The Constellation Network is rolling out new decentralized finance functionality on its powered-crypto exchange via integration with the popular DeFi platform, YIELD App.
As unveiled in a statement today, users of Lattice Exchange and Stargazer wallet will have access to “yield farming” opportunities by pooling their crypto holdings for liquidity. The service essentially boils down to users staking their parked ether and stablecoins into a DeFi market and earn interest on those deposits.
Specifically, YIELD App’s integration enables direct investment in its own funds, which reportedly provides up to 20% annual percentage yield (APY) on ETH, USDT and USDC, as well as the native YLD token. Lattice Exchange will port the new solution on Constellation’s Hypergraph network, which enables a secure and structured way to store and invest in different digital assets.
On top of that, YIELD App will also be integrated into the Constellation Network ecosystem, providing treasury management solutions for L_0 applications and token projects built on Constellation’s Hypergraph.
A new rewards interface will also be introduced, as well as a real-time analytics console and support for additional services.
Designed for both the retail and institutional market, YIELD App offers clients of its corporate customers a crypto-asset management experience. The offering caters to investors who are looking for ways to passively earn on the crypto assets they want to hold long-term.
YIELD App’s portfolio encompasses high-return savings accounts, interest-bearing checking accounts and debit cards.
He continued: “We are building a seamless and safe platform that provides our users with access to the best of decentralized finance, all in one place. We are thrilled to be able to extend that to Lattice users, giving them easy and fast access to market-beating APYs.”
Constellation Network sets sight on a $60B market
Mathias Goldmann, co-Founder and COO of Constellation Network characterized DeFi as one of most promising new frontiers for the crypto space. And now Constellation is jumping into the decentralized finance game too.
Today’s announcement appears to be one more step in that direction with more plans in the pipeline to significantly expand that initiative. Goldmann also expressed his excitement about partnering with YIELD App to bring new opportunities to the Constellation ecosystem.
Constellation Network has been working towards unlocking and maximizing the capital efficiency of the staked digital assets on their powered platforms. These collaborations will initiate new collateral markets as the San Francisco-based company is pressing ahead with a range of blockchain and cryptocurrency projects.
While DeFi appeals to investors because of faster-operating speeds, Constellation catches up with the trend by providing a framework for entrepreneurs to build scalable applications and mint tokens using their distributed network, Hypergraph.
More than $63 billion has been locked into DeFi protocols at a time of heightened uncertainty in the global economy. While lending, payments and derivatives platforms command a large market share, interest-bearing accounts remain one of the biggest adoption drivers for DeFi products.