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.

Sep 25, 2021 at 12:26 a.m. UTC
Updated Sep 27, 2021 at 1:09 p.m. UTC

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.

UPDATE (Sept. 25, 14:15 UTC): Adds current APY.


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