Bastion Becomes First Lending Protocol on Aurora to list stNEAR

Deposit stNEAR as collateral, earn triple rewards.

TL;DR

• Bastion first lending protocol to list stNEAR
• stNEAR Deposits beginning March 10th
• stNEAR can be used as collateral for lending
• stNEAR deposits will earn SIX forms of rewards: Staking Rewards, BSTN Rewards, $META Rewards, Aurora Rewards and NEAR Rewards

Overview

We are thrilled to have partnered with Bastion as they become the first lending protocol on Aurora to list stNEAR. Bastion launched on Aurora just over one week ago with a limited range of assets that include NEAR, USDC, USDT and Ethereum and has already amassed a whopping $280m+ of Total Value Locked (TVL). Now stNEAR is being added, along with Aurora, enabling users to earn up to six different types of rewards and to access liquidity by borrowing money using stNEAR as collateral.

stNEAR Core to Defi Money Legos

The world of Decentralized Finance (DeFi) is sometimes referred to as Money Legos to capture one of its most important features composability. Further, DeFi has the unique ability of allowing users to mix and match across any components to achieve maximum capital efficiency and best returns.

Staked NEAR (stNEAR) is the best form of collateral, as it combines two important aspects. First, it is made up of NEAR, a strong asset with deep liquidity. Second, a stable, low-risk revenue stream in the form of Staking Rewards from the Protocol, currently around 10% paid out in NEAR.

In addition to the utility of $stNEAR on lending protocol platforms, we have launched Meta Recipes, which allow you to easily migrate between pools. 

How the Bastion Lending Protocol Works

Bastion is a decentralized lending protocol which algorithmically sets interest rates based on supply and demand. Quite simply, you can deposit assets as collateral and borrow money against that collateral.

Each asset has a collateralization ratio — how much of your collateral you are allowed to borrow. For instance, if stNEAR collateralization ratio is 60%, and you have $100 worth of stNEAR deposited, the maximum you can borrow is $60.

However, if your position falls below the minimum collateralization requirements it will get liquidated: you lose your collateral as it gets used to pay back your outstanding debt.

Learn more about how Bastion works here.

Bastion Bonanza: $META Rewards + Liquidity Mining

Last month we announced changes to the way META rewards are distributed to prioritize our partners, Bastion being one of them. But it gets better! stNEAR depositors will benefit from a range of rewards that are designed to kickstart the DeFi ecosystem:

• Staking Rewards: ~10% on your NEAR with Meta Pool
• $META Rewards: Meta Pool token distributed to stNEAR holders via Bastion
• BSTN Rewards: Bastion lending protocol native token distributed to Bastion users
• Deposit APY: traditional interest rate earned by providing assets to a money market (similar to a savings account on a bank)
• Aurora Rewards: liquidity mining incentives provided by Aurora
• NEAR Rewards: liquidity mining incentives provided by NEAR Foundation