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Finance

Bridged Stablecoins on Solana Get a Boost With Mercurial Finance Pools

Solana DeFi users can now swap wrapped stables via a Mercurial Finance liquidity pool.

By Andrew Thurman
AccessTimeIconSep 25, 2021 at 12:26 a.m. UTC
Updated May 11, 2023 at 7:02 p.m. UTC
Wormhole concept (Getty)
Wormhole concept (Getty)

Mercurial Finance has launched a liquidity pool for Wormhole wrapped stablecoin assets, the decentralized exchange announced Friday.

  • Mercurial Finance is conceptually similar to Ethereum-native Curve Finance, a decentralized exchange optimized for swapping like-assets such as two different stablecoins. Mercurial is backed by the DeFi Alliance incubator.
  • Wormhole has been expanding aggressively to new asset types, and with new functionalities. Earlier in the month, Wormhole v2 launched to provide a bi-directional bridge for a variety of tokens, including non-fungible tokens (NFTs).
  • In a tweet today, Mercurial Finance wrote that the pools will help ensure the end-to-end decentralization of stablecoin assets on Solana.
  • A press release from Mercurial said users who provided liquidity to the USDC-wUSDC-wUSDT-wDAI cross-chain pool could earn up to 159.5% APY. The yield currently sits at 33%.
  • Jump Crypto is a lead contributor to Wormhole, and the firm has also backed and helped to develop the Solana-native oracle service Pyth.
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    • UPDATE (Sept. 25, 14:15 UTC): Adds current APY.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Andrew Thurman
    Andrew Thurman

    Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.

    Follow @Blockanalia on Twitter