June saw a lot of changes for Sturdy, including the protocol being deployed on a new Layer 2, governance made a massive decision, and some of Sturdy’s central silos got a massive upgrade! Let’s dive in and make sure you’re up to speed for this month!
veSTRDY
After much deliberation and fine-tuning in the forums, governance proposed and passed an update to $STRDY, the native token of the Sturdy ecosystem.
Soon, users will be able to stake their $STRDY in exchange for veSTRDY receipt tokens. veSTRDY holders will be able determine the breakdown of $STRDY emissions among different silos and aggregators in the protocol. veSTRDY is currently in development and will be released to the community shortly.
Check out the governance proposal for all the details: https://snapshot.org/#/sturdyfi.eth/proposal/0x2e936065ce0ca961f7fad2e295a0b29b1b6e0a7dba936a60128c7c5c1217fb5e
Update to crvUSD silos
LlamaRisk, the managers of the Curve aggregators and silos on Sturdy, have updated their strategy in an attempt to maintain healthy utilization. The LlamaRisk team implemented a time-based mechanism for the silos’ interest rate models to encourage optimal utilization. Interest rates will gradually fall when utilization rates are low (<75%) and gradually increase when utilization is above the optimal threshold (85%).
Read up on the motivation and rationale on LlamaRisk’s thread: https://x.com/LlamaRisk/status/1798126246502809684
Linea Deployment
Sturdy has been deployed onto the Linea network with a WETH/ezETH silo! WETH lenders are currently earning double digit yields plus ezPoints and LXP-L for providing liquidity, while borrowers are able to lever up on their ezETH positions to earn up to 20x ezPoints and 10x LXP-L with negligible gas costs.
Check out the silo and crank up your ezETH position today!
Notum Integration
Sturdy has been added to the Notum UI! The integration makes it even easier for users to deposit to Sturdy aggregators on both Mode and Mainnet. Notum also provides a great breakdown of historic yields to keep users informed.
