Script3 Launches First DeFi Protocol Built on the Stellar Network

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- Script3, a decentralized finance (DeFi) studio focused on strategic building, today announced the launch of YieldBlox, a Stellar-based decentralized lending protocol. YieldBlox enables users and services to lend and borrow directly from one another without the need for third parties.

Alexander Mootz, Script3 Co-Founder and CTO, commented on the news, "At Script3, we design protocols with impact. YieldBlox fills a need in the Stellar ecosystem by significantly improving capital efficiency, allowing capital to naturally flow to wherever it is most productive. We leveraged Stellar Turrets to implement a protocol that processes transactions in a secure, efficient, and transparent way, maintaining the core strengths of Stellar. YieldBlox will provide businesses building on Stellar with a service traditionally found in centralized finance, further demonstrating the value of Stellar and its emerging DeFi ecosystem."

YieldBlox is the first DeFi protocol built on the Stellar blockchain. It aims to further the goal of global equitable economic access by providing money market functionality and seeks to improve the Stellar network's capital efficiency and stickiness. Stellar network participants will be able to use YieldBlox for lending, borrowing, and more without having to rely on centralized intermediaries. This will expand opportunities for borderless savings accounts, lines of credit, leveraged trading, and other exciting possibilities with the goal of growing the network's utility. In addition, YieldBlox's novel tokenomics model serves as a powerful tool for non-custodial platforms built on Stellar to improve their incentive and revenue models, which Script3 anticipates could grow overall network adoption. YieldBlox was made possible by Stellar Turrets, a layer-2 smart contract engine that Script3 helped develop.

"With YieldBlox, Script3 is putting forward an energizing vision for DeFi on Stellar," said Justin Rice, VP of Ecosystem at Stellar Development Foundation "As actively engaged participants in the Stellar ecosystem, they're very much in tune with what users would like to see next. The launch of the YieldBlox beta is an exciting milestone."

At its inception, YieldBlox was a winner of the Stellar Community Fund. Since then, Script3 has successfully completed YieldBlox development, raised financing from JST Capital, and released a YieldBlox public testnet Beta. The YieldBlox protocol is set to go live on the mainnet in early February of 2022.

"We are excited to continue growing our relationship with the Stellar ecosystem while also supporting fintech platforms building on the network," said Markus Paulson-Luna, Co-Founder and CEO of Script3. "The support and guidance we have received from the Stellar ecosystem has allowed us to create revolutionary products that improve upon the network's already impressive capabilities.  DeFi is the future of finance, and by contributing to the first DeFi protocol built on Stellar, we are paving the way for other companies to join us on this journey." 

About Script3
Script3 is a decentralized finance (DeFi) studio that builds end-to-end strategic DeFi protocols based on market opportunity and demand.

To learn more about Script3, please visit: https://www.script3.io/

Media Contact
Kevin McGrath
M Group Strategic Communications (For Script3)
646-859-5955
[email protected]

SOURCE Script3