Decentralized Finance (DeFi) is heating up as Clearpool Finance, a leading DeFi platform known for its uncollateralized lending pools, introduces a new opportunity. Clearpool has launched a T-Pool for USDX, the latest stablecoin from Hex Trust, on the Flare Network.
🚨 USDX T-Pool is now live! 🚨
🚀 Clearpool has launched the T-Pool for @Hex_Trust’s new stablecoin $USDX on @FlareNetworks, primarily backed by 1-3 month US Treasury Bills.
The new product offers a simple way to earn a sustainable current APR of 4% in USDX, plus an additional… pic.twitter.com/5Ol7Urb0GC
— Clearpool (@ClearpoolFin) May 28, 2024
This stablecoin, USDX, is backed by 1-3 month US Treasury Bills, providing a robust and secure asset for users looking to stake and earn sustainable yields along with additional Flare (FLR) rewards.
New in the Stablecoin Market
USDX is set to make waves as the first native 1:1 backed USD stablecoin on Flare Networks, powered by Hex Trust, a leading institutional digital asset custodian. This launch is celebrated with a dedicated vault on Clearpool, allowing USDX holders to earn tangible, real-world yields.
Yield Opportunities with Clearpool’s T-Pool
Clearpool’s new T-Pool offers a seamless way for users to earn yield on their USDX holdings, marking the first stablecoin pool on the Flare Network. This innovative product is poised to attract the Flare community, providing them with new avenues for earning returns on their investments.
USDX will be the first native 1:1 backed USD stablecoin on @FlareNetworks, powered by the leading institutional digital asset custodian @Hex_Trust.
USDX launches with a dedicated @ClearpoolFin vault, enabling holders to earn real-world yield.https://t.co/ano7wMARVX pic.twitter.com/jTVmE8nxpC
— Flare ☀️ (@FlareNetworks) May 21, 2024
Understanding USDX and cUSDX
USDX stands out as a stablecoin primarily backed by short-term US Treasury Bills, ensuring reliability and security. By staking their USDX in Clearpool’s T-Pool, users can earn yields in both USDX and FLR. The staked USDX generates cUSDX, a Liquidity Provider token representing the staked amount on a 1:1 ratio.
FLR rewards are accrued alongside the staking process, and users can claim these rewards without the need to withdraw their staked USDX.
How to Earn Rewards with Clearpool’s T-Pool
To start earning rewards, users can follow these simple steps:
Connect Your Wallet: Visit Clearpool Finance T-Pool and connect your wallet containing USDX on the Flare network.
Deposit USDX: Navigate to ‘My Portfolio,’ click on ‘Deposit,’ and enter the amount of USDX you wish to stake.
Receive cUSDX: Upon staking, receive cUSDX tokens representing your staked USDX amount.
Earn Yield and FLR Rewards: Your staked USDX will earn yield over time in USDX and Wrapped FLR (WFLR).
Claim Rewards: Regularly claim your earned yield in USDX and FLR rewards through Clearpool’s platform.
When you’re ready to end the staking, simply return to the Clearpool Finance T-Pool, connect your wallet, click ‘Withdraw’ in the ‘My Portfolio’ section, enter the amount of USDX you want to unstake, and withdraw.
The launch of Clearpool’s T-Pool for USDX on Flare marks a significant milestone in bringing real-world assets to the DeFi space on Flare Network. By staking USDX, a stablecoin backed by 1-3 month US Treasury Bills, users can enjoy sustainable yields and additional FLR rewards.
