- Barnbridge stablecoin has over $100 million in deposits.
- Coin likely to draw in more institutional players.
Decentralized finance users have dropped stablecoins worth over $100 million to a new Ethereum based project named, Barnbridge.
The new DeFi farm yield project was invested in by some top innovators, enthusiasts, and even some of the industry’s most prominent venture funds.
Barnbridge, a token that will be governed by Bond, uses a decentralized platform backed by Ethereum to further spread the adoption and acceptance of decentralized finance.
The stablecoin had generated millions of dollars before its announcement. And with less than 24 hours after its launch, it already has over $175 million in its contract.
In the Ethereum backed Decentralized finance history, Barnbridge has generated the most liquidity since inception.
The stablecoin, BOND, will not be traded until the first batch of its distribution has finished dealing. This is envisaged to be most likely the next Sunday.
Users basically have thrown over a hundred million dollars into the pool without any basic knowledge of what the yield is likely to be. However, experts believe this would be in the range of three to seven percent depending greatly on how much the BOND sells.
What is Barnbridge stablecoin?
Barnbridge is a token based on a risk protocol that the likes of Fourth Revolution Capital, ParaFi, the founder of Synthetix, Kain Warwick, and Stani Kulechov trusting and investing in the coin.
In its essential term, Barnbridge would allow users to guard risks in their yield farms and other crypto investments. The most common hazard in the crypto industry involves volatility in prices of assets and the interest rate made available by the different creditors.
Most likely, with the advancement made in Barnbridge, more institutional players are going to be drawn in to build more risk-averse cryptocurrencies and other decentralized finance farm yield.