In current altcoin news, million-dollar investment news of two stablecoin projects took place. LD Capital expands to Polygon network via Davos Protocol.
dHEDGE acquires stablecoin acquisition protocol mStable
Asset management platform dHEDGE shared that it has acquired stablecoin aggregation protocol mStable in a recent announcement. With this acquisition, dHEDGE will expand its capabilities while using mStable’s technology for cross-chain integration. Efficiency library will be offered to users that will provide more innovative DeFi products. In addition, dHEDGE will partner with Toros Finance, an automated strategy protocol to expand its presence in the DeFi space.
LD Capital invests in this altcoin project
On March 27, Davos Protocol, an overcollateralized stablecoin project, announced that it has received funding from LD Capital. Davos Protocol currently supports mortgaging MATIC to mint stablecoin DAVOS. On January 18, Davos had completed a $500,000 pre-start funding round that also included Polygon Ventures and Polygon co-founder Sandeep Nailwal.
Davos Protocol accepts local cryptocurrencies from multiple PoS networks as collateral for borrowing DAVOS. The protocol executes various low-risk strategies that generate returns from collateralized assets and redistribute them to DAVOS stakers and DEX liquidity providers.
What is mStable?
mStable is a protocol that enables stablecoin swaps, yield generation, and overcollateralized lending. In the Medium article, the features of the project are listed as follows:
- A permissionless protocol for consolidating, securing and managing tokenized assets.
- An SDK for DApps and exchanges to simplify and expand the stablecoin user experience.
- A local interest rate earning mechanism on your mStable assets
- An open prize pool for boot liquidity, utility, and a decentralized admin community.
About Davos Protocol
According to the CMC text, Davos is a protocol that provides users with an easy-to-use lending and staking experience with its dual token system. Thanks to a yielding over-collateralized debt position backed by accepted collateral and DeFi liquid staking rewards, users can borrow a stable asset that can deliver a consistent and real return.
cryptocoin.com As we reported, Polygon co-founder Sandeep Nailwalve Polygon Ventures contributed $500,000 to Davos’ initial fundraising round on January 18. Along with collateralized borrowing and staking for MATIC, Davos will also introduce a stablecoin.
In the MATIC Davos collaboration, users can borrow against their staked MATIC, repay loans and earn DAVOS Stable Assets, collateralize their MATIC tokens for an equivalent liquid staking token called ankrMATIC, and integrate the collateralized MATIC tokens into other protocols, DEXs and pools.
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