Progress Ecosystem, a major DeFi cross-chain farming protocol, has lastly launched on Avalanche, one of many world’s fastest-growing blockchain ecosystems. The Progress Ecosystem launched on November 13, with a revolutionary new hybrid bridge system for its incentives token, $WHEAT, in addition to a self-repaying mortgage function for its overcollateralized secure coin, $MOR on Avalanche.
WHEAT is the Progress DeFi ecosystem’s incentive token, and it may be farmed organically by staking WHEAT, GRO, or MOR. It additionally performs an important function in Progress DeFi’s new hybrid bridge product. In accordance with the announcement publish by Progress DeFi, the WHEAT hybrid bridge was created to serve each WHEAT holders and the Progress DeFi protocol. The hybrid bridge aligns incentives between WHEAT holders on totally different chains and supplies self-adjusting incentives primarily based on market demand to every chain. For instance, customers can use the hybrid bridge to change WHEAT from BSC to Avalanche and vice versa primarily based on the USD costs of every token.
The hybrid bridge is funded by roughly 10% of Avalanche’s each day emissions and can be up to date repeatedly to replicate value modifications in each the BSC and Avalanche ecosystems. The WHEAT hybrid bridge is a vital function that provides worth to WHEAT holders on Avalanche as a result of it aids provide discount by arbitrage, will increase yield producing belongings, and supplies very excessive APY’s on the Avalanche chain.
With the launch of the Progress DeFi ecosystem, all of its options, together with the newly applied hybrid bridge and the idea of self-repaying loans for MOR and xJOE leverage farming, shall be carried over to Avalanche. MOR is a Progress DeFi overcollateralized stablecoin that permits customers to earn yield whereas borrowing and leveraging yield farming positions for LPs and single belongings. The Progress DeFi crew defined that the idea of MOR self-repaying loans was created with the Avalanche launch in thoughts. MOR collects greater efficiency charges on yield earned and converts them to USDC.e, injected right into a secondary Peg-Stability Module (PSM), which converts the high-performance charges collected in USDC.e again to MOR.
By lending by Banker Joe on Avalanche, the injected USDC.e earns yield, making the self-repaying mechanism worthwhile for each customers and the Progress DeFi protocol. Self-repaying loans can be out there for all collaterals, together with AVAX/WBTC, JOE, and AVAX/ETH. The self-repaying mechanism additionally contributes to MOR’s standing as a stablecoin by producing a each day direct circulation of USDC.e into the PSM, making the method of borrowing and redeeming MOR a lot simpler for customers.
Progress DeFi additionally lately introduced a big partnership with Dealer Joe, the main DEX on Avalanche. In consequence, JOE customers would be the first to profit from the brand new MOR self-repaying protocol. The announcement additionally said that LP suppliers might leverage their capital as much as 3 times to extend farming yields. Moreover, LP holders will profit from the elevated quantity circulation generated by MOR for Dealer Joe. As a part of the celebration of this newly fashioned integration with Dealer Joe and the Avalanche ecosystem as a complete, Progress DeFi additionally introduced an airdrop for xJoe holders who efficiently handed their quick quiz. The highest 100 would obtain $500 in xJoe, the highest 1000 would obtain $75, and the remaining winners would obtain $5.
The launch of the Progress DeFi protocol on Avalanche, in addition to the implementation of recent mechanisms such because the HYbridge for WHEAT and the self-repaying mortgage for MOR, point out that there are numerous extra positives to come back from the partnership between DeFi’s main cross-chain farming protocol and one of many fastest-growing blockchain ecosystems Avalanche, additional incentivizing and including worth to DeFi.