Feather Brings Onchain Brazilian Rates to DeFi Lending
Polygon news today is dominated by Feather's launch of two lending markets on Morpho, targeting Brazilian users and DeFi borrowers. The BRZ vault and the frxUSD vault are now live, allowing users to borrow in Brazilian reais without exchanging through a separate FX step first. The team behind Feather credits Morpho, Frax Finance, Transfero Group, and Etherfuse for powering the launch, as each partner supplies a different asset, giving users a mix of Brazilian, dollar, and sterling exposure.
The launch marks a significant shift in crypto lending, which is typically priced in dollars. By offering onchain Brazilian rates, Feather aims to reduce FX conversion costs and operational overhead for users who need Brazilian exposure. The BRZ vault accepts BRZ, sfrxUSD, and TESOURO, while the frxUSD vault accepts frxUSD, tGBP, BRZ, sPOL, and sfrxUSD.
The network also made a strong showing in a recent growth ranking, placing second among top growers over the last day, according to Alchemy's chain rankings. However, Polygon's growth rate is slightly lower than Solana's, which took the top spot.
The Polygon network's price has been relatively steady, trading near $0.1081 on October 3, down 1.2% over 24 hours. The market cap remains at $1.14B, with a 24-hour volume of $137.9M.