Solana Protocol Flint Promises 13% Return on Stablecoins

A DeFi gateway for passive investments with cryptocurrencies Flint is entering beta. Once launched, users will be able to receive passive returns on deposits with stablecoins on the Solana blockchain. These can be as high as 13% annually, the protocol’s developers promise. According to the company’s press release, there are no specific time requirements for depositing the coins.

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A DeFi protocol for Fiat money?

Flint promises quite high returns on stablecoin deposits compared to other DeFi protocols. But the interesting thing is that you don’t even have to own cryptocurrencies. Supposedly, it will work with fiat currencies as well – at least with the Indian rupee.

Flint uses only stablecoins like Tether (USDT) and USD Coin (USDC) to generate returns. These are pegged to the USD at a 1:1 ratio, which minimizes price volatility. In addition, Flint hedges returns by further investing the stablecoins in DeFi protocols.

Protocol runs on the Solana blockchain

Flint plans to invest capital of up to $500 million via DeFi protocols on the Solana network over the next three years. The ultimate goal is to launch Flint’s Non-Fungible Token (NFT) store on Solana (SOL/USD).

The beta test can accommodate up to 100,000 users. These can receive more return on their deposits for certain periods of time through a referral program. Risk is reduced by the lack of lock-in requirements and the use of stable coins like USDT instead of volatile cryptocurrencies.

Anshu Agrawal, co-founder of Flint, commented: “We are targeting nearly 500 million users globally across various customer segments who are curious about cryptocurrencies, have idle cash or stablecoins, and are seeking higher returns than traditional investments. The best part is that Flint achieves all of this for our users without them having to worry about active crypto trading or price movements.”

Akshay BD. a startup advisor at Solana, added: “We are very excited to see startups like Flint leveraging the Solana network. It allows us to offer valuable products that users can access on cell phones as they normally would. Cryptocurrencies are increasingly finding a place in every investor’s portfolio, and stablecoin returns can be a good starting point for most.”

However, there are also factors that deter potential investors. For example, risks of financial loss due to fraud, price volatility, lack of clarity in the DeFi branch. Flint promises an appealing solution accessible through a mobile application. But each investor must do the research themselves.

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(Featured image by Kanchanara via Unsplash)

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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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