Paris, France, June 7, 2022, Chainwire
This is a major milestone for Atledis (formerly known as JellyFi) following his $4.4M Seed Funding Round and coming a few months after the alpha release of the Atlendis Protocol. Liquidity Providers (LPs) can now deposit into the pool of borrowers of their choice on the Atledis protocol to start earning interest. Whitelisted institutional borrowers, including dApps, protocols, and DAOs, can now take out loans in their specific pools.
Atlendis launches 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 be joining soon. Interested institutional borrowing candidates can contact Atlendis Labs to request access to revolving credit lines on the Atledis protocol.
“We are excited to launch the Atledis protocol and facilitate new DeFi use cases through unsecured crypto lending. Our primary focus is to help crypto-native organizations access revolving lines of credit to instantly meet their recurring cash needs without having to lock up collateral. In addition to targeting well-known Web3 institutions that engage in market-neutral strategies, Atledis welcomes non-crypto native businesses seeking exposure to crypto assets,” said Alexis Masseron, co-founder and CEO of Atlendis Laboratories.
“Atlendis is a unique protocol that allows DeversiFi to access short-term, revolving and under-collateralized debt to fund DeversiFi’s rapid withdrawal service and multi-chain bridges. Our goal is to initially borrow USDC from Atledis and expand to other pools as we roll out our cross-chain capabilities,” said Ross Middleton, co-founder of DeversiFi.
Atledis Labs and the Atledis protocol
Founded in 2021 by former ConsenSys employees, Atlendis addresses capital inefficiencies in the DeFi lending market and provides solutions for recurring liquidity and non-dilutive funding needs. Previously, institutional borrowers, including dApps, protocols, and DAOs, had limited options to meet their liquidity needs through crypto lending, as most DeFi lending protocols require borrowers to over-collateralize their loans. , thereby significantly reducing borrowing use cases in DeFi compared to TradFi.
Features available for liquidity providers
- Rate Discovery
Liquidity pools are borrower specific and are divided into multiple ticks. When adding liquidity to the pool of their choice, liquidity providers can choose the loan rate at which they feel comfortable lending based on their own risk assessment. The borrowing rate is derived from the market and depends on the rates offered by the lenders.
- Non-fungible items
The deposit of each liquidity provider on the Atledis protocol is characterized by a position which is represented by an NFT with an original illustration. The NFT displays the position and the underlying digital assets attached to it, including whether they are on loan or waiting to be matched with a borrower.
- pool incentive
Liquidity providers on the Atledis protocol can earn rewards from three sources:
- Actively lending to borrowers at the chosen lending rate.
- APY from Aave, when funds are not actively borrowed.
- Additional liquidity rewards, paid by the borrower when their funds are not used.
Features available to borrowers
- Custom pools
Atledis protocol pools can be built to fit the borrower’s specific use case, with a wide range of additional parameters and features.
Benefits for borrowers
Once borrowers are whitelisted, the Atledis protocol will create one or more specific liquidity pools per borrower per asset. Borrowers will have instant access to unsecured crypto loans at a fair rate through Atledis’ unique market rate discovery. Borrowers have flexibility because they don’t have to lock up collateral. Interest and principal on crypto loans must be repaid when due.
Benefits for lenders
On the Atledis protocol, liquidity providers can earn higher rewards than on oversized lending protocols. Lenders have the ability to choose the borrowers they trust to lend, as well as their preferred loan rate, benefiting from data such as credit scoring and live financial performance of borrowers performed by Margin X.
Atlendi is a capital-efficient DeFi lending protocol that enables unsecured crypto lending. Institutional borrowers can obtain flexible and competitive loan terms. Unsecured loans on the Atledis protocol are similar to revolving lines of credit, giving borrowers flexibility for recurring and short-term liquidity needs. For lenders, Atledis enables higher returns with granular control over their risk profile. Lenders can earn high interest on actively lent capital and unused capital will be placed on a trusted third-party liquidity protocol. There will be no idle capital on Atledis. Atledis enables borrowing and lending with confidence, opening up a wide range of use cases for borrowers.
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