Welcome to a new era for Sturdy!
Today marks the release of Sturdy 1.0. Since launching on Fantom in March 2022, we’ve worked hard over the past year to find the perfect product-market fit; today is the culmination of all that hard work.
About Sturdy
Sturdy operates as a decentralized yield farming fund; anyone can permissionlessly provide liquidity or lever up their farming yields on Sturdy.
Borrowers can leverage collateral assets like Convex LP tokens or LSDs; they forgo a portion of the yield to gain up to 10x leverage. Lenders receive a portion of the yield from borrowers’ farming in exchange for providing liquidity.
This creates a positive-sum system, offering lenders the benefits of active yield farming without taking on gas costs, time commitment, and increased risk while allowing borrowers to gain outsized positions to farm with.
This model has proven to be effective. In just a few months since our ETH mainnet launch in June, we’ve accumulated over $20 million in TVL, worked with some of the top teams in the space, and built a dedicated community, despite less-than-ideal market conditions.
Sturdy 1.0
This past year has been our preseason, and now we’re ready to step up to the starting line.
With a battle-tested, proven proof of concept, we’re ready to release our latest version; we’re elated to finally share it with the community!
Sturdy 1.0 will provide users with an even more seamless experience, offer increased yield opportunities, and provide better transparency into the workings of the protocol. These new updates will work to the benefit of all users, from those just learning the basics of DeFi to seasoned degens.
UI
This is way more than just a facelift for Sturdy.
While our new UI is sleeker and more intuitive than our previous version, the real value lies in the integrated information. For those just starting their DeFi journey, we have easy-to-understand mechanic explanations right on the dApp; no need to dig through the docs.
We also added historical yield graphs and enhanced reserve visibility to allow users to easily access pertinent information without relying on third-party analytics.
We’ve worked hard to ensure the new UI is intuitive and informative for all users, regardless of experience level!
The new UI is still in beta (and can be found here) so please flag any issues you find over Discord!
ETH Market
After proving our model on stablecoins, we’re ready to expand into the ETH market.
This is a huge opportunity for our users! This new market will expand potential yield opportunities and give users even more options on Sturdy.
Users will soon be able to deposit their Liquid Staking Derivatives (LSDs) as collateral to borrow ETH. Like on our stablecoin market, the major liquidation risk is a depegging event, as LSDs should be roughly 1:1 with ETH.
We’re kicking off our new market in early 2023 with Aura’s wstETH pool and a stETH pool from Convex. Through Aura’s wstETH pool, users will be able to earn roughly 30% on ETH with liquidation only occurring in the event of a 10% depegging. We’ll add more assets soon, but this is a great start to our fledgling market!
Ever-Expanding Collateral Assets
We’re constantly on the prowl for sustainable, high-yield liquidity pools to integrate into Sturdy, that certainly isn’t changing with the release of Sturdy 1.0.
Keep an eye out, we’re constantly announcing new partnerships/yield opportunities!
The Future of Sturdy
We are so proud of how far Sturdy has come in such a short time.
We’re even more proud to invite the community to help shape the future of Sturdy through our upcoming airdrop!
Users from across DeFi will be able to claim their Sturdy airdrop tokens in early 2023, these tokens hold the key to Sturdy’s future. We’re excited to establish an active governance process and invite the community to vote on prospective changes they’d like to see in Sturdy.
While we’ve always been attentive to the interests of our community, soon you’ll have an even more active voice!
