Collateralized Debt Positions (CDPs) are a foundational mechanism in decentralized finance, allowing users to borrow against crypto assets without selling them. By locking collateral into smart contracts, CDPs mint stablecoins or provide loans, enabling liquidity creation in a decentralized manner (Collateralized Debt Position (CDP) - Faisal Khan). This report examines the multifaceted role of CDPs in DeFi – from their economic impact and ideal use cases on various blockchains, to historical growth trends, notable successes and failures, and specific considerations for networks like TON, Solana, and Ethereum. The goal is to provide a comprehensive analysis of how CDPs have shaped DeFi and why Ethereum leads in this domain, supported by data and case studies.

Relevance of CDPs in DeFi

CDPs have had significant economic and financial impact in DeFi by unlocking liquidity and enabling decentralized stablecoins. In essence, a CDP lets a user deposit cryptocurrency (e.g. ETH) as collateral and borrow a stablecoin (like DAI) against it (Collateralized Debt Position (CDP) - Faisal Khan). This means users can access liquidity without selling their crypto assets, preserving their long-term positions while obtaining funds for other uses (Collateralized Debt Position (CDP) - Faisal Khan). The stablecoins generated (such as DAI from MakerDAO) serve as critical liquidity in DeFi, providing a stable medium of exchange and unit of account for trading, lending, and yield farming. For example, DAI – created via CDPs – is used widely across lending protocols and DEXs as a base asset for loans and trading pairs, fueling the growth of DeFi markets (MakerDAO’s DAI and DeFi for Collateralized Loans | Gemini). By allowing anyone to mint stablecoins on-demand by locking collateral, CDPs effectively bootstrap liquidity in a decentralized way. They also enable leveraged positions (borrowed stablecoin can be re-invested), thereby increasing capital efficiency for traders and yield-seekers (Collateralized Debt Position (CDP) - Faisal Khan). Overall, CDPs play a pivotal role in DeFi’s credit and stablecoin infrastructure – they are the mechanism behind decentralized stablecoins like DAI, which in turn underpin large swathes of liquidity provision, lending, and trading activity in the ecosystem (Collateralized Debt Position (CDP) - Faisal Khan) (Collateralized Debt Position (CDP) - Faisal Khan). Without CDPs, the DeFi boom might have been far more limited, as these instruments introduced a trustless way to borrow and create stable value, making them “one of the pillars of Decentralized Finance” (MakerDAO Overview).

Ideal Market Fit for CDPs

CDPs thrive best on blockchains that have a robust smart contract platform, active DeFi ecosystems, and a need for decentralized stable value. Ethereum exemplifies the ideal market fit – it was the first to host a major CDP system (MakerDAO’s DAI) and had the developer community and demand needed to make it successful. Ethereum’s open, composable DeFi environment meant that DAI could be easily integrated into countless dApps, from lending pools to DEXs, creating a network effect driving adoption (MakerDAO’s DAI and DeFi for Collateralized Loans | Gemini). Blockchains lacking native or widely adopted fiat-backed stablecoins benefit greatly from CDPs; for instance, Ethereum in 2017 had no major stablecoin until DAI, so a crypto-collateralized stablecoin filled a crucial gap. In contrast, networks that already have dominant centralized stablecoins often see less traction for CDP-based alternatives. For example, Tron introduced a CDP-based stablecoin (USDJ, via the JUST ecosystem) that allows users to lock TRX as collateral to mint USDJ (What is USDJ?). However, Tron’s stablecoin usage is overwhelmingly dominated by Tether’s USDT – nearly 98% of Tron’s stablecoin supply is USDT (Stablecoin and memecoin frenzy drive Tron’s adoption: Report) – leaving little room for USDJ to gain broad usage. Tron’s DeFi users simply prefer the liquidity and simplicity of established stablecoins, so its CDP stablecoin remains peripheral.

Other ecosystems have experimented with CDPs with mixed results. Binance Smart Chain (BNB Chain) launched the Venus protocol, which issues the VAI stablecoin via CDPs on BSC. VAI initially aimed to mirror MakerDAO’s success on BSC, but it struggled to maintain its $1 peg consistently, highlighting how challenging it is to bootstrap trust and demand from scratch (Venus eventually introduced peg stability modules and fees to address off-peg issues). Cosmos via Kava created the USDX stablecoin using cross-chain collateral, achieving some usage within the Cosmos ecosystem, though its scale remained modest relative to Ethereum’s DAI. Polkadot’s DeFi hub Acala introduced aUSD as a CDP-backed stablecoin, but a technical exploit led to a massive over-issuance and crash of aUSD’s value (Comprehensive List of Failed Stablecoins - ChainSec), undermining confidence. These cases underscore that the most receptive markets for CDPs have been those with strong decentralization ethos, developer support, and clear gaps in stablecoin availability. Ethereum had all these factors, whereas more centralized or insular ecosystems (or those already saturated with fiat-backed stablecoins) saw less necessity for CDP-born stablecoins. Community trust and integration opportunities are key drivers: MakerDAO’s DAI succeeded not just due to being first, but because it was embraced by dApp developers and users as a core building block. In contrast, on networks where users are content with centralized stables (Tron, BSC) or where DeFi activity is nascent, CDPs have a harder time finding product-market fit. Ultimately, CDPs tend to flourish on open finance platforms with high liquidity and a demand for censorship-resistant stable value, whereas they face headwinds on networks that prioritize centralized solutions or lack the infrastructure (or appetite) to support complex lending mechanisms.

Historical Performance and TVL Trends of CDPs

The evolution of CDPs is closely intertwined with the rise of DeFi itself. In the early days (pre-2018), before CDP-based stablecoins existed, DeFi’s total value locked (TVL) was negligible (image). The concept of locking crypto to generate stable liquidity was novel – protocols like MakerDAO were just being conceived. The chart above shows that prior to MakerDAO’s launch, DeFi TVL remained near-zero, highlighting how little on-chain lending or stablecoin activity existed before CDPs emerged.

(image) Once MakerDAO and its Single-Collateral DAI (SAI) went live (late 2017), DeFi TVL began to rise. From 2018 through early 2020, CDPs almost single-handedly bootstrapped DeFi’s growth. The figure above (spanning up to June 1, 2020) illustrates that nearly all of the DeFi TVL at the time was concentrated in CDP platforms (primarily MakerDAO). By mid-2020, roughly on the eve of the “DeFi summer,” total DeFi TVL was on the order of one billion USD – and the majority of that was locked in MakerDAO CDPs and a few similar systems (image). In other words, CDPs were the fundamental building block that attracted the first big wave of on-chain capital, as users locked ETH to mint DAI or other collateral-backed stablecoins. This period demonstrated the bootstrap effect of CDPs: they create stablecoins that can then flow into nascent lending and trading protocols, seeding those with liquidity. Indeed, early DeFi lending markets and DEXs often used DAI as a key base asset, so the growth of DAI (through CDPs) directly fed liquidity into other protocols.

(image) Post mid-2020, the DeFi landscape expanded dramatically. Yield farming and new protocols (DEXs like Uniswap, lending platforms like Compound/Aave, etc.) caused total DeFi TVL to explode to tens of billions by 2021. During this DeFi summer and beyond, CDP-based platforms continued to grow in absolute terms, but their share of overall TVL declined as the ecosystem diversified. The chart above (covering the “after CDP” phase) shows that while CDPs remained a fundamental layer – their TVL plateaued relative to the exponential growth of other DeFi sectors. MakerDAO’s DAI issuance did increase significantly (multi-collateral DAI launched in late 2019, and by 2021 DAI’s supply and Maker’s collateral vaults grew into the billions), but new entrants outpaced CDPs in drawing TVL. By late 2020, liquidity mining incentives meant lending and DEX protocols amassed large TVL, and by 2021 asset management and yield aggregators further diluted the CDP share. Still, CDPs never lost their importance – they consistently provided a stablecoin backbone and “lender of last resort” functionality (e.g. people mint DAI when other stablecoin liquidity is tight).

(image) The overall trend can be seen in the comparison of Total DeFi TVL vs. Total CDP TVL (above). CDP TVL (the lower line) grew steadily from 2018 onward, reaching a plateau in the tens of billions (MakerDAO and a handful of similar protocols). Meanwhile, total DeFi TVL (upper line) accelerated sharply after mid-2020, far outpacing the growth of CDPs. At DeFi’s peak (late 2021), CDP platforms still held a substantial amount – on the order of ~$10B+ in collateral – but this was only a fraction of the ~$100B+ total DeFi TVL across all sectors. In summary, CDPs sparked the initial rise of DeFi (2018–2020) by contributing the bulk of early TVL, and thereafter continued growing more linearly while the rest of DeFi skyrocketed. They remain a crucial component (providing on-chain stablecoins and credit), though no longer the majority of TVL post-2020 as the ecosystem matured and diversified. Notably, even as of today, MakerDAO’s CDP system is still one of the largest single DeFi dapps by TVL – indicating that the concept has long-term staying power even as new innovations have joined the fray.

Success and Failure Cases of CDP Projects

Throughout the years, we have seen some CDP-based projects achieve massive adoption while others struggled or failed to gain traction. MakerDAO (Ethereum) is the canonical success story. Launched in 2017, MakerDAO pioneered the CDP model and introduced DAI, a crypto-collateralized stablecoin. Its success can be attributed to several factors: a sound design (over-collateralization + automated liquidation to ensure solvency), strong governance and risk management, first-mover advantage, and deep integration into the DeFi ecosystem. MakerDAO’s resilience through events like the 2020 crypto crash (where DAI briefly faced liquidity crises) ultimately validated the CDP model – the system survived extreme volatility and kept DAI roughly pegged, proving the robustness of the mechanism (Crypto-backed stablecoins are broken — Caesar) (Crypto-backed stablecoins are broken — Caesar). Over time, Maker expanded to support multiple collateral types and today remains the largest decentralized stablecoin platform (about $5B DAI in circulation) (Crypto-backed stablecoins are broken — Caesar) (Crypto-backed stablecoins are broken — Caesar). In fact, “with over $8 billion in TVL and standing out as one of the largest success stories in crypto history, Maker has been the face of DeFi since its inception, remaining dominant and adaptive to this day” (MakerDAO Overview). This underlines how a well-executed CDP protocol can achieve not just product-market fit but become foundational to an entire blockchain’s economy.

In contrast, many other CDP-style projects failed or saw limited uptake. An early example is BitShares’ BitUSD (launched in 2014), one of the first crypto-collateralized stablecoins. BitUSD was backed by BitShares (BTS) tokens via a CDP-like mechanism, but it had design flaws and ultimately lost its peg in 2018, never regaining $1 (Comprehensive List of Failed Stablecoins - ChainSec). The failure was attributed to an inadequate stability mechanism (it relied on market psychology and didn’t sufficiently protect against scenarios where collateral value plunged) (Comprehensive List of Failed Stablecoins - ChainSec). BitUSD’s collapse demonstrated that without robust peg management and trust, a collateralized stablecoin can rapidly become unusable. In recent years, several CDP projects on newer chains failed to gain traction chiefly due to lack of user adoption. For instance, on Solana, projects like Parrot’s PAI and Hubble Protocol’s USDH attempted to emulate DAI’s model, but their combined circulating supply remained around a mere $15 million – trivial compared to established stablecoins (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News). These projects struggled to attract users and liquidity, and in the case of Solana’s algorithmic-hedged stablecoin UXD, the team ultimately decided to wind down the project in 2024. The UXD team cited “lack of liquidity and [that] the stablecoin model isn’t exciting enough for DeFi users and does not offer enough advantage over centralized stablecoins” as reasons for shutting down (Solana protocol with $7.5m in deposits shuts down as its model ‘isn’t exciting enough’ for DeFi users – DL News). This highlights a common failure mode: if a decentralized stablecoin doesn’t substantially improve on convenience or trust relative to USDT/USDC, users may simply ignore it. Likewise, on Polkadot’s Acala network, the aUSD CDP stablecoin’s momentum was crushed by a hack that minted 1.2 billion aUSD out of thin air (Comprehensive List of Failed Stablecoins - ChainSec) – a catastrophic loss of confidence from which the project couldn’t recover.

From these cases, a few key success factors emerge: (1) Robust design and risk controls – Maker’s over-collateralization and active governance of stability fees kept DAI largely stable, whereas weaker designs (BitUSD) or smart contract vulnerabilities (aUSD) led to failure. (2) Sufficient liquidity and integrations – DAI became useful because many platforms accepted it, creating demand; projects that remained siloed or had low liquidity saw a vicious cycle of low usage. (3) Community and governance – Maker’s active governance community helped steer it through crises and adapt (e.g. adding new collateral types), whereas abandoned or poorly maintained projects faded. Conversely, reasons for failure often include poor peg stability mechanisms, lack of market demand (especially when competing against fiat-backed coins), and technical shortcomings. As one analysis succinctly noted, crypto-backed stablecoins that “failed to attract users” generally suffered from capital inefficiency, liquidation risks, limited use cases, and low liquidity compared to fiat-backed alternatives (Crypto-backed stablecoins are broken — Caesar). Thus, while CDPs are powerful, they require meticulous implementation and an environment conducive to decentralized alternatives in order to succeed at scale.

CDPs in TON (The Open Network)

The Open Network (TON) is a newer blockchain that is exploring CDP-based stablecoins, though it is still in early stages of DeFi development. TON was initially designed by Telegram and uses a unique architecture (different from Ethereum’s EVM), but it has the necessary smart contract capabilities to implement CDPs. Technically, CDPs on TON are feasible – and in fact, recent TON-based projects demonstrate this. In late 2024, two CDP-style stablecoin platforms on TON, Aqua Protocol and Delea, achieved a milestone of over $9 million combined TVL (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators) (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). These protocols borrow from MakerDAO’s model, allowing users to deposit collateral (TON coins or other assets) and mint TON-native stablecoins. The adoption so far is modest (single-digit millions in TVL is tiny compared to Ethereum’s CDP platforms), but it proves that TON’s smart contracts can handle CDP logic. Aqua, for example, lets users lock Toncoin and even wrapped USDT to mint a stablecoin (AquaUSD) (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). The reliance on USDT as collateral (nearly 100% of Aqua’s deposits are USDT (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators)) suggests that TON’s ecosystem is bootstrapping its stablecoin with help from an existing stable asset – a pragmatic approach to achieve stability and trust initially.

When evaluating TON for CDPs, several factors come into play:

• Decentralization: TON is a proof-of-stake network with a limited validator set. It currently has on the order of a few hundred validators (around 384 active validators) (The validator debate: how many are needed for true blockchain decentralization? | CryptoTvplus - The Leading Blockchain Media Firm), which is far fewer than Ethereum’s validator count (over 1.6 million) (The validator debate: how many are needed for true blockchain decentralization? | CryptoTvplus - The Leading Blockchain Media Firm). This implies TON is less decentralized than Ethereum and even Solana (1000+ validators) (The validator debate: how many are needed for true blockchain decentralization? | CryptoTvplus - The Leading Blockchain Media Firm). A lower level of decentralization could be a risk factor for CDPs – for instance, if a small number of validators collude or the network halts, it can affect price oracles or liquidations. However, 384 validators is still a sizeable group, and TON’s developers are aiming to increase decentralization over time. For CDP purposes, as long as the network remains Byzantine fault tolerant and secure, the main impact of fewer validators is on perception (some DeFi users may trust it less than Ethereum) and possibly on uptime (though TON has not had major downtime reports).

• DeFi Infrastructure: TON’s DeFi ecosystem is in its infancy. Aside from the mentioned stablecoin projects, TON has a few DEXs and yield farms (e.g., StonFi, DeDust) and some liquidity staking derivatives (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). The current DeFi liquidity on TON is low, which means a CDP-based stablecoin might have limited places to be utilized. In contrast to Ethereum (where a new stablecoin can quickly find use in many dApps), on TON the stablecoin’s utility might be constrained to just a handful of platforms. This chicken-and-egg problem is common – to succeed, a stablecoin needs an ecosystem of lenders, traders, etc., but those ecosystems themselves need users and assets. The recent growth of Aqua and Delea suggests some momentum, possibly driven by yield incentives (users mint the stablecoin to farm yields on TON DEXs) (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). Over time, if TON’s DeFi matures, a CDP stablecoin could become a linchpin of its economy, much like DAI on Ethereum, but reaching that point will require significantly more total liquidity and more dApps on TON.

• Liquidity and User Base: One advantage TON has is its integration with Telegram, giving it a large potential user base. If even a fraction of Telegram’s users start using TON wallets, there could be demand for a native stablecoin (for payments, trading, etc.). Currently, though, much of TON’s on-chain liquidity comes from bridged or centralized assets – for example, Tether’s USDT has been issued on TON, and by early 2025 the total stablecoin market cap on TON was around $900M (primarily USDT) (TON - DefiLlama). That indicates people are bringing liquidity to TON, but they are relying on established stablecoins. A CDP-based stablecoin on TON would have to compete with (or complement) USDT. The early design of Aqua actually uses USDT as collateral, effectively making AquaUSD a re-collateralized version of USDT (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). This raises some questions: if users already have USDT on TON, do they need a CDP stablecoin? The answer may hinge on decentralization – some users might prefer a truly decentralized stablecoin that isn’t directly dependent on Tether. If TON’s ethos leans towards decentralization and censorship-resistance, that could drive adoption of CDP stablecoins in the long run, especially for on-chain activities.

• Smart Contract Capabilities: TON’s smart contracts (written in languages like FunC for the TON Virtual Machine) are powerful enough to implement the complex logic of CDPs (vault accounting, collateral ratio checks, liquidations, etc.). The existence of functioning prototypes (Aqua, Delea) confirms TON can handle it. One consideration is security – TON’s smart contract ecosystem is newer, with fewer auditors and battle-tested templates compared to Ethereum’s vast repository of DeFi contracts. Any CDP implementation must be extremely careful with auditing to avoid exploits. Additionally, price oracles are crucial for CDPs; TON will need reliable oracle feeds for asset prices to know when to liquidate. It’s unclear if TON has native oracle solutions or if it relies on cross-chain oracles, but a robust oracle mechanism is a prerequisite for safe CDPs.

In summary, TON is technically capable of hosting CDPs, and initial deployments have begun, but the ecosystem’s immaturity means CDPs on TON will face an uphill battle to achieve the scale seen on Ethereum. The network’s moderate decentralization and small DeFi scene are the main constraints. If TON’s community prioritizes decentralized finance and grows its liquidity, CDPs could become a cornerstone (providing a homegrown stablecoin for TON). The success of TON CDPs will depend on whether they can attract enough users away from simply using bridged coins like USDT. Given TON’s trajectory, it’s plausible that CDPs will play a role in its DeFi expansion, but significant growth (and possibly more decentralization) is needed for them to have an impact comparable to Ethereum’s.

CDPs in Solana: Why They Didn’t Gain Traction

Solana is a high-performance blockchain that saw a DeFi boom in 2021, yet CDP-based stablecoins on Solana failed to gain much traction. Both technical factors and market dynamics contributed to this outcome:

• Dominance of Centralized Stablecoins: Solana’s DeFi users had easy access to fiat-backed stablecoins (mainly USDC and USDT) from the start. Circle’s USDC was natively integrated into Solana early on, providing a trusted stablecoin for transactions. By 2024, USDC and USDT accounted for about 99% of the stablecoin market on Solana (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News). This left a sliver of the market to any would-be decentralized stablecoin. Users and protocols were already using USDC at massive scale (Solana’s total stablecoin supply reached over $10–11B, mostly USDC (Solana Stablecoins Market - DefiLlama)). In this environment, new CDP-issued stablecoins faced an uphill battle to justify their existence. Indeed, Solana’s previous attempts at crypto-backed stables “failed to gain any traction” (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News). There was simply little demand to switch from highly liquid, stable USDC/USDT to a more experimental alternative.

• Late and Limited Launches: Several Solana projects did try to create CDP stablecoins. Notably, Parrot Protocol’s PAI and Hubble Protocol’s USDH launched in 2021-2022, aiming to be Solana’s answer to DAI. However, their adoption remained minimal. As of early 2024, the combined circulating supply of PAI, USDH (and another project UXD) was only about $15 million (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) – an almost insignificant figure next to Solana’s $10B+ stablecoin usage. These projects never became core building blocks in Solana DeFi. One reason is timing: by the time they launched, Solana’s DeFi had already coalesced around USDC for stable liquidity (for example, lending protocols like Solend primarily use USDC/USDT markets). There was no vacuum for them to fill; at best they could offer a decentralized ethos, but most users prioritized liquidity and reliability, which USDC provided. The failure of earlier Solana stablecoin attempts (like PAI, USDH) created a perception that such projects were niche. In August 2024, UXD (which was a somewhat different model involving algorithmic hedging) announced it would wind down operations and return funds to users, citing inability to achieve product-market fit (Solana protocol with $7.5m in deposits shuts down as its model ‘isn’t exciting enough’ for DeFi users – DL News) (Solana protocol with $7.5m in deposits shuts down as its model ‘isn’t exciting enough’ for DeFi users – DL News). The UXD team explicitly stated that, while their stablecoin mechanism worked to hold the peg, it “is not exciting enough for DeFi users and does not offer enough advantage over centralised stablecoins” (Solana protocol with $7.5m in deposits shuts down as its model ‘isn’t exciting enough’ for DeFi users – DL News). This sentiment likely applies broadly – Solana users didn’t see a compelling reason to use a CDP stablecoin when USDC was so readily available and integrated.

• Maturity of DeFi Infrastructure: Solana’s DeFi ecosystem, though rapidly growing in 2021, was still less mature than Ethereum’s. Fewer developers and protocols focused on CDPs initially, as they were busy building DEXs (Serum), lending platforms (Solend, Jet), and other primitives. Anders Jorgensen of MarginFi noted that “Solana’s still really early… there hasn’t been as many devs as the EVM ecosystem, and the really quality teams have just pursued other primitives so far.” (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News). In other words, Solana’s top talent went into making use-case-specific protocols and optimizing Solana’s unique strengths (like high-speed order books), rather than duplicating Ethereum’s CDP model early on. By the time teams tried to introduce crypto-backed stablecoins, the ecosystem’s needs were largely being met by existing solutions. Additionally, integration opportunities for a new stablecoin were limited – a stablecoin becomes more useful when many platforms support it, but convincing a slew of Solana dApps to add support for PAI or USDH (instead of just defaulting to USDC) was challenging. Lacking a broad base of integration, these stablecoins never achieved a self-sustaining network effect.

• Technical and Network Considerations: Solana’s high throughput design is a double-edged sword for something like CDPs. On one hand, Solana can handle liquidation bots and oracle updates very fast. On the other hand, Solana suffered a few network outages and congestion events during 2021-2022. If the network is down or congested, it could prevent timely CDP liquidations – a critical risk for a lending protocol. There was an incident in early 2022 where Solana congestion contributed to widespread liquidation issues in lending markets (Latest Solana Clog Causes Liquidation Bloodbath - Crypto Briefing) (Latest Solana Clog Causes Liquidation Bloodbath - Crypto Briefing). Such events may have made users and developers wary of relying on Solana for something as sensitive as a collateralized stablecoin (where a delayed liquidation can mean bad debt). While Solana has improved stability, the perception of reliability is important – Ethereum, despite higher fees, has been very steady in uptime, which gives confidence for running protocols like MakerDAO. Solana’s relative newness and a few high-profile technical hiccups possibly dampened institutional or long-term user appetite to lock value in CDPs there.

• Alternate Solutions: Instead of CDPs, Solana users leveraged other ways to borrow against assets. Platforms like Solend allowed users to post SOL or BTC as collateral and borrow USDC directly (peer-to-pool lending). This fulfills a similar need – get liquidity without selling – but using existing stablecoins. Many users might have found this route simpler: rather than minting a new stablecoin (and worrying about its peg), just borrow USDC from a lending pool. Thus, traditional lending protocols on Solana cannibalized the use-case that a MakerDAO-like system would target. Why create PAI to use on a DEX when you can just borrow USDC and use it on that DEX? The success of Solend and others in facilitating collateralized loans reduced the impetus to use a CDP stablecoin.

In summary, Solana’s CDP-based stablecoins did not take off due to a combination of market saturation by USDC/USDT, lack of early momentum and developer focus, and the absence of a clear competitive advantage over existing solutions. Solana’s DeFi grew around different primitives, and by the time CDP projects emerged, there was little space or need for them. Even though technically Solana can support CDPs (and had the speed to potentially do it well), the market adoption wasn’t there. As DLNews reported, “USDC and Tether’s USDT…account for almost 99% of the stablecoin market on Solana,” and previous attempts at crypto-backed alternatives have largely “failed to gain any traction.” (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) Future Solana stablecoin initiatives (like the upcoming ones mentioned in 2024, e.g. MarginFi’s YBX which is a staked asset-backed “soft peg” coin (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News)) are trying new approaches, but they will have to overcome the entrenched dominance of centralized stablecoins and demonstrate a unique value to succeed where earlier CDPs did not.

Ethereum’s Dominance in CDPs and MakerDAO’s Role

Ethereum remains the undisputed leader for CDP-based stablecoins for several interrelated reasons. First and foremost, Ethereum was where the concept was pioneered – MakerDAO’s launch on Ethereum gave it a huge first-mover advantage. But beyond being first, Ethereum provided the ideal environment for CDPs to flourish:

• Smart Contract Maturity and Security: Ethereum’s smart contract platform (Solidity/EVM) had matured by the time CDPs gained popularity, with many security practices and audit firms focused on it. MakerDAO’s contracts underwent extensive audits and even formal verification of critical components (MCD Security Audit - Notion). Over the years, MakerDAO has engaged multiple independent security firms (e.g., Trail of Bits, PeckShield, Runtime Verification) to audit and stress-test its system (MakerDAO and the Future of Decentralized Stablecoins - Medium). This level of scrutiny, combined with Ethereum’s battle-tested infrastructure, gave users and other protocols confidence in DAI’s safety. In contrast, on newer chains, similar confidence is harder to achieve early on. Additionally, Ethereum’s network reliability (no unexpected halts, a huge distributed validator set post-merge) means CDP systems can count on predictable operations for liquidations and oracle updates. The robustness of Ethereum’s base layer has been instrumental – even during extreme events (e.g., March 2020’s crash), the Ethereum chain continued processing transactions, allowing Maker’s liquidation system to function (albeit under stress). This reliability and security track record make Ethereum a natural home for high-stakes DeFi protocols like CDPs.

• DeFi Composability and Network Effects: Ethereum’s DeFi ecosystem is incredibly interconnected. Protocols on Ethereum benefit from composability – the ability to easily integrate with one another. DAI, as an Ethereum-native stablecoin, became widely integrated across DeFi: “DAI is widely used in popular DeFi applications such as Compound and Aave for lending and borrowing, in decentralized exchanges like Uniswap for trading…” (MakerDAO Overview - Reflexivity Research). Because so many protocols support DAI, holding or minting DAI via a CDP unlocks countless uses (yield farming, liquidity providing, margin trading, etc.). This composability greatly reinforced Ethereum’s CDP dominance – once DAI was the most ubiquitous decentralized stablecoin, any competitor on another chain had to not only create the CDP mechanism but also build a whole ecosystem around their stablecoin. On Ethereum, MakerDAO could focus on the core (CDP stability) while other teams built exchanges, money markets, derivatives that utilized DAI. This rich tapestry of DeFi apps amplified MakerDAO’s reach. For example, users might open a CDP to mint DAI, then deposit that DAI into Compound to earn interest or into Uniswap pools – all on the same chain seamlessly. Ethereum’s large user base and developers ensure that any valuable asset (like DAI) gets integrated widely, creating a reinforcing cycle of adoption. Even new Ethereum layer-2s often include DAI from the start (via bridges), extending Ethereum’s CDP influence beyond the main chain.

• Community and Decentralization Ethos: Ethereum’s community has a strong bias towards decentralization and open finance. This made MakerDAO’s decentralized stablecoin particularly appealing on Ethereum. Whereas on other chains users might not mind using a centralized stablecoin, within Ethereum’s DeFi culture DAI filled a niche as “the decentralized dollar”. It provided an alternative to USDC/USDT that aligned with the ethos of censorship-resistance. This ideological alignment meant that Ethereum’s DeFi users and builders were willing to bootstrap and support DAI’s adoption even when it was small. Over time, Maker’s governance (via the MKR token) also proved effective at decentralizing control – thousands of MKR holders participate in governance votes determining fees and risk parameters. Ethereum’s infrastructure (MetaMask, etc.) made participating in such governance accessible, and the transparency of on-chain operations built trust. According to research, DAI’s “mature ecosystem and proven track record, along with one of the most dedicated and active governance forums in DeFi” is a key distinction (MakerDAO Overview). This governance robustness (only possible on a chain with Ethereum’s level of participation and transparency) allowed Maker to adapt and remain dominant. For example, when risks were identified, Maker governance could quickly raise collateral requirements or introduce new collateral types. This active management kept DAI stable and the protocol solvent, reinforcing user confidence.

• Adaptability and Innovation on Ethereum: Ethereum’s flexibility allowed MakerDAO to innovate over time – moving from single-collateral to multi-collateral, adding support for new assets like WBTC, even incorporating real-world assets as collateral in recent years. Ethereum’s rich set of oracle providers (e.g. Chainlink) and auxiliary services made it easier to extend Maker’s capabilities. Moreover, new CDP-based projects on Ethereum have also thrived alongside Maker, showing the depth of the market. For instance, Liquity launched on Ethereum in 2021, offering a CDP-like model with a stablecoin (LUSD) and an innovative 0% interest mechanism. Liquity garnered a few hundred million in TVL, indicating Ethereum can support multiple CDP platforms simultaneously. This is partly because Ethereum’s user base and liquidity are so large that niche differentiators (like Liquity’s fee structure) can attract a segment of users. It’s telling that even these newer protocols often integrate with or complement Maker/DAI rather than replace it – Ethereum’s DeFi tends to aggregate layers of functionality. Another Ethereum-native project, Reflexer’s RAI, introduced a non-USD-pegged stablecoin via CDPs, which, while small, gained recognition as a purely crypto-native, governance-minimized stable asset. The common thread is that Ethereum provides the playground and audience for such experiments, many of which wouldn’t find users elsewhere easily.

• Sheer Scale and Liquidity: At its height, Ethereum’s DeFi TVL was orders of magnitude above other chains. Even today, Ethereum (including its L2 rollups) holds the majority of DeFi value. MakerDAO itself still holds several billion in collateral and remains a top DeFi protocol by TVL (MakerDAO Overview). This scale means better liquidity for DAI (tight peg, deep markets) and more resilience. When users see billions of liquidity and years of history, they trust the system more, which further entrenches its dominance. Competing CDP projects on smaller chains often face a bootstrap problem – low liquidity leads to higher volatility and lower trust, which in turn discourages growth (as seen in Solana’s case). Ethereum’s CDP ecosystem doesn’t have that issue; it’s self-sustaining and deeply liquid.

In essence, Ethereum’s dominance in CDPs is a product of its head start, its supportive ecosystem, and a feedback loop of trust and integration. MakerDAO’s DAI became “the most ubiquitous” decentralized stablecoin on Ethereum, “playing a pioneering role in fueling the rapid adoption of decentralized finance.” (MakerDAO’s DAI and DeFi for Collateralized Loans | Gemini). This pioneering position is hard to dislodge. Ethereum offers an unmatched combination of security, composability, and user base for CDP platforms. Unless other chains develop a similarly rich DeFi environment and user demand for decentralized stables, Ethereum is likely to remain the primary home of CDPs. Even as multi-chain DeFi grows, Ethereum’s CDP protocols (like Maker) are expanding to those networks (through bridges or multichain deployments), effectively exporting Ethereum’s dominance. For example, DAI is now present on layer-2 networks and other chains via bridges, often preferred by users over attempting to mint a brand new CDP stablecoin locally.

Finally, MakerDAO’s ongoing evolution (such as its plans to rebrand and incorporate real-world assets heavily as collateral) shows it’s an adaptive leader. The protocol’s longevity and continuous improvements underscore why Ethereum leads: it’s not static; the community learns and enhances the system, maintaining a competitive edge. As one report noted, MakerDAO with its large TVL and history has “remained dominant and adaptive to this day” (MakerDAO Overview). Ethereum’s culture of open innovation ensures that CDP platforms on Ethereum will likely continue to set the standard that others aspire to.

Conclusion

Collateralized Debt Positions have proven to be a transformative innovation in decentralized finance, enabling the creation of decentralized stablecoins and new credit markets that fuel liquidity across the ecosystem. From our analysis, it’s clear that CDPs carry substantial relevance – they allow crypto holders to unlock liquidity without offloading their assets, and they produce stablecoin liquidity that has become the lifeblood of DeFi lending, trading, and yield strategies (Collateralized Debt Position (CDP) - Faisal Khan). Historically, CDPs jump-started DeFi’s growth (with MakerDAO’s DAI as the catalyst) and still anchor a significant portion of on-chain value today, even as the landscape has broadened (image) (image).

However, the success of CDP-based projects is highly dependent on the surrounding ecosystem. Ethereum provided the perfect soil for CDPs to take root – a large, engaged community that values decentralization, a multitude of complementary DeFi protocols to integrate with, and a reliable, secure platform. This allowed MakerDAO and others to flourish, making Ethereum the stronghold of CDPs and decentralized stablecoins. In contrast, other networks like Solana and Tron illustrated that simply porting the CDP concept is not enough; without sufficient demand, deep liquidity, and integration, a CDP stablecoin struggles to gain traction. Solana’s case shows that when centralized stablecoins already dominate and the user base prioritizes convenience, crypto-collateralized alternatives may remain niche (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News). Similarly, experiments on newer chains can fail due to technical mishaps or lack of user trust (e.g., Acala’s aUSD hack, BitUSD’s design flaw), reinforcing that stability, security, and user confidence are paramount in this arena (Comprehensive List of Failed Stablecoins - ChainSec) (Comprehensive List of Failed Stablecoins - ChainSec).

Looking ahead, CDPs in emerging ecosystems (like TON) hold promise but will require careful nurturing. TON demonstrates technical feasibility for CDPs, and its growing DeFi efforts indicate an appetite for homegrown stablecoins (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators). Yet, as with other chains, building the necessary liquidity and trust will be the main challenge. TON’s path will likely depend on how well it can decentralize further and differentiate its DeFi economy to create a real need for a TON-native CDP stablecoin. In all cases, one consistent insight is that CDPs thrive when they become ingrained in their network’s financial fabric – that means broad adoption, integration into many dApps, and recognized value-add over existing alternatives.

In conclusion, CDPs have had a profound influence on DeFi’s evolution, underpinning the first major decentralized stablecoins and inspiring myriad lending models. They are both an economic tool (providing credit and liquidity) and a test of a network’s DeFi maturity. Ethereum’s continued dominance in this sector underscores the importance of a supportive ecosystem: technology alone isn’t enough – community, governance, and network effects ultimately decide the winners. As DeFi expands across chains, we may see CDPs take on new forms (leveraging cross-chain assets or real-world assets), but the core principles will remain. The story of CDPs is essentially about unlocking value in a trustless way, and wherever there’s demand for that and the right conditions, CDPs will likely find a market. Ethereum set the template, and others will continue to learn from its successes and failures as they attempt to replicate or adapt the CDP model in new contexts. The ongoing evolution of MakerDAO and similar projects will be crucial to watch, as they adapt to competitive pressures (like increasingly prevalent fiat-backed stables and newer algorithmic designs) and strive to maintain the delicate balance of decentralization and stability that defines the CDP paradigm.

Overall, the research indicates that CDPs remain a cornerstone of DeFi, but their impact varies greatly by ecosystem. When conditions align – as they did on Ethereum – CDPs can unlock tremendous value and drive innovation. When conditions are unfavorable, CDPs can falter despite the elegance of their design. Thus, stakeholders looking to implement CDPs on any platform must consider not just the technical build, but also the surrounding economic and community factors that are essential for success. The continued dominance of Ethereum’s CDPs and the mixed outcomes elsewhere offer a roadmap of both caution and inspiration for the future of collateralized debt positions in decentralized finance.

Sources:

1. Faisal Khan – “Collateralized Debt Position (CDP)” – Definition and usage of CDPs in DeFi (Collateralized Debt Position (CDP) - Faisal Khan) (Collateralized Debt Position (CDP) - Faisal Khan).

2. Gemini Cryptopedia – “MakerDAO’s DAI and DeFi for Collateralized Loans” – Noting MakerDAO’s widespread DeFi integration and pioneering role (MakerDAO’s DAI and DeFi for Collateralized Loans | Gemini).

3. Cointelegraph – “Stablecoin and memecoin frenzy drive Tron’s adoption” – Tron’s stablecoin usage dominated by USDT (~98%) (Stablecoin and memecoin frenzy drive Tron’s adoption: Report).

4. The Big Whale – “What is USDJ?” – Description of Tron’s USDJ CDP stablecoin mechanism on TRON (JustStable) (What is USDJ?).

5. ChainSec (The Block) – “Comprehensive List of Failed Stablecoins” – BitUSD’s loss of peg in 2018 on BitShares (Comprehensive List of Failed Stablecoins - ChainSec).

6. Cointelegraph – “Acala USD hack” – Incident of aUSD over-minting bug that crashed its value (Comprehensive List of Failed Stablecoins - ChainSec).

7. DLNews – “Solana projects challenge USDC dominance” – Solana’s stablecoin market 99% USDC/USDT; previous crypto-backed attempts failed to gain traction (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News).

8. DLNews – “Solana stablecoin projects (UXD, PAI, USDH) supply” – Combined circulating supply only ~$15M; commentary on Solana DeFi’s early stage and dev focus (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News) (Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market – DL News).

9. DLNews – “UXD Protocol shuts down” – Reasons for failure: lack of liquidity and no advantage over centralized stablecoins (Solana protocol with $7.5m in deposits shuts down as its model ‘isn’t exciting enough’ for DeFi users – DL News).

10. NFTgators – “Aqua & Delea hit record TVL on TON” – TON’s CDP-based stablecoins reaching $9M TVL, showing initial traction (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators) (Aqua & Delea Hit Record TVL as TON Stablecoin Projects Gain Traction - NFTgators).

11. DefiLlama – “TON stablecoins and validators” – TON’s stablecoin market ~$918M (mostly USDT); TON active validators count (384 vs Ethereum 1.6M) (TON - DefiLlama) (The validator debate: how many are needed for true blockchain decentralization? | CryptoTvplus - The Leading Blockchain Media Firm).

12. Reflexivity Research – “MakerDAO Overview” – Maker’s status as a DeFi success (over $8B TVL, dominant since inception) (MakerDAO Overview); strong governance community (MakerDAO Overview).

13. Mirror.xyz (Caesar) – “Crypto-backed stablecoins are broken” – Limitations of crypto-backed stables vs fiat stables (capital inefficiency, etc.) (Crypto-backed stablecoins are broken — Caesar).

Эта статья на русском языке тут.

Aqua Protocol is a leading CDP, liquidity layer, and borrowing protocol on TON with fixed fees. It allows anyone to mint a decentralized, overcollateralized (LST, LP, RWA) stablecoin, AquaUSD, backed by 150%, and use it in DeFi to maximize yield.

Aqua Protocol also provides conservative investors the opportunity to earn without volatility by supplying liquidity to stable pairs pegged to the dollar, such as AquaUSD/USDT.

2. Launch of Season 3 of Rewards

We launched the third season of rewards to reward active AquaUSD users. The system is now designed for users with different risk profiles and budgets, as well as influencers. Aqua Protocol incentivizes long-term participation through the AquaRP reward system, which can be exchanged for AQUA tokens.

3. AquaRP: What It Is and Where to Check It

AquaRP is a points system earned for various actions within Aqua Protocol. AquaRP can be earned through AquaUSD borrowing, liquidity provision, holding AquaUSD in your wallet, making swaps, and referring active users to the protocol.

AquaRP will allow you to receive an allocation of the utility token AQUA.

To check your accumulated AquaRP, simply connect your wallet in the Aqua Protocol app and go to the "You Rewards" section at the bottom of the screen. This section will display all of your AquaRP earnings, including those from our partners Storm Trade and DeDust.

4. How We Earn RP and How Much RP is Earned for Each Action

1. Advanced Users and High-Risk Takers

Advanced users looking to maximize earnings can borrow AquaUSD. Each loan earns RP, and the borrowed AquaUSD can be used in other DeFi protocols or for looping (spot leverage) within Aqua Protocol. The larger the loan, the more RP earned.

• AquaUSD Loan: 13.7 RP for every $20 daily.

The higher the loan or leverage, the more RP you can earn.

2. Conservative Liquidity Providers

Users who prefer safer strategies can provide liquidity to the AquaUSD/USDT stable pool. They earn RP daily, as well as yield from swaps in the pool and boosts in USDT. As of today (02/19/2025), the yield is 27% annualized in stablecoins for stablecoin pairs, which is a unique and profitable offer on TON.

• Liquidity Provision AquaUSD/USDT: 2.74 RP for every $20 daily.

3. Lazy Users

For those who don't want to actively engage with other mechanisms in Aqua Protocol, they can simply hold AquaUSD in their wallet. This allows them to diversify risks by using decentralized and free AquaUSD instead of centralized USDT while still earning RP. Buy AquaUSD at the best price here.

• Holding AquaUSD in Wallet: 1.37 RP for every $20 daily.

4. Volume Traders

Users who love to trade actively can earn RP from swaps in the AquaUSD/USDT pool. RP is earned for each swap. The best swaps for AquaUSD here.

• Swap in AquaUSD/USDT Pool: 2.5 RP for every $20. For example, a $1,000 swap would earn 125 RP.

5. Influencers

Users who refer others through the referral program receive 15% of RP earned by their referrals for AquaUSD-related operations. Your referral link is available in the Aqua app at the bottom of the screen after connecting your TON wallet.

• Referral Program: 15% of RP earned by your referrals for AquaUSD-related operations (borrows, liquidity provision, swaps, hold).

For VIP influencer conditions, please contact us on Telegram: https://t.me/julia_innovator.

5. RP Boosts: How They Work and Who Gets Them

Boosts are granted for 30 days of continuous liquidity holding in Aqua Protocol. If the liquidity remains untouched, users earn additional RP for every 30 consecutive days.

Applicable Bonuses:

• For Aqua NFT Genesis Holders (up to 5 NFTs):

  • 1 NFT — 1.05x multiplier

  • 2 NFTs — 1.06x multiplier

  • 3 NFTs — 1.07x multiplier

  • 4 NFTs — 1.08x multiplier

  • 5 NFTs — 1.1x multiplier

• For Large Depositors (Whales):

  • Tier 3 (>= $250,000) — 1.15x multiplier

  • Tier 2 (>= $500,000) — 1.2x multiplier

  • Tier 1 (>= $1,000,000) — 1.3x multiplier

Example Calculations

Example 1: User with a $50,000 AquaUSD Loan and 3 Aqua NFTs for 30 Days

Suppose the user took a $50,000 AquaUSD loan for 30 days and holds 3 Aqua NFTs.

• AquaUSD Loan: 13.7 RP for every $20 daily.

For $50,000:

50,000 / 20 = 2,500 (quantity of $20)

2,500 * 13.7 = 34,250 RP daily

For 30 days:

34,250 * 30 = 1,027,500 RP for 30 days

With 3 Aqua NFTs (1.07x multiplier):

1,027,500 * 1.07 = 1,099,425 RP for 30 days

Example 2: Whale with $1,000,000, 1 Aqua NFT, and Liquidity Provision for 30 Days

Suppose the whale with $1,000,000 in liquidity and 1 Aqua NFT provides liquidity in the AquaUSD/USDT pool for 30 days.

• Liquidity Provision AquaUSD/USDT: 2.74 RP for every $20 daily.

For $1,000,000:

1,000,000 / 20 = 50,000 (quantity of $20)

50,000 * 2.74 = 137,000 RP daily

For 30 days:

137,000 * 30 = 4,110,000 RP for 30 days

With 1 Aqua NFT (1.05x multiplier) and Tier 1 (1.3x multiplier):

4,110,000 * 1.05 * 1.3 = 5,610,150 RP for 30 days

Conclusion

Aqua Protocol is focused on the long-term development and growth of the TON ecosystem. We create opportunities for maximum AquaUSD utilization, enabling users to not only earn but actively participate in the protocol’s growth. No matter your risk level, we have options for you: from loans and liquidity provision to passive income with AquaUSD.

Act now:

• Mint AquaUSD: [Link to mint AquaUSD]

• Provide liquidity to AquaUSD/USDT pool: [Link to liquidity pool]

• Swap AquaUSD: [Link to AquaUSD swap]

• Buy AquaUSD: [Link to buy AquaUSD]

• Get your referral link: [Link to get referral link]

• Buy Aqua Genesis NFT: [Link to buy Aqua Genesis NFT]

Join Aqua Protocol and be part of the growth of the TON ecosystem and DeFi on TON!

Read also:

• What is Aqua Protocol and Why is AquaUSD Needed on TON?

• Updated Aqua Protocol: Season 3, RP Points, and New Borrowing Terms

• New Reward Season for AquaUSD Liquidity Providers: Terms & Bonuses

• Minting AquaUSD and DeFi Strategies: How to Maximize Profits in the New Rewards Season

Contacts:

• Aqua Protocol website

• Aqua Protocol application (Mint AquaUSD here)

• X

• Telegram channel

• Telegram chat

This article in English is here.

Aqua Protocol — это лидирующий CDP, слой ликвидности и протокол займов на TON с фиксированными комиссиями. Он позволяет любому человеку минтить децентрализованный сверхобеспеченный (LST, LP, RWA) стейблкоин AquaUSD, обеспеченный на 150%, и использовать его в DeFi для максимизации доходности. Aqua Protocol также предоставляет консервативным инвесторам возможность зарабатывать без волатильности, поставляя ликвидность в стейбл-пары, привязанные к доллару, такие как AquaUSD/USDT.

2. Старт 3 сезона наград

Мы запустили третий сезон наград, чтобы вознаградить активных пользователей AquaUSD. Система теперь ориентирована на пользователей с разными уровнями риска и бюджетами, а также на инфлюенсеров.

Aqua Protocol стимулирует пользователей к долгосрочному участию через систему вознаграждений AquaRP, которые могут быть обменяны на AQUA токены.

3. AquaRP: что это и где их проверять

AquaRP — это система очков, которая начисляется за различные действия внутри Aqua Protocol. AquaRP могут быть заработаны за займ AquaUSD, поставку ликвидности, хранение AquaUSD на кошельке, совершение свопов и привлечение активных пользователей в протокол.

AquaRP будут давать возможность получить аллокацию утилити токена проекта AQUA.

Чтобы проверить свои начисленные Aqua RP, необходимо подключить кошелек в приложении Aqua Protocol и перейти в раздел You Rewards внизу экрана. В этом разделе будут отображаться все начисления Aqua RP, а так же ваши начисления от наших партнеров Storm Trade и DeDust.

4. За что мы начисляем RP и сколько RP за каждый шаг

1. Продвинутые и пользователи с высокими аппетитами к рискам

Продвинутые пользователи, которые стремятся зарабатывать по максимуму, могут брать займы в AquaUSD. За каждый займ начисляются RP, взятые AquaUSD можно использовать в других DeFi-протоколах или для лупинга (спотовое плечо) в Aqua Protocol. Чем больше сумма займа, тем больше RP начисляется.

• Займ AquaUSD: 13.7 RP за каждые $20 ежедневно.

• Чем выше заем или плечо, тем больше RP можно заработать.

2. Консервативные поставщики ликвидности

Пользователи, предпочитающие более безопасные стратегии, могут предоставлять ликвидность в стейбл-пулы AquaUSD/USDT. Они получают RP ежедневно, а также доходность от обменов в пуле и бустов в USDT. На сегодняшний день (19/02/2025) доходность 27% годовых в стейблкоинах на стейблкоины, что является уникальным и выгодным предложением на TON.

• Поставка ликвидности AquaUSD/USDT: 2.74 RP за каждые $20 ежедневно.

3. Ленивые

Пользователи, которые не хотят активно участвовать в других механизмах Aqua Protocol, могут просто хранить AquaUSD на своем кошельке. Это позволяет им диверсифицировать риски, используя децентрализованный и свободный AquaUSD вместо централизованного USDT, и при этом получать RP. Купить AquaUSD по самым выгодным ценам можно тут.

• Держать AquaUSD на кошельке: 1.37 RP за каждые $20 ежедневно.

4. Любители крутить объемы

Пользователи, которые любят активно торговать, могут зарабатывать на свопах в пуле AquaUSD/USDT. За каждую операцию начисляются RP. Выгоднее всего свапать тут.

• Swap в пуле AquaUSD/USDT: 2.5 RP за каждые $20. Например, за один обмен на 1000 долларов вы получите 125 RP.

5. Инфлюенсеры

Пользователи, которые привлекают других через реферальную программу, получают 15% от RP, заработанных их рефералами, за операции с AquaUSD. Ваша реферальная ссылка доступна в приложении Aqua внизу экрана после подключения TON кошелька.

• Реферальная программа: 15% от RP, заработанных рефералами за операции с AquaUSD (займ, поставка ликвидности, обмен, холд)

По VIP условиям для инфлюенсеров пишите в телеграм https://t.me/julia_innovator.

5. Бусты RP: как они работают и кому полагаются

Бусты начисляются за 30 дней непрерывного удержания средств в Aqua Protocol. Если ликвидность оставалась нетронутой, пользователи получают дополнительные RP за каждые 30 дней подряд.

Применяемые бонусы:

• Для держателей Aqua NFT Genesis (до 5 NFT):

  • 1 NFT — множитель 1.05x

  • 2 NFT — множитель 1.06x

  • 3 NFT — множитель 1.07x

  • 4 NFT — множитель 1.08x

  • 5 NFT — множитель 1.1x

• Для крупных вкладчиков (китов):

  • Tier 3 (>= $250,000) — множитель 1.15x

  • Tier 2 (>= $500,000) — множитель 1.2x

  • Tier 1 (>= $1,000,000) — множитель 1.3x

Примеры расчетов

Пример 1: Пользователь с займом 50,000 AquaUSD и 3 Aqua NFT на 30 дней

Предположим, что пользователь взял займ 50,000 AquaUSD на 30 дней и имеет 3 Aqua NFT.

• Займ AquaUSD: 13.7 RP за каждый 20 AquaUSD ежедневно.

  Для 50,000 AquaUSD:

  50,000 / 20 = 2,500 (количество 20 AquaUSD)

• 2,500 * 13.7 = 34,250 RP ежедневно

  За 30 дней:

  34,250 * 30 = 1,027,500 RP за 30 дней

• С учетом 3 Aqua NFT (множитель 1.07x):

  1,027,500 * 1.07 = 1,099,425 RP за 30 дней

Пример 2: Кит с $1,000,000, 1 Aqua NFT и поставкой ликвидности на 30 дней

Предположим, что кит с $1,000,000 ликвидности и 1 Aqua NFT, поставляет ликвидность в пул AquaUSD/USDT.

• Поставка ликвидности AquaUSD/USDT: 2.74 RP за каждый $20 ежедневно.

  Для $1,000,000:

  1,000,000 / 20 = 50,000 (количество $20)

  50,000 * 2.74 = 137,000 RP ежедневно

  За 30 дней:

  137,000 * 30 = 4,110,000 RP за 30 дней

• С учетом 1 Aqua NFT (множитель 1.05x) и Tier 1 (множитель 1.3x):

  4,110,000 * 1.05 * 1.3 = 5,610,150 RP за 30 дней

Заключение

Aqua Protocol нацелен на долгосрочное развитие и поддержку экосистемы TON. Мы создаем возможности для максимальной утилизации AquaUSD, позволяя пользователям не только зарабатывать, но и активно участвовать в росте протокола. Независимо от вашего уровня риска, у нас есть предложения, которые удовлетворят ваши потребности: от займов и поставки ликвидности до пассивного дохода на AquaUSD.

Действуйте прямо сейчас:

• Минтите AquaUSD: [Ссылка на минт AquaUSD]

• Поставляйте ликвидность в пул AquaUSD/USDT: [Ссылка на пул ликвидности]

• Свапайте AquaUSD: [Ссылка на своп AquaUSD]

• Купите AquaUSD: [Ссылка на покупку AquaUSD]

• Получите свою реферальную ссылку: [Ссылка для получения реферальной ссылки]

• Купите Aqua Genesis NFT: [Ссылка на покупку Aqua Genesis NFT]

Присоединяйтесь к Aqua Protocol и становитесь частью роста экосистемы TON и DeFi на TON!

Читайте так же:

• Что такое Aqua Protocol и зачем нужен AquaUSD на TON?

• Обновленный Aqua Protocol: 3 сезон, RP-поинты и новые условия по займам

• Новый сезон наград для поставщиков ликвидности AquaUSD: условия и бонусы

• Минт AquaUSD и DeFi-стратегии: как максимизировать прибыль в новом сезоне наград

Контакты:

• Aqua Protocol сайт

• Aqua Protocol приложение (Минт AquaUSD здесь)

• X

• Telegram канал с анонсами

• Telegram чат

Welcome to the New Season of Opportunities from Aqua Protocol – the financial platform that lets you unlock additional liquidity by using your assets as collateral. If you're planning to mint AquaUSD, this guide is for you!

Aqua Protocol is a financial platform where you can access additional liquidity (loans) by collateralizing liquid staking tokens, low-risk LP tokens, and real-world assets (RWA).

Just like a lambard: you don’t sell your assets but use them as collateral to mint AquaUSD — a decentralized, over-collateralized digital dollar on the TON network.

AquaUSD maintains a hard peg to the US dollar through the Redeem mechanism: you can always exchange AquaUSD for $1 within our protocol!

AquaUSD is traded on the DEX aggregator Swap Coffee and can be easily swapped for any other token on TON.

Why Mint AquaUSD?

When you mint AquaUSD, you receive a loan backed by your assets. The current borrowing rate is 10% annually, so to achieve real profits, you need to implement strategies that yield returns above this rate.

Key Highlights:

• Access Liquidity: Use your assets to generate additional capital without selling them.

• Your Profit: Apply smart strategies to earn returns that surpass the 10% annual borrowing cost.

• Cashback Rewards: In the new season, borrowing fees are returned as Aqua RP. These points are distributed weekly and will be converted into AQUA tokens in the future — meaning active users won’t need to buy AQUA from the market (unless they want to increase their position). View your rewards in the Aqua Protocol app under Your Rewards.

Current Strategies to Earn Over 10% Yield

To make your loan profitable, we’ve prepared several lucrative DeFi strategies:

Helpful Tool: We’ve created a spreadsheet with calculations for each strategy. Copy it and experiment with the highlighted fields – [link to calculations here].

1. Looping (Spot Leverage)

“Looping” is the process of depositing collateral, borrowing against it, using the borrowed funds to buy the same asset, and then redepositing it into Aqua Protocol. Repeating this cycle several times helps maximize profits.

Examples:

• Looping USDT-SLP (providing liquidity on a perp-DEX Storm Trade):

  Max leverage: 5.7×Current yield: 22%Yield with leverage: 82.5%

• Looping TON-SLP (providing liquidity on a perp-DEX Storm Trade):

  Max leverage: 2×Current yield: 19%Yield with leverage: 22%If TON price doubles, yield rises to 76.4% compared to simply holding TON-SLP.

• Looping DeDust Ton/USDT LP (providing liquidity on a DEX):

  Max leverage: 2.6×Current yield: 8.5%Yield with leverage: 5.7%If TON price doubles, yield increases to 44%.

• Looping tsTON (liquid staking):

  Max leverage: 2×Current yield: 3.76%Yield with leverage: -2.4%If TON price doubles, yield reaches 21% compared to simply holding TON-SLP.

2. Borrowing and Providing Liquidity in the AquaUSD/USDT Pool

How it works:

• Mint AquaUSD using your assets as collateral.

• Swap half of your AquaUSD for USDT.

• Provide liquidity to the AquaUSD/USDT pool.

This strategy is profitable if the liquidity provision APR exceeds the 10% borrowing rate. It becomes even more attractive if you believe in TON’s growth — you earn liquidity rewards and benefit from TON’s price increase without selling your holdings.

Risks

Before Using the Protocol, Consider the Following Risks:

• Liquidation Risk: Unlike futures liquidations, Aqua Protocol offers partial liquidations if your collateral ratio (CR) falls below a certain threshold, and full liquidations if it drops significantly. In any case, the maximum liquidation penalty is 12%.

• Slippage: In low liquidity conditions, swaps may experience slippage, although the protocol’s algorithms aim to maintain AquaUSD’s peg to $1.

• Collateral Maintenance: It's important to monitor your collateral level – aim to keep it above the recommended level displayed in the app to avoid liquidation.

• Yield Changes: As TVL grows, initial boosts/APR may decrease.

• Smart Contract Hack Risk: While Aqua Protocol has undergone two security audits, vulnerabilities can never be fully ruled out.

• Collateral Asset Risks: The value and reliability of your collateral assets may fluctuate.

Tip: Always do your own research (DYOR) and never risk more than you can afford to lose.

FAQ on AquaUSD

**Why is there no impermanent loss in the AquaUSD/USDT pair?**Because the pool consists of two stablecoins (AquaUSD and USDT) with fixed values.

**How does AquaUSD maintain its $1 peg?**Through the Redeem mechanism: if the peg drops below $1, you can always redeem AquaUSD at $1. Additionally, stability is ensured by over 150% collateral backing.

**How can I withdraw my deposit?**Repay your AquaUSD debt, then use the Repay and Withdraw functions to retrieve your collateral assets.

**What should I do if my collateral value drops?**Monitor your collateral level. If it decreases, add more collateral or repay part of your debt to avoid liquidation.

Conclusion

Minting AquaUSD is an excellent way to gain liquidity without selling your assets and take advantage of numerous DeFi strategies to boost your yield. With proper management and timely risk monitoring, you can earn returns that exceed the 10% annual loan rate, with additional Aqua RP rewards as a bonus.

Ready to start? Connect your wallet in the Aqua Protocol app and explore all the opportunities this new season offers!

Remember: Cryptocurrency investments always carry risks. Evaluate them carefully and make informed decisions.

!!!! Video Guide: How to Mint AquaUSD

Read also:

• What is Aqua Protocol and Why is AquaUSD Needed on TON?

• Updated Aqua Protocol: Season 3, RP Points, and New Borrowing Terms

• New Reward Season for AquaUSD Liquidity Providers: Terms & Bonuses

• Minting AquaUSD and DeFi Strategies: How to Maximize Profits in the New Rewards Season

Contacts:

• Aqua Protocol website

• Aqua Protocol application (Mint AquaUSD here)

• X

• Telegram channel

• Telegram chat

Who Benefits from Providing Liquidity in a USD-Pegged Asset Pair on TON and Why?

Aqua Protocol is the leading CDP, liquidity layer, and lending protocol on TON with fixed fees. It mints its own decentralized overcollateralized (LST, LP, RWA) stablecoin, AquaUSD, at a 150% collateral ratio.

The price of AquaUSD is always anchored to $1 because we use a hard peg mechanism—you can always redeem AquaUSD within the protocol at a guaranteed rate of $1 (with a 1% fee).

The 3rd season of rewards is starting in Aqua!

Now, let’s explore the most conservative earning strategy with AquaUSD.

DEPOSIT STABLECOINS – EARN STABLECOINS!

✅ Zero volatility: You only deal with USDT and AquaUSD, avoiding the risks of volatile assets.

✅ Fee revenue: By participating in the AquaUSD/USDT liquidity pool, you earn trading fees, which are paid in stablecoins.

✅ Additional boost: Beyond standard fees, the pool receives extra stablecoin incentives—funded by minting fees paid by higher-risk investors.

✅ Bonus accumulation: Every liquidity deposit earns Reward Points (RP). Long-term participation (30+ days) and holding Aqua NFT Genesis or large investments provide additional RP boosts. These points can be exchanged for AQUA tokens in the future.

Who Should Consider This?

• Liquidity providers looking for a stable yield in stablecoins.

• Risk-averse investors who want exposure to DeFi without volatile assets.

• Aqua NFT Genesis holders & large investors who can maximize rewards through bonus multipliers and long-term participation.

Bonus Rewards & Boosts in the season 3

Boosts are available for long-term participants and large investors. If your liquidity remains locked for over 30 days, you will receive additional RP (Reward Points) boosts.

RP Boost Conditions:

• For Aqua NFT Genesis holders: (up to 5 NFTs) – Bonus from 1.05x to 1.1x.

• Based on liquidity amount:

  • Tier 1: ≥ $250,000 → 1.15x bonus

  • Tier 2: ≥ $500,000 → 1.2x bonus

  • Tier 3: ≥ $1,000,000 → 1.3x bonus

Your total RP balance, including bonuses, will be displayed in the "Your REWARDS" section of the Aqua Protocol app.

Step-by-Step Guide for Liquidity Providers

Step 1: Preparation

Check your balance and ensure you have enough USDT in your wallet to participate.

Step 2: Get AquaUSD

Swap USDT for AquaUSD:

• Option 1: Swap via Dedust.

• Option 2: Use an aggregator to find the best price: Swap on swap.coffee.

Alternatively, you can mint AquaUSD by collateralizing wrapped TON or USDT (details in a separate article) via the Aqua Protocol app.

Step 3: Access the Liquidity Pool

Go to the Pools section on Dedust and select the AquaUSD/USDT pool.Or open it directly via this Dedust Pool link.

Step 4: Connect Your Wallet

Connect your TON wallet by clicking the wallet connect button on the platform’s interface.

Step 5: Provide Liquidity

• Click Deposit and enter the amount you want to provide.

• Since this is a stable swap pool, liquidity provision is not in a 50/50 ratio—this is expected.

Important: When opening the pool on Dedust, the displayed price might be incorrect. If unsure, double-check the exchange rate in the SWAP section when swapping AquaUSD → USDT. Dedust developers are already working on fixing this issue.

Step 6: Manage Your Position

• After depositing, you can view your position ob Dedust in Pools → My Positions.

• When needed, you can withdraw your funds at any time.

Conclusion

This conservative earning strategy allows you to deposit stablecoins and receive stablecoins in return.

By following this guide, you can maximize the opportunities offered by Aqua Protocol while minimizing risks. If you have any questions or need assistance, feel free to reach out to the project community or support team.

Video Guide: How to Provide Liquidity to the AquaUSD/USDT Pool on DeDust

Contacts:

• Aqua Protocol website

• Aqua Protocol application (Mint AquaUSD here)

• X

• Telegram channel

• Telegram chat

Эта статья на русском языке тут.

Aqua Protocol is a key liquidity layer in the TON ecosystem, a lending protocol with fixed fees that issues its own stablecoin, AquaUSD. It is overcollateralized at 150% with liquid staking tokens, low-risk LP tokens, and RWA assets.

In the previous article, we explained in detail what Aqua Protocol is and why AquaUSD is needed on TON. Now, let's talk about the problems with the previous model, the updates, and how we are solving them.

Problems with the Previous Economic Model

Our protocol was officially launched on the mainnet on October 11, 2024. We launched immediately after three successful bug bounties in the testnet and two security audits.

Since the launch of Aqua Protocol, we have ranked at the top in the Open League among all DeFi projects on TON twice:

• In October 2024, we took 2nd place in TVL growth, reaching $1.2 million in locked funds and minting $0.7 million AquaUSD.

• In the New Year League, we took 1st place, peaking at $3.4 million in TVL and minting $1.8 million AquaUSD.

Thousands of users received great drops from Ton Foundation for participating in the Open League, and some profited from liquidations through our interface.

From August 2023 to August 2024, the first reward season for promoters and testnet users took place. The second season of rewards began in October 2024, during which we started distributing AquaXP to liquidity providers and AquaXP stakers. To date, the AquaXP distribution has amounted to around $130,000.

The goal of the AquaXP drop was to provide a flexible reward model for different categories of users. We understood that not all participants wanted to wait for the listing of the full token, so we allowed those who wanted to sell their AquaXP immediately or buy from others who were willing to wait. This created a model where everyone could choose the optimal way to interact with AquaXP.

This approach led to some problems and inefficiencies.

The first problem was that AquaXP was initially a non-utility on-chain point rather than a fully-fledged project token, with low liquidity and no market maker. This led to a price drop immediately after the distribution, which was expected, as AquaXP was simply a reward and not an asset with real value. It resembled vouchers like Notcoin and Storm Trade, but with a more convenient buying and selling model. We intentionally chose this format for the convenience of our users. However, the use of market orders and low liquidity led to sharp price fluctuations, which could have been avoided if AquaXP had been initially issued in an NFT.

The second problem: For most of our liquidity providers on DEXs in the AquaUSD/USDT pair, it is important to receive stable profits. However, the distribution of AquaXP, which has no utility, caused frustration. These users expected stable income, not points whose value could fluctuate. We understand this created confusion, and we are now working to address this imbalance.

To avoid misunderstanding, we have revised the third reward season and switched to a new model, using the successful experiences of other projects.

What’s New in Aqua Protocol in the New Season?

In the new season, Aqua Protocol introduces several significant changes that will impact AquaXP, minting and loan operations, and liquidity provision. Let's go through the key updates and the opportunities they bring.

1. AquaXP — What’s New?

AquaXP are points that will eventually be exchangeable for the AQUA token. The allocation for all 15 billion AquaXP will be 5% of the total AQUA token supply.

• Sell AquaXP on xRocket using limit orders for a better price than market price.

• Buy AquaXP on the market (here) to acquire future AQUA token allocation from those who choose to sell their points.

• AquaXP can still be staked on jVault while waiting for further instructions on when and how to withdraw points.

• Liquidity pools will no longer receive boosts using AquaXP. The current boost will be the last one. This is expected to stabilize the price of AquaXP.

2. Changes for Minting and Loan Users

We’ve updated the conditions for users minting AquaUSD and using loans. Here are the key changes:

• No fees for MINT and REPAY: Minting and repaying operations are now fee-free for all collateral assets.

• 10% annual loan rate (borrow rate), applied every second to all collateral assets.

• Lowered Collateralization Ratio (CR) for DEDUST LP tokens: This allows you to get more liquidity.

Updated CR and liquidation conditions:

• LP Tokens Dedust (TON/USDT, tsTon/USDT, stTON/USDT):

  • Mint CR: 160% (was 200%)

  • Partial Liquidation: 130% (was 150%)

  • Full Liquidation: 120% (was 125%)

• LP Tokens stTON, tsTON, hTON, Storm TON-SLP:

  • Mint CR: 200% (no change)

  • Partial Liquidation: 150% (no change)

  • Full Liquidation: 125% (no change)

• LP Tokens Storm USDT-SLP:

  • Mint CR: 120% (no change)

  • Partial Liquidation: 110% (no change)

  • Full Liquidation: 105% (no change)

Spot leverage (looping) is now simpler and more profitable, with the added benefit of not needing to pay the loan immediately.

More yield strategies will be published on our official Telegram channels.

You can swap AquaUSD for any token on TON at the best rates [here].

3. New Rewards for Borrowers

In the 3rd season, rewards will follow a new distribution logic, similar to Storm Trade.

• As a reward for using credit in Aqua Protocol, users will earn RP points Aqua. These will be displayed in the Your Rewards section of the Aqua Protocol app.

• RP points will be issued as cashback for the loan fee, and the distribution will happen weekly, retroactively, for each week.

Important: 1 RP point is not equal to 1 AquaXP.

4. Changes for Liquidity Providers

A portion of the income from the borrow rate will be directed toward boosting liquidity.

• Boosts for liquidity providers in AquaUSD/USDT will now be provided exclusively in AquaUSD or USDT stablecoins.

• This means that boosts will now be issued in dollars rather than volatile tokens.

Providing liquidity in the AquaUSD/USDT pair has become more profitable and conservative!

Learn more about providing liquidity in AquaUSD: guides and bonuses available here.

These changes make Aqua Protocol a more convenient and rewarding tool for working with loans and liquidity. We hope these new conditions will be beneficial and open up even more opportunities for you on our platform!

Conclusion

Aqua Protocol is becoming an even more attractive and profitable tool for working with liquidity and loans. The new conditions, such as the lowered CR, no fees for MINT and REPAY, and updated rewards for users, will provide you with more opportunities to earn profits and minimize risks.

Don't miss the chance to enhance your strategy with Aqua Protocol — in upcoming articles, we will explain in detail how to make the most of all the new updates.

• Borrow (Mint) AquaUSD here.

• Supply Liquidity in stablecoins here.

Read also:

• What is Aqua Protocol and Why is AquaUSD Needed on TON?

• Updated Aqua Protocol: Season 3, RP Points, and New Borrowing Terms

• New Reward Season for AquaUSD Liquidity Providers: Terms & Bonuses

• Minting AquaUSD and DeFi Strategies: How to Maximize Profits in the New Rewards Season

Contacts:

• Aqua Protocol website

• Aqua Protocol application (Mint AquaUSD here)

• X

• Telegram channel

• Telegram chat

Встречайте новый сезон возможностей от Aqua Protocol – финансовой платформы, которая позволяет получать дополнительную ликвидность, оставляя в залог ваши активы. Если вы собираетесь минтить AquaUSD, этот материал для вас!

Aqua Protocol — это финансовая платформа, где вы можете получить дополнительную ликвидность (займы), оставив в залог токены ликвидного стейкинга, низкорисковые LP-токены и реальные активы (RWA).

Как в ломбарде: вы не продаете свои активы, а используете их в качестве залога, чтобы получить стейблкоин AquaUSD — децентрализованный и сверхобеспеченный цифровой доллар в сети TON.

AquaUSD держит “жесткую” привязку (hard peg) к доллару США благодаря механизму Redeem: вы всегда можете обменять AquaUSD по цене $1 в нашем протоколе!

AquaUSD торгуется на DEX агрегаторе Swap Coffee и легко свопается на любой другой токен в сети TON.

Почему стоит минтить AquaUSD?

При минте AquaUSD вы получаете заем под залог ваших активов. Сейчас процентная ставка займа составляет 10% годовых, поэтому для получения реальной прибыли нужно применять стратегии, дающие доходность выше этого уровня.

Ключевые моменты:

• Получение ликвидности: не распродавая активы, вы используете их для генерации дополнительного капитала.

• Твоя выгода: за счет грамотных стратегий можно получить доходность, которая перекроет 10% годовых по займу.

• Кешбэк: в новом сезоне комиссии, уплаченные за займ, возвращаются в виде Aqua RP. Эти баллы начисляются еженедельно и в будущем конвертируются в токены AQUA – таким образом, активные пользователи протокола не будут вынуждены покупать его на рынке (если только не захотят увеличить позицию). Отображаются в приложении Aqua Protocol - Your Rewards.

Актуальные стратегии для получения доходности свыше 10%

Чтобы займ окупался, подготовлены несколько прибыльных DeFi-стратегий:

Полезный инструмент: Мы подготовили файл с расчетами для каждой стратегии. Скопируйте его себе и экспериментируйте с желтыми полями – ссылка на расчеты тут.

1. Лупинг (спотовое плечо)

«Лупинг» – это процесс, когда вы кладёте депозит, берёте займ, затем на полученный займ покупаете актив, который уже заложили, и снова депонируете его в Aqua Protocol. Такой цикл можно повторить несколько раз, что позволяет максимизировать прибыль.Примеры:

• Лупинг USDT-SLP (поставка ликвидности на perp-DEX Storm trade):

  • Максимальное плечо: 5,7×

  • Текущая доходность: 22%

  • Доходность с плечом: 82,5%

• Лупинг TON-SLP (поставка ликвидности на perp-DEX Storm trade):

  • Максимальное плечо: 2×

  • Текущая доходность: 19%

  • Доходность с плечом: 22%

  • При росте TON в 2 раза – доходность возрастает до 76,4% по сравнению с простым держанием TON-SLP.

• Лупинг LP Dedust Ton/USDT (поставка ликвидности на DEX):

  • Максимальное плечо: 2,6×

  • Текущая доходность: 8,5%

  • Доходность с плечом: 5,7%

  • При росте TON в 2 раза – доходность до 44%.

• Лупинг tsTON (ликвидный стейкинг):

  • Максимальное плечо: 2×

  • Текущая доходность: 3,76%

  • Доходность с плечом: -2,4%

  • При росте TON в 2 раза – доходность 21% по сравнению с простым держанием TON-SLP.

2. Займ и поставка ликвидности в пул AquaUSD/USDT

Схема работы:

1. Минтите AquaUSD под залог активов.

2. Половину AquaUSD меняете на USDT.

3. Вносите пару AquaUSD/USDT в пул ликвидности.

Эта стратегия выгодна, если APR по поставке ликвидности превышает 10% (ставку займа). Особенно привлекательна, если вы верите в рост TON – тогда вы получаете не только вознаграждение за поставку ликвидности, но и доход от роста TON, не распродавая его.

Риски

Перед использованием протокола оцените следующие риски:

• Риск ликвидации: В Aqua Protocol ликвидации отличаются от фьючерсных: при падении коэффициента залога (CR) ниже установленного уровня происходит частичная ликвидация, а при значительном снижении — полная. Максимальный штраф за ликвидацию составляет 12%.

• Проскальзывание: При низкой ликвидности обмены могут происходить с проскальзыванием, хотя алгоритмы протокола направлены на поддержание привязки AquaUSD к $1.

• Поддержание обеспечения: Важно следить за уровнем залога – старайтесь держать его выше рекомендуемого в приложении уровня, чтобы избежать ликвидации.

• Изменение доходности: По мере роста TVL начальные бусты/APR могут уменьшаться.

• Риск взлома смарт-контрактов: Хотя Aqua Protocol прошел два аудита безопасности, риск уязвимостей всегда остается.

• Риски залоговых активов: Стоимость и надежность ваших активов могут меняться.

Совет: Всегда проводите собственное исследование (DYOR) и не рискуйте больше, чем можете позволить себе потерять.

FAQ по AquaUSD

1. Почему нет непостоянных потерь (impermanent loss) в паре AquaUSD/USDT? Потому что в пуле участвуют два стейблкоина (AquaUSD и USDT) с фиксированной стоимостью.

2. Как AquaUSD поддерживает курс $1?

   Через механизм Redeem: если привязка опускается ниже $1, вы всегда можете обменять AquaUSD по курсу $1. Кроме того, стабильность обеспечивается залогом свыше 150%.

3. Как вернуть депозит?

   Погасите свой долг AquaUSD, затем с помощью функций Repay и Withdraw получите обратно заложенные активы.

4. Что делать, если падает стоимость залога?

   Следите за уровнем обеспечения. При снижении дополняйте залог или погашайте часть долга, чтобы избежать ликвидации.

Итог

Минт AquaUSD – это отличный способ получить ликвидность, не распродавая активы, и воспользоваться множеством DeFi-стратегий для повышения доходности. При грамотном подходе и своевременном управлении рисками вы можете получать прибыль, которая перекроет 10% годовых по займу, а дополнительные бонусы в виде Aqua RP станут приятным дополнением.

Готовы начать? Подключите свой кошелек в приложении Aqua Protocol и исследуйте все возможности нового сезона!

Помните: криптовалютные инвестиции всегда сопряжены с рисками. Оценивайте их внимательно и принимайте обдуманные решения.

!!!!! Видео инструкция о том как минтить AquaUSD

Читайте так же:

• Что такое Aqua Protocol и зачем нужен AquaUSD на TON?

• Обновленный Aqua Protocol: 3 сезон, RP-поинты и новые условия по займам

• Новый сезон наград для поставщиков ликвидности AquaUSD: условия и бонусы

• Минт AquaUSD и DeFi-стратегии: как максимизировать прибыль в новом сезоне наград

Контакты:

• Aqua Protocol сайт

• Aqua Protocol приложение (Минт AquaUSD здесь)

• X

• Telegram канал с анонсами

• Telegram чат

Кому выгодна поставка ликвидности в паре активов, привязанных к доллару США на TON, и зачем это делать?

Аква протокол – лидирующий CDP, слой ликвидности и протокол займов на TON с фиксированными комиссиями, который минтит собственный децентрализованный сверхобеспеченный (LST, LP, RWA) на 150% стейблкоин AquaUSD.

Цена AquaUSD всегда стремится к 1 доллару, потому что мы используем механизм жёсткой привязки – в протоколе вы можете обменять AquaUSD гарантированно по 1 доллару (с комиссией 1%).

Сейчас в Aqua начинается 3-ий сезон наград!

Давайте рассмотрим самую консервативную стратегию заработка при использовании AquaUSD.

КЛАДИ СТЕЙБЛКОИНЫ – ПОЛУЧАЙ СТЕЙБЛКОИНЫ!

✅ Без волатильности: Вы работаете исключительно с USDT и AquaUSD, исключая риск нестабильных активов.

✅ Доход от комиссий: При участии в пуле ликвидности AquaUSD/USDT вы получаете комиссии, которые выплачиваются в стейблкоинах.

✅ Дополнительный буст: Помимо стандартных комиссий, пул дополнительно бустится стейблкоинами – эти средства поступают из комиссий за mint, которые оплачивают более рисковые инвесторы.

✅ Накопление бонусов: За каждое внесение ликвидности начисляются RP (Reward Points), а длительное участие (от 30 дней) и наличие Aqua NFT Genesis или крупных сумм инвестиций дают дополнительный бонус (буст) к вашим RP. Эти очки в будущем можно обменять на токены AQUA.

Для кого это актуально?

• Поставщики ликвидности: Если вы хотите получать стабильный доход именно в стейблкоинах.

• Инвесторы, избегающие волатильности: Данный подход не требует покупки рискованных активов.

• Холдеры Aqua NFT Genesis и крупные инвесторы: Вы можете дополнительно заработать за счёт бонусной системы и бустов при долгосрочном участии.

Дополнительные бонусы и бусты 3-го сезона наград

Бусты для долгосрочных участников и крупных инвесторов: Если ваша ликвидность остаётся заблокированной более 30 дней подряд, вы получите дополнительные бонусы (RP Boosts).

Условия бустов RP:

• Для держателей Aqua NFT Genesis: (до 5 NFT) — бонус от 1.05x до 1.1x.

• По сумме ликвидности:

  • Tier 1: >= $250,000 — бонус 1.15x.

  • Tier 2: >= $500,000 — бонус 1.2x.

  • Tier 3: >= $1,000,000 — бонус 1.3x.

Итоговое количество RP с учётом бонусов будет отображаться в разделе Your REWARDS в приложении Аква протокол.

Пошаговая инструкция для поставщиков ликвидности

Шаг 1. Подготовка

Проверьте баланс: Убедитесь, что у вас на кошельке есть достаточное количество USDT для участия.

Шаг 2. Получение AquaUSD

Обмен USDT на AquaUSD:

• Вариант 1: Обмен через платформу Dedust

• Вариант 2: Используйте агрегатор по ссылке для поиска лучших цен: Swap на swap.coffee

Также доступна опция минта AquaUSD под залог обернутых TON или USDT (подробности – в этой статье) в приложении Aqua Protocol.

Шаг 3. Переход в пул ликвидности

Открытие пула: Перейдите в раздел Pools на Dedust и выберите пул AquaUSD/USDT. Либо сразу откройте его по ссылке: Пул на Dedust

Шаг 4. Подключение кошелька

Подключите свой TON-кошелек: Нажмите кнопку для подключения кошелька в интерфейсе платформы.

Шаг 5. Внесение ликвидности

Внесите средства (Deposit):

Нажмите кнопку Deposit и выберите нужную сумму для внесения ликвидности. Это стейбл swap формула, поэтому поставка ликвидности в этом пуле НЕ в пропорции 50 на 50. Это нормально!

!!! Обратите внимание: При открытии пула на Dedust в интерфейсе может отображаться некорректная цена. Если сомневаетесь, перепроверьте актуальный курс в разделе SWAP при выборе AquaUSD → USDT. Разработчики Dedust уже работают над исправлением этой ошибки.

Шаг 6. Управление своей позицией

Контроль и вывод ликвидности:

После внесения ликвидности вы увидите свою позицию в разделе Pools → My Positions.

Когда понадобится, вы сможете сделать снятие (withdraw) и вернуть свои средства.

Итог

Этот консервативный способ заработка позволяет вам класть стейблкоины и получать стейблкоины:

Следуя этому гайду, вы сможете максимально эффективно использовать возможности Аква протокола для заработка и при этом минимизировать риски. Если возникнут вопросы или потребуется помощь, не стесняйтесь обращаться к сообществу проекта или в службу поддержки.

Читайте так же:

• Что такое Aqua Protocol и зачем нужен AquaUSD на TON?

• Обновленный Aqua Protocol: 3 сезон, RP-поинты и новые условия по займам

• Новый сезон наград для поставщиков ликвидности AquaUSD: условия и бонусы

• Минт AquaUSD и DeFi-стратегии: как максимизировать прибыль в новом сезоне наград

• 
  

Контакты:

• Aqua Protocol сайт

• Aqua Protocol приложение (Минт AquaUSD здесь)

• X

• Telegram канал с анонсами

• Telegram чат

This article in english here.

Aqua Protocol — это ключевой слой ликвидности в экосистеме TON, протокол займов с фиксированными комиссиями, который выпускает собственный стейблкоин AquaUSD. Он сверхобеспечен на 150% токенами ликвидного стейкинга, низкорисковыми LP-токенами и RWA-активами.

В предыдущей статье мы уже подробно раскрыли, что такое Aqua Protocol и зачем нужен AquaUSD на TON. Сейчас поговорим о проблемах предыдущей модели, обновлениях и о том, как мы их решаем.

Проблемы предыдущей экономической модели

Наш протокол официально запущен в основную сеть 11 октября 2024 года. Мы стартовали сразу после трех успешных баг-баунти в тестнете и двух пройденных аудитов безопасности.

С момента запуска Aqua Protocol дважды занимал топовые позиции в Открытой лиге (официальный конкурс от TON Foundation) среди всех DeFi-проектов на TON:

• В октябре 2024 мы заняли 2-е место по приросту TVL, достигнув $1.2 млн заблокированных средств в протоколе и сминтив $0.7 млн AquaUSD.

• В новогодней лиге мы заняли 1-е место, с пиком в $3.4 млн TVL и сминтив $1.8 млн AquaUSD.

Тысячи пользователей получили хорошие дропы от Ton Foundation за участие в Open League, а некоторые заработали на ликвидациях через наш интерфейс.

С августа 2023 по август 2024 прошел первый сезон наград для промоутеров и тестнет-пользователей. С октября 2024 стартовал второй сезон наград, в рамках которого мы начали раздачу AquaXP поставщикам ликвидности и стейкерам AquaXP. На данный момент сумма раздачи AquaXP составила около $130,000.

Целью дропа AquaXP было предоставить гибкую модель вознаграждений для разных категорий пользователей. Мы понимали, что не все участники хотят ждать листинга полноценного токена и решили дать возможность сразу же продать свои AquaXP тем, кто этого ждал, или наоборот — купить у других, кто готов был подождать. Это позволило создать модель, в которой каждый мог выбрать оптимальный для себя способ взаимодействия с AquaXP.

Такой подход породил некоторые проблемы и неэффективности.

Первая проблема заключалась в том, что AquaXP изначально представлял собой не полноценный токен проекта, а ончейн-поинты без утилити, с низкой ликвидностью и отсутствием маркет-мейкера. Это привело к снижению его цены сразу после раздачи, что было ожидаемо, поскольку AquaXP был просто наградой, а не активом с реальной ценностью. Он напоминал ваучеры, такие как Notcoin и Storm Trade, но с более удобной моделью покупки и продажи. Мы сознательно выбрали такой формат для большего удобства наших пользователей. Однако, использование маркет-ордеров и низкая ликвидность привели к резким колебаниям цен, которые могли бы быть избегнуты, если бы AquaXP изначально был выпущен в формате NFT.

Вторая проблема: для большинства наших поставщиков ликвидности на DEX-ах в паре AquaUSD/USDT, важно получать стабильную прибыль. Однако раздача AquaXP, который не имеет утилити, вызвала разочарование. Эти пользователи ожидали стабильный доход, а не поинты, чья стоимость могла колебаться. Мы понимаем, что это создало определенное недоразумение, и сейчас работаем над тем, чтобы устранить этот дисбаланс.

Чтобы не вызывать непонимания, мы пересмотрели третий сезон наград и перешли на новую модель, используя успешный опыт других проектов.

Что нового в Aqua Protocol в новом сезоне?

В новом сезоне Aqua Protocol вводит несколько значимых изменений, которые затронут AquaXP, процесс минтинга и работы с займами, а также поставку ликвидности. Давайте разберемся, что изменилось и какие возможности это открывает.

1. AquaXP — что с ними?

AquaXP — это поинты, которые в будущем можно будет обменять на токен AQUA. Аллокация на все 15 миллиардов AquaXP составит 5% от общего предложения токенов AQUA (Total Supply).

Если вам не терпится, вы можете продать AquaXP на xRocket, используя лимитные ордера, так как это выгоднее, чем продавать по рыночной цене.

Для тех, кто готов подождать, есть возможность купить AquaXP с рынка (по сути, приобрести будущую аллокацию токена AQUA) на xRocket у тех, кто решит продать свои поинты.

AquaXP также можно продолжать стейкать на jVault, ожидая решения команды, когда и как выводить свои поинты. Стейкинг позволит вам не только не оставлять AquaXP без дела, но и увеличивать их количество со временем.

С этого момента пулы ликвидности больше не будут получать бусты с помощью AquaXP. Текущий буст будет последним. Мы ожидаем, что это приведет к стабилизации цены AquaXP.

2. Изменения для тех, кто минтит AquaUSD(берет займы):

Мы обновили условия для тех, кто использует Aqua Protocol для минта и заемных операций. Вот ключевые изменения, которые помогут вам получить больше ликвидности и уменьшить затраты:

1. Отмена комиссий за MINT и REPAY. Теперь операции минта и репея проходят без комиссий для всех залоговых активов.

2. Теперь введена 10% годовая ставка по кредиту (Borrow rate), которая начисляется каждую секунду на все залоговые активы.

3. Мы снижаем Collateralization Ratio (CR) для LP токенов DEDUST, что позволяет вам получить больше ликвидности.

   Напоминаем, что бусты на LP от DEDUST (x1) и RP Storm Trade (х2) сохраняются за вами и доступны в разделе You Rewards в нашем приложении.

   Обновленные условия для CR и ликвидации:

   • LP токены Dedust (TON/USDT, tsTon/USDT, stTON/USDT):

     • Mint CR: 160% (было 200%)

     • Partial Liquidation: 130% (было 150%)

     • Full Liquidation: 120% (было 125%)

   • LP токены stTON, tsTON, hTON, Storm TON-SLP:

     • Mint CR: 200% (без изменений)

     • Partial Liquidation: 150% (без изменений)

     • Full Liquidation: 125% (без изменений)

   • LP токены Storm USDT-SLP:

     • Mint CR: 120% (без изменений)

     • Partial Liquidation: 110% (без изменений)

     • Full Liquidation: 105% (без изменений)

Спотовое плечо (лупинг) — теперь проще и выгоднее! Более того, вам не нужно сразу оплачивать кредит. Пример лупинга с токенами USDT можно посмотреть тут.

Больше стратегий доходности мы публикуем на наших официальных каналах в телеграм.

Обменять AquaUSD на любой токен на TON по самым выгодным ценам можно тут.

Эти изменения делают Aqua Protocol более удобным и выгодным инструментом для работы с заемными средствами и ликвидностью. Надеемся, что новые условия будут полезны для вас и помогут получить еще больше возможностей на нашей платформе!

3. Новые награды для тех, кто берет займы:

1. Распределение наград 3 сезона будет происходить по новой логике, похожей на то как это происходит у Storm Trade.

2. В качестве награды за использование кредита в Aqua Protocol, пользователи будут получать RP поинты Aqua, которые будут отображаться в разделе Your rewards в интерфейсе приложения Aqua Protocol.

3. RP поинты будут начисляться в качестве кешбека за плату за использование кредита, и начисления будут происходить раз в неделю, ретроспективно, за каждую неделю.

Важно! 1 RP поинт не равен 1 AquaXP.

4. Изменения для поставщиков ликвидности:

1. Часть дохода от Borrow rate будет направляться на буст ликвидности.

2. Бусты для поставщиков ликвидности в пару AquaUSD/USDT теперь будут предоставляться исключительно в стейблкоинах AquaUSD или USDT.

   Это означает, что теперь бусты будут начисляться в долларах, а не в волатильных токенах.

Теперь поставлять ликвидность в пару AquaUSD/USDT стало еще выгоднее и консервативнее!

Более подробно про поставку ликвидности в AquaUSD: гайды и бонусы, можно прочитать тут.

Вывод

Aqua Protocol становится еще более привлекательным и выгодным инструментом для работы с ликвидностью и займами. Новые условия, такие как снижение CR, отсутствие комиссий на MINT и REPAY, а также обновленные награды для пользователей, обеспечат вам больше возможностей для получения прибыли и минимизации рисков.

Не упустите шанс улучшить свою стратегию с Aqua Protocol — в следующих статьях мы подробно расскажем, как максимально эффективно использовать все нововведения.

Читайте так же:

• Что такое Aqua Protocol и зачем нужен AquaUSD на TON?

• Обновленный Aqua Protocol: 3 сезон, RP-поинты и новые условия по займам

• Новый сезон наград для поставщиков ликвидности AquaUSD: условия и бонусы

• Минт AquaUSD и DeFi-стратегии: как максимизировать прибыль в новом сезоне наград

Занимайте (минтите) AquaUSD тут.

Поставляйте ликвидность в стейблкоинах тут.

Контакты:

• Aqua Protocol сайт

• Aqua Protocol приложение (Минт AquaUSD здесь)

• X

• Telegram канал с анонсами

• Telegram чат

This article in english here.

Aqua Protocol — это ключевой слой ликвидности в экосистеме TON. Он позволяет пользователям заложить различные активы, такие как токены ликвидного стейкинга (LST), LP-токены с низким риском и RWA, чтобы выпустить сверхобеспеченный стейблкоин AquaUSD. Минимальный уровень обеспечения составляет 150%, что делает его устойчивым к рыночным колебаниям.

Aqua Protocol построен на принципах полной децентрализации и прозрачности. Это означает, что пользователи могут самостоятельно выпускать (минтить) AquaUSD без участия централизованного эмитента, как это происходит с USDT.

Чем AquaUSD отличается от USDT?

🔹 Обеспечение

— AquaUSD: обеспечен минимум на 150% активами TON-экосистемы, такими как застейканные TON (LST) и LP токены, в будущем RWA. Благодаря этому его обеспечение полностью децентрализовано и открыто для проверки в блокчейне. Резервы всегда можно проверить в блокчейне тут.

— USDT: обеспечен фиатными резервами, которые хранятся в традиционной финансовой системе. При этом Tether заявляет, что USDT имеет обеспечение в размере 106%, но точный состав резервов контролируется самой компанией и не всегда прозрачен.

🔹 Централизация vs. Децентрализация

— AquaUSD: полностью децентрализован. Его выпуском занимаются пользователи через механизм CDP (Collateralized Debt Position) — они могут заложить активы и самостоятельно создать AquaUSD.

— USDT: централизован. Его эмитент — компания Tether, которая сама решает, сколько токенов выпускать, и может заблокировать или заморозить средства пользователей по своему усмотрению.

Важно понимать, что Tether зарабатывает на выпуске USDT, тогда как в Aqua Protocol выпуск (минт) AquaUSD доступен каждому пользователю, давая ему возможность участвовать в генерации новой ликвидности и получать доход.

🔹 Использование

— AquaUSD: оптимален для DeFi-пользователей, которые хотят минтить стейблкоины под залог своих активов и применять их в стратегиях получения доходности.

— USDT: более распространен в централизованных биржах и платежах, но пользователи зависят от компании-эмитента.

🔹 Как получить AquaUSD?

— Консервативный подход: купить AquaUSD на рынке, как обычный стейблкоин.— Продвинутый подход: заложить обернутые TON (tsTON, stTON, hTON, TON-SLP, LP Dedust) и USDT (USDT-SLP) в Aqua Protocol и самостоятельно выпустить (минтить) AquaUSD. Весь список поддерживаемых залогов и ссылки на них доступен в приложении тут.

Каждый пользователь выбирает стратегию, исходя из своего риск-профиля:

✅ Новички могут просто купить AquaUSD и использовать его в DeFi.

✅ Продвинутые пользователи могут минтить AquaUSD, используя активы в залог, и применять стратегии повышения доходности.

Почему AquaUSD — не алгоритмический стейблкоин?

Некоторые стейблкоины работают по алгоритмической модели, обеспечивая высокую капиталоэффективность, но при этом часто страдают от недостаточного обеспечения. Это делает их уязвимыми к резким падениям курса, как это случилось с UST (Terra LUNA).

🔹 AquaUSD не является алгоритмическим стейблкоином. Он основан на проверенной временем модели CDP (Collateralized Debt Position), которая используется в крупнейших DeFi-протоколах:

• DAI (MakerDAO, TVL $3.7 млрд) — работает с 2017 года, доказав свою устойчивость и надежность.

• LUSD (Liquity) — успешно функционирует с 2021 года, применяя похожую модель.

Aqua Protocol заимствует лучшие практики этих проектов, создавая стабильную и прозрачную модель для выпуска стейблкоина AquaUSD, обеспеченного активами TON-экосистемы.

Сверхобеспечение = Надежность

AquaUSD всегда обеспечен активами минимум на 150%, что делает его сверхобеспеченным и защищает от кризисных ситуаций, в отличие от алгоритмических стейблкоинов. Его CDP-модель проверена временем и является гарантией стабильности.

Кроме того, благодаря функции Redeem, пользователи могут всегда обменять AquaUSD на эквивалент в $1 внутри самого протокола, что добавляет дополнительную уверенность и ликвидность. Это делает AquaUSD стабильным активом, который не подвержен высоким рискам, свойственным другим типам стейблкоинов.

Какие выгоды AquaUSD и Aqua Protocol дают пользователям?

1. Пользователи стейблкоинов (AquaUSD и USDT):

   • Доходность без непостоянных потерь: Консервативные пользователи могут зарабатывать на предоставлении ликвидности в паре AquaUSD/USDT на DEX без риска непостоянных потерь. Дополнительно они получают комиссионные от обменов, причем выплаты происходят в стейблкоинах, создавая еще один источник дохода.

   • Диверсификация активов: Для тех, кто не хочет зависеть только от USDT, но должен хранить стейблкоины на блокчейне TON, AquaUSD предоставляет надежную альтернативу.

2. Пользователи ликвидного стейкинга и поставщики ликвидности на DEX:

   Пользователи могут использовать AquaUSD для увеличения доходности от поставки ликвидности, применяя стратегию лупинга — обменивать AquaUSD на USDT и повторно использовать средства для минта. Это позволяет, например, зарабатывать до 100% годовых, обеспечивая ликвидность в USDT на perp DEX Storm Trade, или утроить доход от ликвидного стейкинга. Дополнительно такой подход дает фарминговое плечо, позволяя получать инсентивы, токены и поинты сразу от нескольких проектов, без необходимости покупать токены успешных проектов с рынка.

3. Пользователи, которым нужна ликвидность без продажи TON:

   Ломбард для TON: Aqua Protocol предоставляет возможность использовать свои активы в качестве залога для получения ликвидности, не продавая их. Это идеально подходит для пользователей, которые не хотят продавать свои TON по низким ценам, но нуждаются в ликвидности для других целей, таких как вывод средств, перевод на другие блокчейны или участие в активности Ton Foundation и т.д.

Заключение

Aqua Protocol предоставляет пользователям уникальную возможность не только участвовать в децентрализованном выпуске стейблкоина AquaUSD, но и активно зарабатывать на своих активах, не рискуя их продажей. Благодаря моделям CDP и сверхобеспечению, AquaUSD обеспечивает стабильность и надежность, что делает его отличной альтернативой традиционным централизованным стейблкоинам, таким как USDT. Aqua Protocol открывает новые горизонты для пользователей, заинтересованных в DeFi и улучшении доходности своих активов.

С помощью Aqua Protocol можно создать безопасную и прибыльную стратегию для работы с ликвидностью, минимизируя риски и получая выгоду от активов TON-экосистемы. Независимо от того, новичок ли вы в мире криптовалют или опытный DeFi-пользователь, Aqua Protocol предлагает решения для всех, кто хочет максимизировать доходность своих вложений и при этом оставаться частью безопасной и прозрачной экосистемы.

Присоединяйтесь к Aqua Protocol и начинайте работать с AquaUSD уже сегодня! 🚀

Контакты:

• Aqua Protocol сайт

• Aqua Protocol приложение (Минт AquaUSD здесь)

• X

• Telegram канал с анонсами

• Telegram чат

Эта статья на русском языке тут.

Aqua Protocol is a key liquidity layer in the TON ecosystem. It allows users to pledge various assets, such as liquid staking tokens (LST), low-risk LP tokens, and Real-World Assets (RWA), to mint the over-collateralized stablecoin AquaUSD. The minimum collateralization level is 150%, which makes AquaUSD resistant to market fluctuations.

Aqua Protocol is built on principles of full decentralization and transparency. This means that users can mint AquaUSD on their own, without relying on a centralized issuer, as is the case with USDT.

How is AquaUSD Different from USDT?

🔹 Collateralization

• AquaUSD: It is backed by at least 150% of TON ecosystem assets, such as staked TON (LST), LP tokens, and in the future, RWA. This collateralization is fully decentralized and transparent, and reserves can always be verified on the blockchain here.

• USDT: It is backed by fiat reserves held in the traditional financial system. Tether claims USDT is 106% collateralized, but the exact composition of these reserves is controlled by the company and is not always transparent.

🔹 Centralization vs. Decentralization

• AquaUSD: Completely decentralized. Its issuance is managed by users through the CDP (Collateralized Debt Position) mechanism, allowing them to pledge assets and mint AquaUSD on their own.

• USDT: Centralized. The issuer, Tether, decides how many tokens to issue and can freeze or block users' funds at their discretion.

It’s important to note that Tether profits from issuing USDT, while Aqua Protocol allows anyone to mint AquaUSD, enabling users to participate in liquidity generation and earn income.

🔹 Usage

• AquaUSD: Ideal for DeFi users who want to mint stablecoins by collateralizing their assets and use them in yield generation strategies.

• USDT: More commonly used on centralized exchanges and for payments, but users are dependent on the issuing company.

🔹 How to Get AquaUSD?

• Conservative Approach: Buy AquaUSD on the market like any other stablecoin.

• Advanced Approach: Pledge wrapped TON (tsTON, stTON, hTON, TON-SLP, LP Dedust) and USDT (USDT-SLP) in Aqua Protocol and mint AquaUSD on your own. The full list of collateral and links are available in the app here.

Each user can choose their strategy based on their risk profile:

✅ Beginners can simply buy AquaUSD and use it in DeFi.

✅ Advanced users can mint AquaUSD by collateralizing assets and apply strategies to increase yields.

Why AquaUSD is Not an Algorithmic Stablecoin

Some stablecoins operate using an algorithmic model, offering high capital efficiency but often suffer from insufficient collateralization. This makes them vulnerable to sharp price declines, as seen with UST (Terra LUNA).

🔹 AquaUSD is not an algorithmic stablecoin. It is based on the time-tested CDP (Collateralized Debt Position) model, which is used in the largest DeFi protocols:

• DAI (MakerDAO, TVL $3.7 billion) — has been operating since 2017, proving its stability and reliability.

• LUSD (Liquity) — has been successfully functioning since 2021 with a similar model.

Aqua Protocol draws on the best practices of these projects, creating a stable and transparent model for issuing AquaUSD, backed by TON ecosystem assets.

Over-Collateralization = Stability

AquaUSD is always backed by assets at a minimum of 150%, making it over-collateralized and protected from crisis situations, unlike algorithmic stablecoins. Its CDP model has been proven over time and guarantees stability.

Additionally, with the Redeem function, users can always exchange AquaUSD for the equivalent of $1 within the protocol itself, adding further confidence and liquidity. This makes AquaUSD a stable asset, free from the high risks associated with other types of stablecoins.

What Benefits Do AquaUSD and Aqua Protocol Offer Users?

Stablecoin Users (USDT and AquaUSD):

• Yield without Impermanent Loss: Conservative users can earn by providing liquidity in the AquaUSD/USDT pair on DEXs without the risk of impermanent loss. Additionally, they earn transaction fees, which are paid in stablecoins, creating another income source.

• Asset Diversification: For those who don’t want to rely solely on USDT but need to store stablecoins on the TON blockchain, AquaUSD provides a reliable alternative.

Liquid Staking Users and Liquidity Providers on DEXs:

• Users can use AquaUSD to boost yield from liquidity provision by applying the looping strategy — exchanging AquaUSD for USDT and reusing funds to mint more. This allows, for example, earning up to 100% annually by providing liquidity in USDT on the perp DEX Storm Trade or tripling returns from liquid staking. Additionally, this approach gives farming leverage, enabling users to earn incentives, tokens, and points from multiple projects without needing to buy successful project tokens from the market.

Users Who Need Liquidity Without Selling TON:

• Collateral for TON: Aqua Protocol offers the ability to use TON assets as collateral to obtain liquidity without selling them. This is ideal for users who don't want to sell their TON at low prices but need liquidity for other purposes, such as withdrawals, cross-chain transfers, or participating in Ton Foundation activities.

Conclusion

Aqua Protocol offers users a unique opportunity not only to participate in the decentralized issuance of the AquaUSD stablecoin but also to earn actively on their assets without selling them. Thanks to the CDP model and over-collateralization, AquaUSD provides stability and reliability, making it an excellent alternative to traditional centralized stablecoins like USDT. Aqua Protocol opens new possibilities for users interested in DeFi and improving the yield on their assets.

With Aqua Protocol, you can create safe and profitable liquidity strategies, minimizing risks while benefiting from the assets of the TON ecosystem. Whether you are new to the cryptocurrency world or an experienced DeFi user, Aqua Protocol provides solutions for anyone looking to maximize the yield on their investments while remaining part of a secure and transparent ecosystem.

Join Aqua Protocol and start working with AquaUSD today! 🚀

Contacts:

• Aqua Protocol website

• Aqua Protocol application (Mint AquaUSD here)

• X

• Telegram channel

• Telegram chat