TL;DR
- Kiln has launched a new service to simplify access to stablecoin staking, making it easier for users to earn additional yields from their digital assets.
- Crypto.com DeFi Wallet is the first integrator, allowing users to stake assets through DeFi protocols such as Aave, Morpho, and Compound directly from its interface.
- Stablecoins have a market capitalization of over $171 billion and offer reward rates ranging from 4.5% to 8% on decentralized platforms.
Kiln has announced the launch of a new service called “Kiln DeFi,” designed to simplify access to stablecoin staking, making it easier for users to earn additional yields from their digital assets.
This institutional staking platform aims to reduce the complexity of direct interaction with DeFi protocols, which can often be complicated and involve security risks. With Kiln DeFi, users can receive stablecoin rewards through integrated workflows within the wallets or platforms of the integrators, without needing to manage DeFi protocols separately.
🙏 Big thanks to @TheBlock__ and @humanjets for covering our news!
After months of hard work with integrators starting with @cryptocom, we’re proud to launch Kiln DeFi! 🚀
It enables stablecoin rewards through seamless access to top DeFi lending protocols like @aave,… pic.twitter.com/BB5EjtfxNn
— Kiln 🧱🔥 (@Kiln_finance) August 6, 2024
The service is launched in partnership with Crypto.com’s web3 DeFi wallet, which becomes the first integrator of this new functionality. Users of Crypto.com’s wallet can stake assets through recognized DeFi lending protocols such as Aave, Morpho, and Compound directly from their interface. This facilitates earning yields and aims to minimize regulatory risks and fees associated with centralized custodial solutions.
Kiln is a Key Player for Ethereum
Stablecoins, which currently have a market capitalization of over $171 billion, offer reward rates ranging from 4.5% to 8% on decentralized lending platforms. Kiln DeFi aims to democratize access to these staking opportunities.
In addition to this launch, the company continues to expand its staking platform, which allows institutional clients to stake assets and offer white-label solutions. The majority of the assets staked on the platform are in Ethereum, with a total value exceeding $3.9 billion. The firm is noted as the largest operator of Ethereum validator nodes, representing about 4.4% of the network.
Kiln has also recently introduced liquid staking token (LST) restaking on EigenLayer and has closed a $17 million funding round to support its global expansion, bringing its total funding to $35 million.
