as collateral. Raft's product features include flash exchange and one-step leverage functions, which can increase leverage by up to 11 times at one time.
Ethos Reserve
Built on Optimism.
Collateral: ETH, wBTC, OP
Stablecoin: ERN, market cap $3.4 million
Ethos Reserve will allow anyone to take out an interest-free loan in the form of ERN while generating yield on their collateral. There is no LST currently but it will be available with v2.
Shade Protocol
Built on Secret.
Collateral: stATOM, stOSMO, stkd-SCRT
Stablecoin: SILK, market cap $2.8 million
Shade Protocol is a connected privacy-preserving DeFi application built on Secret Network. The privacy-preserving stablecoin SILK uses the algorithmic stablecoin model pioneered by Terra/Luna and is pegged to gold, Bitcoin, USD, etc.
Vesta
Built on Arbitrum
Collateral: ETH, wstETH, GMX, ARB, GLP, DPX, gOHM
Stablecoin: VST, market cap $7.3 million
Users can deposit assets as collateral to mint VST stablecoins based on their Collateral Ratio (CR). Assets deposited in Vesta will enter the active pool. In the author's opinion, Vesta is still the best CDP protocol for Arbitrum.
Prisma Finance
Built on the Curve ecosystem
Collateral: wstETH, cbETH, rETH, sfrxETH and WBETH
Stablecoin: acUSD
The core demand that Prisma Finance solves is the improvement of capital efficiency. Users can leverage by minting stablecoins through CDP while retaining the price volatility and yield exposure of LST.
TapiocaDAO
Tapioca is a full-chain money market built on LayerZero. Users can mint USD, a full-chain stablecoin: USD 0. Variable borrowing fees are used to encourage arbitrageurs to maintain the peg.
Sable Finance
Sable Finance is a decentralized lending protocol where users can borrow stablecoin USDS with BNB as collateral at zero interest and a minimum collateralization ratio of 110%. Loans are secured by a stability pool consisting of USDS and guarantors, ensuring maximum protection. Users can gain an additional source of income compared to Liquity's original model.
Lucid Finance
Lucid Finance is a platform that provides a lending protocol for LST-LPT, with its stablecoin dUSD being overcollateralized. The project will first launch on the Ethereum network, and will be live on the Polygon, Arbitrum, and Optimism networks in a few weeks. Collateral includes LST and Bluechip LP tokens.
Seneca
Seneca is a full-chain independent lending marketplace focused on collateral. The platform allows users to borrow senUSD with whitelisted yield-bearing collateral, providing institutional-grade lending and leverage to maximize capital efficiency. Seneca's lending market operates using independent debt pools. The Seneca Protocol will be launched on Arbitrum.