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Nerite is live. Borrow, Stream, and Earn with the $USND stablecoin.

Published by CupOJoseph on
USND is live.

USND, the world’s first Redeemable and Streamable stablecoin, is now live. Only on Arbitrum.

Today the Nerite Protocol, the Liquity V2 fork on Arbitrum, is officially live and ready for borrowing, streaming, and earning. 

 

Nerite is a Collateralized Debt Position (CDP) Protocol which allows anyone to borrow against the following assets safely:

  • ETH (Ethereum)

  • wstETH (Wrapped Lido ETH)

  • rETH (Rocket Pool ETH)

  • tBTC (Threshold BTC)

  • rsETH (Kelp ETH)

  • weETH (Etherfi ETH)

  • ARB (Arbitrum)

  • COMP (Compound)

The USND stablecoin, which can be obtained by buying on a DEX like Squid Router, Camelot or Bunni, or minted by borrowing from Nerite directly, is now available. USND is natively yield bearing when deposited in the Stability Pools, as it earnings from several sources:

  • 75% of all protocol fees from borrowers forever.

  • 100% of the liquidation fees from that branch's collateral.

  •  Extra OEV rewards from our Oracle partner API3.

  • A portion of protocol token incentives, retroactively.

  • SUP rewards from Superfluid Community Grants (while they last).

USND Launch Liquidity Incentives: earn $25,000 USDC over the next 2 weeks, along with retroactive NERI rewards!

To jump start liquidity the Nerite team will be sending $12,500 USDC liquidity incentive rewards to the USDC / USND pool on Bunni and $12,500 USDC to the ETH / USND pool on Camelot for the next 2 weeks. Additional incentives will be added next week. All LP positions are being tracked with Dune closely for future retroactive rewards.

In addition to direct token incentives, SHELL Points will launch with a full explanation and breakdown in the coming days, and will be are allocated for providing USND Liquidity to the Stability Pools & all LP pools. This will include retroactive rewards.

Extra SUP (Superfluid), BUNNI (Bunni), GRAIL (Camelot), and more partner incentives will be added to liquidity pools to boost yields and reward everyone starting this week.


Post launch, we will be initiating a dedicated rewards program for BOLD / USND liquidity providers, and BOLD holders on Mainnet as well. Please follow us on Discord & X for updates on this.

Launch Partners

DEXs:

  • Bunni: USDC / USND pool and incentives

  • Camelot: ETH / USND pool and incentives

  • Squid Router: Buy USND with any token on any chain, directly in our app using Squid Router

Money Market:

  • Teller: Fixed rate, time based loans with USND now available.

  • GearBox: Optionally Rehypothecate USDC from the USDC / USND pool on Bunni for extra yield.

Money Streaming:

  • Superfluid: Start streams using the Superfluid app to pay grants, subscriptions, payroll, and more.

Bitcoin:

  • Threshold Network: Borrow against Threshold’s native tokenized Bitcoin (tBTC) on Arbitrum.

OEV Oracles: 

  • API3: Bots pay to update oracle prices and compete to process liquidations, earning Stability Pool USND depositors more yield.

Position Manager:

  • Summerstone: Let Summerstone manage the interest rate for your loans on Nerite to potentially save on interest and prevent redemptions.  

  • More of these are coming soon!

Governance:

  • Aragon: Module governance system for directing 25% of protocol revenue, future grants programs, and more coming soon.

Security Scanning:

  • Octane Security: Automated offensive security built into our CI pipeline to scan our codebase and summarize every PR.

 

Many more integrations across Arbitrum DeFi and beyond are coming next (days, not weeks).

Special Thanks

Building Nerite has been an incredible journey so far. It wouldn't have been possible without many folks helping. We want to offer a special thanks to all of the following (in no particular order):

 

Everyone who minted a Go Slow - Open Edition NFT, which helped fund our audits and security monitoring software.

Everyone on the Liquity Team, who offered us the license to build Nerite and helped us on each stage along the way. Especially Collin, Bingen, and Dani for technical support; and to Sam and Max for all the communication and ops help.

The Sherlock team, especially Lucas, who had our back through our particularly difficult auditing process.

George, MrDeadCell, Vid, Simao, Paulo, Sero, Chiali and all other direct community contributors to Nerite.

The incredible artist, Hambo, who hand drew all our cute snails.

The Arbitrum Foundation for giving us a grant to fund a security audit and making Nerite feasible.

Billy and the API3 team for hooking us up with OEV oracles and giving us direct technical support.

TokenBrice and the rest of the DeFi Collective for helpful feedback and direction.

The Superfluid team, for building one of the most unique technological improvements to finance of the last 100 years, and helping us make native money streaming a reality. Especially Didi, who gave us essential tech help and also contributed to automated security testing.

The government of the Republic of the Marshal Islands, for legally recognizing our DAO as an independent entity and giving DAOs a path to legitimacy while we positively impact the world. And to the MIDAO team for helping us incorporate there.

Our many community members who have helped us get on podcasts, submitted token design ideas, written threads in several languages explaining Nerite, helped us test our beta, and given us tons of helpful feedback.




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