Avant Protocol Launches avUSD and savUSD

• Avant Protocol is set to launch on Avalanche and will offer a yield generation platform, reshaping DeFi in the crypto space.
• AVAX rallied over the past 24 hours to post a 5% gain after losing nearly 20% over the past month as long-term holders increased their positions.

The Avalanche ecosystem continues to grow aggressively: over the past week, its total value locked (TVL) has increased by 10% to $816 million. Avant Protocol, the latest DeFi project on Avalanche, hopes to capitalize on this growth to offer the best yield-generating platform.

Avant was unveiled last week and is expected to launch in the near future.

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Avant will run on two tokens, avUSD and savUSD. The former is a stablecoin that users will receive when they deposit their stablecoins on the platform. At launch, it will support USDT and USDC, the two largest stablecoins on the market with a combined market cap of $146 billion.

savUSD, on the other hand, will offer yield to its users, relying on “managed, market-neutral strategies to generate yields from deposited assets.”

The Avant Team revealed:

Avant uses a delta-neutral strategy, focusing on arbitrage and hedging to minimize the risks associated with volatile markets, ensuring consistent returns.

The Avant team is currently raising funds to complete the development of its protocol and will launch the website and publish its documentation in the coming weeks. It is also expected to announce early deposit opportunities for potential users.

DeFi on Avalanche has continued to grow over the past few years. On the TVL front, Benqi and Aave lead the way with nearly $300 million. In total, TVL stands at $816 million, and while it has increased significantly since mid-June, it remains low compared to the all-time highs reached in late 2021 when TVL surpassed $11 billion.

Avalanche’s growth continues

Avant is the latest born a long line new products, platforms, protocols and services launched on Avalanche. The smart contract platform, which offers fast transactions and low fees, has attracted millions of users in recent years as it continues to compete with other Layer 1s such as Solana and Ethereum.

Last week, ContinuumDAO announced its integration with Avalanche. The decentralized multi-party computation (MPC) network promises to anchor the future of Web3, and now Avalanche will be part of the ecosystem, as a CNF reported Friday.

A few days earlier, Alchemy Protocol had announcement Avalanche support, providing developers in its ecosystem with features such as subgraphs.

AVAX is trading at $27, up 5% over the past day amid a broader market reversal that has led to a market rally of more than $110 billion. Those gains were much-needed for AVAX, which has lost 18% over the past month.

One analyst points out that the token has been moving in a descending wedge pattern since the beginning of the year and the trendlines will converge in August. If it breaks out of this pattern, the analyst expects the token to increase by at least 200%, similar to its price action towards the end of last year.

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