LQTY, native token for decentralized borrowing protocol Liquity, has gained massive interest following the chaos from the depegging of the second largest stablecoin by market capitalization, Circle’s USDC.
The price of LQTY, the secondary token for decentralized borrowing protocol Liquity, was up nearly 20% in the past 24 hours – placing it among the best-performing crypto assets for the period. Moreover, LQTY has soared nearly 500% since the start of the year and was trading around $3.33 at presstime.
The most recent price action came after investors balked at Circle’s USDC stablecoin. The dollar-pegged crypto’s loss (whose weekend woes stemmed from $3.3 billion in then-inaccessible bank reserves) has been a win for Liquity, a decentralized platform for taking out loans denominated in protocol’s primary token, LUSD.