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Today StableTech announced the official launch of TezFin (Tezos Finance), one of the first decentralized lending platforms on the Tezos blockchain. TezFin operates through a series of interest-bearing “loan pools” where users can deposit funds and earn capital growth, and even collateralize those funds to borrow capital and accumulate debt that needs to be repaid. The loan rate and interest rate are automated and respond to supply and demand factors of lending and borrowing in the protocol.
TezFin’s impact is expected to scale the Tezos DeFi ecosystem by enabling a system of credit, thus completing the key component of any scaled DeFi ecosystem. For a period of a few months last year, several DeFi projects on Tezos demonstrated the ability of the Tezos DeFi ecosystem to attract generally scaled liquidity on par with larger DeFi chains through yield farming incentives. However, without lending platforms like Aave or Compound Finance, the Tezos DeFi ecosystem was unable to hold that liquidity, and it quickly dwindled when yield farming ended. TezFin now offers a tool to enable liquidity on Tezos DeFi by enabling all elements of DeFi to scale to Tezos as well as commercial sectors.
The launch of TezFin builds on Tezos’ momentum as a thriving proof-of-stake blockchain and its growing reputation as the blockchain of choice for brands and institutions. Recently, Tether, the world’s largest stablecoin, announced its integration with Tezos and can be traded on Bitfinex and deposited on Binance; the largest Tezos marketplace, Objkt.com, surpassed $100 million in sales, generating art platform fx(Hash) Total sales surpassed Ethereum-based Art Blocks. What’s more, according to a recent report, network usage has skyrocketed this year, with a 12% increase in smart contract calls and a 94% increase in transaction volume.
StableTech is a consortium of multiple contributing member companies in the Tezos ecosystem, including Wealthchain, Cryptonomic, OneOf, and Pyratz Labs. Stabletech has deployed other advancements for the Tezos DeFi ecosystem, including USDtz (the first USD stablecoin on Tezos), ETHtz (the first ETH wrap token on Tezos), TEZEX Bridge (the first P2P on Tezos) cross-chain bridge).
