The plasma supported by Bitfinex announced a strategic partnership with Etherfi on August 29, positioning the Neobank focused on stablecoin as a launch partner of the day for the main version of the blockchain.
Etherfi will transfer more than $ 500 million from its Ethereum (ETH) safe to the plasma platform, providing liquidity for yield strategies supported by stables.
The collaboration includes Etherfi through the Plasma DEFI ecosystem, offering users additional guarantee options for loans and borrowing while providing access to ETH concern access products.
Plasma’s announcement stressed how the partnership completes the objectives of the two platforms in the stablecoin infrastructure space. The protocol said:
“Stablecoins give everyone everywhere, everywhere an access without permission to the financial savings service of money safely and reliably.”
Etherfi is the sixth larger DEFI protocol, with a total locked value of more than $ 11 billion on August 29. The protocol reached a summit of almost $ 12.6 billion on August 14.
Stable infrastructure
Plasma works as a Sidechain Bitcoin technology with complete compatibility of the Ethereum virtual machine (EVM), designed specifically for stablecoin payments and cross -border transactions.
The platform offers USDT transfers at zero fresh via a double validator architecture which treats without gas transactions.
A recent market activity demonstrates significant institutional interest in the plasma approach. The platform collected $ 1 billion in deposits in 30 minutes during its June expansion, with 70% of concentrated funds from the 100 best portfolios according to the Seacanch analysis company.
The initial deposits in June totaled $ 500 million, with more than 1,100 participating portfolios.
In addition, plasma is supported by high -level names. The 24 million dollar funding protocol attracted the support of Framework Ventures, Bitfinex, Peter Thiel’s Founders Fund and CEO of Tether Paolo Ardoino.
Integration of the DEFI ecosystem
The Etherfi partnership extends beyond the simple migration of Vault. Plasma users will be able to take advantage of Etherfi’s liquid upgrade tokens as a guarantee while accessing Stablecoin features, including personalized gas tokens and confidential transactions.
In addition, the partnership positions the two platforms to enter the growing demand for stablecoin infrastructure while the sector exceeds a total supply of $ 280 billion.
The former Bitmex CEO, Arthur Hayes, recently noted that Etherfi is one of the three DEFI protocols which could capture a significant value of the expansion of the stablescoins woven by an American dollar.
Etherfi’s commitment to move $ 500 million into active ETH development represents confidence in technical architecture and the positioning of the plasma market in the expanding ecosystem of stables.
