By: Eva Baxter
PayPal, the digital payments giant, has embarked on an initiative to incentivize PYUSD liquidity on Curve Finance, the global leader in stablecoin decentralized exchange by volume. This development indicates a significant progression towards the adoption of stablecoins and the general expansion of decentralized finance (DeFi) protocols.
Paypal's encouragement of PYUSD liquidity on Curve is projected to stimulate the growth of this rapidly advancing sector. Vote incentives amounting to $132k in PYUSD were deposited on Votemarket by PayPal as part of the incentive program. These rewards are intended to motivate users to enhance their liquidity on Curve. Furthermore, direct rewards will be offered to liquidity providers in the form of PYUSD, featuring an APY of 11%.
With PayPal's backing, Curve is foreseen to attract increased liquidity, consolidating its dominance in on-chain stablecoin trading. Meanwhile, Curve's FRAXPYUSD liquidity pool, established on December 27, already commands the third-largest TVL of $135 million.
According to data from DeFiLlama, Curve currently has a total value locked (TVL) of $1.82 billion, with a significant portion of it in Ethereum. The protocol has been implemented in Ethereum layer-2s and other Ethereum Virtual Machine (EVM) compatible platforms, among them Arbitrum.
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