Ren and UMA launch a Bitcoin-backed yield dollar
Trustless cross-chain bridge Ren and permissionless synthetic asset platform UMA have teamed up to launch a Bitcoin-backed yield dollar called uUSD, in addition to a joint liquidity mining reward program. The uUSD is UMA’s second yield dollar product following an Ethereum-backed yield dollar called yUSD, launched in July 2020.
In addition to the new yield dollar will be a joint Ren and UMA liquidity farming incentive to jump start collateral deposits. To incentivize yield farmers, the pool will receive 10,000 UMA and 25,000 REN tokens per week, in addition to BAL tokens per the protocol’s calculations.