First of its kind DeFi product had smooth launch on Cardano network
The first SPO Liquidity Bond was successfully launched with full funding in less than 25 minutes. For now, the first product of its kind is running smoothly on a network that was previously flagged as a place where DeFi would not be possible.
According to the bond’s specifications, the current lend APY is at 5.3% ADA. The maximum duration is 72 epochs, with premium paid 12 epochs. The current value is 1 million ADA coins, funded by “stake1uxefmt” whale.
Optim Finance’s product allows borrowing and lending ADA delegation rights on-chain without the help of third parties. With bonds, users are able to lend small stakes in pools, ecosystem projects or to other users and earn additional yields, contributing to the decentralization of the network.
The launched SPO Bond allows Stake Pools to rent delegation to bootstrap liquidity into their pools. There are also two additional types of bonds offered by Optim: ISO Bonds and IBOs. The first ones allow users to leverage their positions into an ISO, and IBOs help projects to fundraise without staking pool offerings or airdrop mechanisms.
As we covered in our previous articles, Optimum and other Cardano-based DeFi solutions are rapidly propelling the ecosystem towards becoming a robust environment for financial solutions, a foundation for the network’s market and the next Fundamental development should happen during the bull phase. Market.
Such a rapid fulfillment of the first bond on the network and a growing number of ADA locked-in contracts reflects a high demand among investors for DeFi on the network, in contrast to popular opinion about Cardano’s stiffness and inability to create sufficient financial projects and solutions.
