OKX Europe launches LYUSDC token for USDC DeFi Earn, moves vault to X Layer
- —From October 5, USDC DeFi Earn balances in the EEA convert to LYUSDC 1:1 with no user action
- —On October 14 the vault moves from Spark USDC on Ethereum to Spark USDC on X Layer
- —Redemption times fall from up to a full day to a few hours
- —LYUSDC cannot be traded, transferred or withdrawn outside OKX
Why it matters: The product eases exits from DeFi yield, but LYUSDC is an internal instrument carrying staking risks and no guarantee of full capital return.
Source: The Cryptonomist (IT)