Stablecoin protocol Reserve to fund $20 million

Stablecoin Protocol Reserve is on the verge of carrying out funding, amounting to $20 million, with regard to the governance tokens of yield framing-related applications. These include Curve (CRV), as well as Convex (CVX), and also Stake DAO (SDT). The funding will go towards the heightening of the liquidity of the Reserve’s stablecoins, also known as RTokens. Simultaneously, it will also help in raising the Reserve’s voting ability, where the application’s governance methods are concerned.  

Reserve is basically a stablecoin protocol that provides the opportunity for users to be in the position of being able to build their very own coins, which come with the support of any and every asset of their choice. To name a few stablecoins that have been built with the help of Reserve, they would be the Electronic USD (eUSD), as well as the High-Yield USD (hyUSD), Reserve (RSV), the Reserve Dollar (RSD), along with ETH. Incidentally, Reserve is the seventh in line in terms of being the biggest holder of Convex tokens. This was made possible with the entity making extensive utilization of Convex for the sake of obtaining yield as a benefit provided to its connected users. 

As per the information released by the company, the funding may go towards making additions where the RTokens are concerned. In that case, this will involve collateralized loans, as well as wallet-related items, the tokenization of real-time assets, along with better functional fintech methods. In the case of its market cap coin, eUSD, it is entirely supported by dollar spin-offs coming from Compound, as well as Aave. The market cap has reached roughly $20 million and is responsible for carrying out $500 million worth of trading on a day-to-day basis. According to company reports, the eUSD has carried out more than $5.7 billion in terms of collective volume through its RPay application. 

In the case of the protocol’s second-in-line market cap coin, the High-Yield USD, it is totally supported by dollar spin-offs via Convex and Flax Finance. Where the CRV token owners   

are concerned, they feel encouraged by the announcement of the $20 million funding and are looking forward to solidifying their overall positioning. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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