Bitfinex-stunned Plasma announced a strategic partnership with Etherfi on 29 August and positioned the Neobank-based Neobank as a day-one launch partner for the Blockchain’s Mainstet Beta.
Etherfi transfer of more than $ 500 million From his Ethereum (ETH) strike to the Plasma platform, which offers liquidity for proceeds strategies supported by Stablecoin.
The cooperation integrates Etherfi into the plasma defi-eco system and offers users extra colland options for loans and borrowing and offers access to yielded yield products supported by ETH.
The announcement of Plasma emphasized how the partnership supplements the objectives of both platforms in the Stablecoin infrastructure space. The protocol stated:
“Stablecoins give everyone, permissionless access to the financial service everywhere to save money safely and reliably.”
Etherfi is the sixth largest Defi protocol, with a total value of more than $ 11 billion on August 29. The protocol reached a record high of almost $ 12.6 billion on August 14.
Stablecoin-oriented infrastructure
Plasma works as a Bitcoin Sidechain with full Ethereum Virtual Machine (EVM) Compatibility, specially developed for Stablecoin payments and cross-border transactions.
The platform offers Nul-Fee USDT transfers via a Dual-Validator architecture that processes gasless transactions.
Recent market activity shows a significant institutional interest in tackling plasmas. The platform achieved $ 1 billion of deposits within 30 minutes during the expansion of June, with 70% of the funds concentrated under the top 100 portfolios according to analysis company Sealaunt.
The first deposits in June amounted to $ 500 million, with more than 1,100 participating portfolios.
Furthermore, plasma is supported by controversial names. The $ 24 million financing round protocol attracted support at Framework Ventures, Bitfinex, Peter Thiel’s Founders Fund and Tether CEO Paolo Ardoinino.
Defi -Ecosystemintegration
The Etherfi partnership extends beyond simple vault migration. Plasma users will be able to use the liquid strike to tokes from Etherfi as collateral, while they have access to Stablecoin functions, including adapted gas socks and confidential transactions.
In addition, the partnership positions both platforms to record the growing demand for Stablecoin infrastructure, since the sector exceeds a total range of $ 280 billion.
Former Bitmex CEO Arthur Hayes recently noted that Etherfi is one of the three Defi protocols that could capture a considerable value of the expansion of Stablecoins with the US dollar.
The dedication of Etherfi to relocate $ 500 million to ETH strike activa represents confidence in the technical architecture of plasma and market positioning within the growing ecosystem of the Stablecoin.
