We’re here with an important update regarding our Cross-Chain Asset Lending (CCAL) platform. As you may be aware, Paxos, the custodian of BUSD’s supply, recently announced that they’ll stop minting new BUSD due to regulatory concerns. This is anticipated to impact the market cap and overall useability of BUSD in the future.
Given these developments, we’re taking steps to ensure the stability and continuity of our platform. We are transitioning the primary currency for our CCAL borrowing and lending transactions from BUSD to USDT. This decision is designed to future-proof our products and services, irrespective of the trajectory of BUSD.
We have successfully implemented these updates across all chains. Do note, if you’ve initiated lending transactions prior to this platform upgrade and they’re still in progress, they will not be affected and will continue to utilize BUSD. As for new transactions, you’ll be able to select USDT on the BNB chain as the transaction currency going forward.
That’s it for now, Kyokoans. We appreciate your continued support as we build for the future of GameFi!
Kyoko addresses the most challenging issues in Web3. Kyoko’s cross-chain asset lending platform solves the persistent issues limiting the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains. Kyoko’s P2P NFT lending platform expands inclusivity and access to liquidity for NFT projects and holders through its decentralized fixed-rate NFT lending protocol. The $KYOKO token launched in April 2022.
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