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Avalon Labs, a technology company that issues USDa backed by Bitcoin (BTC), has raised US$10 million to develop Bitcoin-based Decentralized Finance (DeFi) instruments.
Please provide the text to be translated
This aims to develop Bitcoin from a digital asset storage into an active financial instrument that can be useful in serving users with various purposes.
Users will have access to unlock assets stored in Bitcoin by pledging USDa and receiving a fixed loan interest rate of 8%. The *Total Value Locked* (TVL) reached US$700 million this month.
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