PANews reported on May 16 that according to The Defiant, DeFi strategy platform XSY.fi launched a beta version of the synthetic USD stablecoin Unity (UTY) on the Avalanche blockchain, and announced the completion of a $5 million Pre-A round of financing, led by Protagonist Ventures and Borderless Capital, with participation from Paper Ventures, Chainview Capital, Blizzard the Avalanche Fund, and Sonic Boom Ventures.
Users can mint UTY by staking AVAX, and obtain passive income while maintaining the original asset exposure. UTY uses automated strategies to manage market risks without the need for active user operations. Ava Labs' Chief Business Officer said that this product will enrich the DeFi tool portfolio of the Avalanche ecosystem. XSY simultaneously launched a limited-time points plan, where users can accumulate points through minting, providing liquidity, and other behaviors, which can be exchanged for governance rights in the future.
