Welcome to the Sturdy Monthly Highlight! This series will share a monthly roundup of Sturdy-related news.
Sturdy is a protocol for interest-free borrowing and high yield lending, and it underwent a stress test during the last two months as crypto prices fell. In contrast to CeFi liquidity risk, Sturdy was able to continue to function well even under high volatility. The team has focused on continuously adding features and growing the community. This following highlight includes Sturdy’s progress and milestones. Let’s dive in.
Sturdy launched on Ethereum mainnet in early June, with one use case being using Curve LP tokens as collateral with Convex staking on the backend as low-risk yield farming strategies.
Improving yields for borrowers
To date, borrowers who supplied Curve LP token as collateral on Sturdy only earned the Base Curve APR; all other rewards from Convex staking went to lenders. The relatively low Base Curve APR made it unattractive to supply Curve LP tokens as collateral on Sturdy.
This changed with our latest upgrade. Now, users who deposit most Curve LP tokens will receive both the full Base Curve APR and 75% of all CRV rewards from Convex staking. Combined with an LTV of 90% and interest-free loans, borrowers can lever up 11x and earn over 20% APY!
Sturdy rolled out a feature to automate this strategy in a single click, saving users gas and time.
On-chain alerts arriving
Sturdy has integrated EPNS’s notification service and users will be able to subscribe to Sturdy’s official channel on the EPNS platform to receive push notifications for events including liquidation alerts and high APYs. Sturdy’s channel will be live soon.
Security as the top priority
Sturdy completed an audit from Core4rena; this is our second audit, with the first being from Certik. Security has been an ongoing efforts for Sturdy and you can find more information in the docs.
Community is growing
To track Sturdy’s performance, we launched a Dune Analytics Contest with Layer3, a web3 community workplace. The participation was overwhelming and we thank the community for their great work. Congrats again to the winner — @frankmaseo.
About Sturdy
Sturdy is a first of its kind DeFi protocol for interest-free borrowing and high-yield lending. Rather than charging borrowers interest, Sturdy stakes their collateral and passes the yield to lenders. This model changes the relationship between borrowers and lenders to make Sturdy the first positive-sum lending protocol. Sturdy is live on Ethereum mainnet and Fantom Opera.
To learn more, you can connect with us on Twitter, Discord, and Medium.
