For lenders, the return is also optimized, even when the assets are in the process of being borrowed.
Atlendis, the DeFi protocol that enables security-free cryptocurrency lending, today announced the launch of V1 of the protocol on Polygon’s mainnet network, a complete Ethereum scaling solution.
This is a major milestone for Atlendis (formerly known as JellyFi) after its $ 4.4 million seed fundraising and a few months after the launch of the alpha version of the Atlendis protocol. Liquidity providers – or LPs for liquidity providers – can now deposit crypto assets on Atlendis, in liquidity pools with the borrowers of their choice, and thus start earning interest. Authorized institutional borrowers can take out a line of credit by borrowing from their own liquidity pools.
The launch of Atlendis is carried out with the institutional borrowers DeversiFi and ZigZag, who benefit from an initial credit limit of 10 million USD. Other borrowers will soon join them. Institutional borrowers interested in revolving lines of credit can contact Atlendis Labs.
“We are pleased to launch the Atlendis Protocol, enabling new use cases for DeFi through security-free cryptocurrencies. Our main goal is to help Indigenous companies in the cryptocurrency sector access revolving lines of credit to meet their recurring liquidity needs immediately and without “In addition to targeting reputable Web3 institutions that pursue market-neutral strategies, Atlendis also welcomes companies outside the cryptocurrency industry who would like exposure to digital assets,” said Alexis Masseron, co-founder and CEO of ‘Atlendis Labs.
Atlendis is a unique protocol that gives DeversiFi access to short-term, revolving and secured debt to finance its ‘rapid withdrawal services’ – rapid withdrawal of assets from one blockchain to another – and of ‘multi-chain bridges’ gateways to “We want to borrow USDC through Atlendis and diversify our liquidity pools as we roll out our cross-blockchain capabilities,” said Ross Middleton, co-founder of DeversiFi.
Atlendis Labs and the Atlendis Protocol
Atlendis was founded in 2021 by former ConsenSys employees and aims to address capital inefficiencies in the DeFi loan market, address recurring liquidity needs and enable non-dilutive financing. In the past, institutional borrowers, including dApps, protocols, and DAOs, had limited options in DeFi to meet these liquidity needs, with most lending protocols requiring borrowers to provide collateral for their loans. This significantly narrowed the application possibilities for lending in DeFi compared to traditional financing.
Features available to liquidity providers
● Determination of tariffs
Liquidity pools are specific to each borrower and are divided into tranches for each interest rate. When they deposit liquidity in the pool they choose, the liquidity providers choose the interest rate they want to lend to, based on their own risk analysis. The borrowing rate is therefore determined directly by the market, on the blockchain, and depends on the rates offered by the liquidity lenders.
● Non-fungible positions
Each liquidity provider’s deposit on the Atlendis Protocol is characterized by a position represented by an NFT with a unique illustration. The NFT provides details on the position of the lender, including the status of the funds – whether they are on loan or pending loans – and the underlying digital assets associated with them.
● Rewards for liquidity providers
Liquidity providers on the Atlendis Protocol can earn rewards from three sources:
○ Interest earned on lending assets to borrowers at the rate chosen by the lender.
○ When the funds are in the process of being borrowed, they are automatically deposited on Aave – the largest insured loan protocol – and bear interest at the exchange rate of this platform.
○ Additional liquidity rewards paid by the borrower when their funds are not used.
Features available to borrowers
● Tailor-made pools
Atlendi’s protocol pools are designed to meet the specific needs of the borrower with a wide range of specific parameters and features.
Benefits for borrowers
Once borrowers are approved, the Atlendis Protocol opens one or more specific liquidity pools for each borrower and each asset. Borrowers will have instant access to cryptocurrency loans with no need for collateral and at a market-discovered pure rate thanks to an innovative order book developed by Atlendis. In addition, borrowers at Atlendis develop their credit profile and financial reputation and facilitate such services. The amount borrowed as well as the interest on the cryptocurrency loans must be repaid on the due date.
Benefits for Lenders
On the Atlendis Protocol, liquidity providers benefit from granularity in the choice of their investment and receive higher interest rates than on secured loan protocols. They have the option to lend only to borrowers they trust and to choose the interest rate they want to lend, taking into account their own research on the borrower and assisted by the credit rating conducted by X-Margin, an Atlendis -partner.
Atlendis Labs has commissioned two revisions of Atlendis Protocol Smart Contracts as part of a comprehensive, long-term protocol security strategy. The first was performed by Runtime Verification and the second by PeckShield.
Atlendis is a protocol for making loans in cryptocurrencies without collateral. Institutional borrowers can obtain flexible and competitive loan terms. Unsecured loans granted through the Atlendis Protocol resemble revolving lines of credit, giving borrowers real flexibility in recurring and short-term liquidity needs. For lenders, Atlendi’s enable higher returns with granular control of their risk profile. Lenders can earn high interest rates on actively borrowed capital, and unused capital will be placed on a reputable third-party liquidity protocol. There will be no unutilized capital on Atlendis. Atlendis enables trust-based borrowing and lending, which opens up a wide range of borrowing opportunities for borrowers.
* The conclusion of a loan agreement involves risks. For more information, please see Atlendi’s Terms of Service.