[PRESS RELEASE – Paris, France, 7th June 2022]
Atlendis, a capital-efficient DeFi protocol that enables crypto loans without collateral, today announced the launch of Atlendis Protocol V1, a full-stack Ethereum scaling solution, on the Polygon mainnet.
Coming a few months after the $4.4 million seed funding round and the alpha release of the Atlendis protocol, this marks a major milestone for Atlendis (formerly known as Jellyfi). Liquidity Providers (LPs) can now deposit into the borrower pool of their choice on the Atlendis protocol to earn interest. Whitelisted institutional borrowers, including DApps, Protocols and DAOs, can now take loans in their own specific pool.
Atlendis is launching with institutional borrowers DeversiFi and ZigZag with an initial credit limit of $10 million, and there is a growing pipeline of institutional borrowers who will soon be joining. Interested institutional borrower candidates may contact Atlendis Labs to apply for access to revolving lines of credit on the Atlendis Protocol.
“We are excited to launch the Atlendis protocol and facilitate new DeFi use cases through non-collateralized crypto loans. Our main objective is to enable crypto-native organizations to quickly meet their recurrent liquidity needs without locking up any collateral. In addition to targeting well-known Web3 institutions that engage in market-neutral strategies, Atlendis welcomes non-crypto native companies seeking exposure to crypto assets want,” said Alexis Masseron, co-founder and CEO of Atlendis Labs.
“Atlendis is a unique protocol that allows Daversify to undertake short-term, revolving and low-collateral borrowing to fund Daversify’s fast withdrawal service and multi-chain bridges. Ross Middleton, Co-Founder of Daversify, said,” We aim to initially borrow USDC from Atlendis and scale to other pools as our cross-chain facilities roll out.”
Atlendis Labs and Atlendis Protocol
Founded in 2021 by former ConsenSys employees, Atlendis addresses capital inefficiencies in the DeFi lending market and provides solutions for recurring liquidity needs and non-diluted financing. Previously, institutional borrowers including DApps, Protocol and DAO had limited options for meeting their liquidity requirements through crypto loans, as most DeFi lending protocols require borrowers to overcollateralize their loans, thus Lending in DeFi significantly reduces the use cases compared to TradeFi.
Features Available to Liquidity Providers
rate discovery
Liquidity pools are borrower specific and divided into several ticks. While adding liquidity to the pool of their choice, liquidity providers are able to choose the lending rate at which they are comfortable lending based on their risk assessment. The borrowing rate is fetched by the market and depends on the rates offered by the lenders.
irreparable condition
Each liquidity provider’s deposits on the Atlendis protocol are characterized by a position that is represented by an NFT with the original artwork. The NFT displays the status and the underlying digital assets associated with it, including information on whether they are on loan or awaiting matching with a borrower.
pool incentive
Liquidity providers on the Atlendis protocol are able to earn rewards from three sources:
- Lending actively to borrowers at the chosen lending rate.
- Aave’s APY, when funds are not being actively borrowed.
- Additional liquidity rewards, paid by the borrower when their funds are not used.
- Facilities Available to Borrowers
tailored pool
Pools on the Atlendis protocol can be tailored to fit a borrower’s specific use case, with a variety of parameters and additional functions.
benefits for borrowers
Once borrowers are whitelisted, the Atlendis Protocol will create a specific liquidity pool per borrower and per asset. Borrowers will have instant access to uncollateralized crypto loans at reasonable rates through Atlendis’ unique market rate discovery. Borrowers have flexibility as they do not have to lock in any collateral. Interest and principal on crypto loans must be paid at maturity.
benefits for lenders
On the Atlendis protocol, liquidity providers can earn higher rewards than on the overcollateralized lending protocol. Lenders have the ability to choose the borrowers they trust to lend, as well as benefit from data including their preferred lending rate, credit evaluation and live financial performance of borrowers performed by X-Margins.
audit report
Two audits of the Atlendis Protocol smart contracts were mandated by Atlendis Labs. The first was conducted by runtime validation and the second by PeckShield.
Atlendis. about
Atlendis is a capital-efficient DeFi lending protocol that enables non-collateralized crypto loans. Institutional borrowers can avail flexible and competitive loan terms. Non-collateralized loans on the Atlendis Protocol are similar to revolving lines of credit, giving borrowers flexibility for recurrent and short-term liquidity requirements. For lenders, Atlendis enables high returns with fine-grained control over their risk profile. Lenders can earn higher interest on actively borrowed capital and unused capital will be placed on a trusted third-party liquidity protocol. There will be no idle capital on Atlendis. Atlendis enables reliable lending and lending, opening up a wide range of use cases for borrowers.
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