A decentralized finance (DeFi) startup backed by Pantera Capital, Coinbase Ventures, and others has announced the launch of a tool that helps users get the highest yields on DeFi.
The startup, Staked, announced the launch of a set of smart contracts that automatically move their users’ cryptoasset to the highest-yielding platforms on the decentralized finance protocols it supports, called Robo Advisor for Yield (RAY).
At launch, the tool is set to support popular DeFi protocols like Compound, dYdX, and bZx. In the startup’s announcement it’s written:
RAY initially supports lending on Compound, dYdX and bZx, but offers a generalized approach to plug-in novel yield-generating opportunities. Over time, RAY will support staking, the DAI savings rate, arbitrage opportunities, market-making, and other opportunities created by the community.
Staked notes that RAY’s development “has prioritized security,” adding its code is openly available for review and has managed to pass “multiple rounds of security auditing.” The decentralized finance space has been growing rapidly, with one of its use cases being generating yield for users.
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