Stablecoin Lending Protocol USDAI (USDAI) has almost doubled in the total value (TVL) since last week, and jumped of around $ 60 million on 26 August to exceed the $ 110 million this weekend, per data from Defillama.
USDAI TVL. Source: Defillama
On August 26, YZI Labs, formerly Binance Labs, announced the venture of the world’s largest crypto exchange that it had made a strategic investment in USDAI.
The project, developed by Perm Labs, consists of two tokens. USDAI is an over-collateral synthetic dollar, supported by GPU Compute Power and built to channel capital in AI infrastructure, according to the website of the project. Holders can set their USDAI to receive another token, Susdai, his revenue counterpart, for a currently advertised APR of around 8%.
In order to encourage participation in the first currency range of the project, the team behind USDAI created a reward system the “Allo game” with which traders can mine both USDAI and Susdai to earn points for both the ICO and an AirDrop.
USDAI and SUSDAI Defi use. Source: Dune Analytics
According to Dune Data, users have already locked more than $ 5 million in USDAI assets in curve, another $ 2 million in Pendle and more than $ 845,000 in Euler, which means that only about 15% of the total circulating range of USDAI is currently being used in Defi.
Half-Augustus raised USDAI $ 13 million in a Serie A-round led by Framework Ventures, with the support of Dragonfly, Bullish, Arbitrum and others.
