- Although the token is now only available on Cardano, there are already efforts to expand cstAPEX to EVM chains, which will soon link Cardano’s native DeFi yield.
- Offering Cardano users up to 10% APY, it replicates the staking mechanisms of APEX on Prime and is designed to eventually blend in seamlessly with EVM-based apps.
To recreate the projected 10% APY return of staking APEX on Prime, VyFinance, one of Cardano’s most well-known DeFi protocols, has introduced cstAPEX, a staked version of the APEX token.
The launch is a significant milestone for Cardano’s decentralized finance sector, strengthening the company’s high-assurance, UTxO-based ecosystem and setting the stage for Apex Fusion’s compatibility with EVM-compatible networks.
In keeping with its expanding position within Apex Fusion’s interoperable ecosystem, VyFinance created and implemented cstAPEX exclusively on Cardano. Although the token is now only available on Cardano, there are already efforts to expand cstAPEX to EVM chains, which will soon link Cardano’s native DeFi yield to the larger multi-chain landscape.
The new cstAPEX token is intended to be cross-chain ready as well as yield-bearing. Offering Cardano users up to 10% APY, it replicates the staking mechanisms of APEX on Prime and is designed to eventually blend in seamlessly with EVM-based apps. This essentially places Cardano at the core of developing multi-chain liquidity flows by making cstAPEX a future-ready, definable DeFi instrument.
Apex Fusion’s internal economy is powered by the Cardano-native APEX token, which currently has around $1 million in liquidity on VyFinance with current pools offering about 35% APR. This foundation is strengthened with the launch of cstAPEX, which makes it possible to create an interoperable, yield-bearing asset that complements Apex Fusion’s long-term cross-chain vision and liquid staking structure.
The increasing cooperation between the Cardano and EVM ecosystems is highlighted by this development. Despite being often commended for its accuracy and security, Cardano’s UTxO architecture has always existed independently of EVM-driven liquidity. This space is being filled by initiatives like cstAPEX, which will increase Cardano’s DeFi builders visibility and significance in the larger Web3 economy.
Based on Cardano, VyFinance is a complete decentralized finance protocol that provides a number of DeFi utilities, such as token/NFT vaults, governance, a lottery, a decentralized exchange (DEX), and a redistributive mechanism (BAR). Making decentralized finance lucrative, accessible, and interoperable is its goal.
The purpose of Apex Fusion, a tri-chain blockchain ecosystem, is to integrate EVM and UTxO networks into a single, compatible Web3 fabric. The architecture, which consists of PRIME, VECTOR, and NEXUS, enables high-performance EVM compatibility, decentralized settlement, and quick Cardano-based execution. Apex Fusion provides business-grade scalability and regulatory compatibility for the future of DeFi and enterprise adoption, backed by partners like as LayerZero, Well-Typed, and Tenderly.
Source: https://thenewscrypto.com/vyfinance-launches-cstapex-to-bring-10-apy-cardano-staking-yields-to-multi-chain-defi/
