Element Mainnet Launch Update: Asset Roll Out Strategy

Update: Element will support crvLUSD directly, please refer to this post for details…

Element Mainnet Launch Update: Asset Roll Out Strategy
Update: Element will support crvLUSD directly, please refer to this post for details: https://medium.com/element-finance/how-to-bootstrapping-liquidity-on-element-f14a6bd02044

As we approach our June 30 Ethereum Mainnet launch, we are pleased to share details of our roll out plans with the community for the initial asset deposits and what’s coming in the near future.

Our Mainnet launch will start as a soft launch with support for LUSD (Liquity) deposits with LUSD fixed and variable rate markets. During our soft launch, we’ll be monitoring the pools closely and may set a deposit ceiling if needed to ensure security and stability.

LUSD is a good choice due to its higher APY (currently listed at ~10% on Yearn), it’s a stablecoin with low volatility, has a good team with a vibrant community, and allows us to honor our initial launch date of June 30th while waiting for the new DAI and USDC vault releases from Yearn. We expect to support DAI as soon as the new Yearn vault is ready.

This means that on June 30, anyone will be able to deposit and start earning fixed-rate interest on LUSD, trade principal and yield tokens, and provide liquidity for the fixed and variable rate LUSD markets.

We are targeting the release of an additional asset per week, depending on liquidity, interest rates, and demand. After the LUSD and DAI release, we will enable USDC deposits as well as ALUSD (Alchemix). Users will be able to mint and trade Fixed and Variable rates on these four assets as we continue to prepare for ETH and BTC support.

We are grateful for the support that we have received from the community and we believe that this roll out strategy aligns with Element’s vision of assisting the growth of the entire DeFi ecosystem.

Overall, we cannot express how excited we are to launch the Element Protocol and onboard the first of many assets that establish their yield markets on Element!

How to get LUSD for the Element Mainnet Launch

Update: Element will support crvLUSD directly, please refer to this post for details: https://medium.com/element-finance/how-to-bootstrapping-liquidity-on-element-f14a6bd02044

Listed below are the three most optimal ways to acquire LUSD for use in Element on June 30.

1. Getting LUSD from Curve

  • Head over to https://curve.fi/lusd
  • Connect your wallet.
  • Make sure you have DAI, USDC, or USDT in your wallet.
  • Proceed to swap your preferred asset for LUSD.
  • Once you have LUSD in your wallet, you can start earning with Element here.

2. Use ETH to Borrow LUSD with Liquity

  • In order to borrow LUSD, you must open a Trove and deposit a certain amount of collateral (ETH) to it. Liquity only supports ETH as collateral, so in order to borrow LUSD, you will need to have ETH in your wallet.
  • After opening the Trove, you can draw LUSD up to a collateral ratio of 110%. It’s important to note that a minimum debt of 2,000 LUSD is required. For further borrowing details, reference this guide.
  • Once you’ve acquired your freshly borrowed LUSD, head over to Element.

3. Swap DAI for LUSD with Uniswap v3 (LUSD/DAI)

  • If you currently hold DAI and want to get LUSD, go here.
  • Once you have LUSD in your wallet, you can start earning with Element here.

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