Monday, February 6, 2023

NEAR Lending Project Raised $9M From Three Arrows Series A

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The NEAR lending project raised $9 million from Three Arrows Series A and it is dubbed Bastion which will launch a governance token BSTN that was announced in March so let’s read more today in our latest altcoin news.

NEAR lending project and stablecoin protocol Bastion closed a $9 million Series A led by Three Arrows Capital while FTX Ventures and Jump Crypto took part in the round. Bastion’s founder goes under the N2 pseudonym and said the five-person team that will use the funds to hire more developers:

“We’re definitely going to be expanding more into the retail consumer side. And we can actually serve institutions as well, by creating these sort of insulated environments for them to lend and borrow cryptocurrencies.”

The team also launched a BSTN governance token that was announced on the blog in March and about 30% of the tokens will go into liquidity mining and a treasury. Another 25% and 15% of the tokens will be issued to the Bastion team and the investors. One of the main features that will attract users to Bastion is the collateral tokens. When the users’ deposit funds in Bastion’s liquidity pool, the protocol mints these collateral tokens, and those can earn interest relative to the value of underlying assets and can be used as collateral for loans:

“Users shouldn’t have to choose between yield from providing liquidity on a decentralized exchange and depositing in a lending protocol. Bastion allows you to stack both yields.”

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Bastion was growing fast after the launching and the protocol had deposits of NER tokens, USD, Coin, Tether, Bitcoin, and ETH worth $622 million. Bastion has the highest total value locked o NEAR’s Aurora chain and accounted for 47% of the chain. The trader said the stabelcoin swap is uniquely positioned to benefit the launch of the NEAR stablecoin which he expects to launch in a few days. The NEAR protocol experienced a lot of growth over the past month after a $350 million funding round led by Tiger Global. The NEAR coin was the 17th biggest by market cap and traded at $16.50.

As recently reported, The rumors swirled that NEAR will launch a native stablecoin and the speculation emerged after a new report from trader Zoran Cole who outlined how USN will offer an extremely attractive 20% APR and kick off a surge in dEFI activity. The evidence exists beyond Cole’s claims and the Defi project shows a stablecoin called USN within the platform’s DEX.

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