Our Interface: https://t.me/openlend_bot
OpenLend Introduction
OpenLend: Revolutionizing the DeFi Landscape with Soft Liquidations and Gamification on the TON Blockchain to attract and engage users
We are developing a groundbreaking lending protocol on the TON blockchain. Our uniqueness lies in our cutting-edge technology featuring soft liquidations and de-liquidations
Problem to Solve
The traditional liquidation processes inDeFi are often harsh and unforgiving, leading to significant losses for borrowers who fall slightly below the required collateralization ratios. This rigid approach can discourage participation, as users fear the severe penalties associated with minor collateral shortfalls. This creates an unfriendly environment for both borrowers and lenders, limiting the growth and adoption of DeFi platforms.
OpenLend Solution
Soft Liquidations: Introducing a more user-friendly liquidation process that mitigates losses and provides users with multiple options to manage their collateral efficiently. Soft liquidation allows for a gradual liquidation process as the collateral price moves between these implemented price bands.
Gamification: Incorporating game-like elements to increase user engagement and retention. Users can earn rewards, badges, and other incentives by participating in various activities on the platform.
Community development: We are building an active community around OpenLend and aim to develop the entire TON ecosystem by supporting it through meetups, educational courses, and conferences. Our initiatives are focused on increasing awareness and skills in DeFi and blockchain technologies.
Lend
Various liquidity pools where our users can provide liquidity to earn high commissions and returns or borrow tokens against the collateral of other tokens. For example, you can borrow USDT against TON and vice versa.
On this page, you can see that the APY for borrowing is 14%. For instance, the pool capacity is $4 million, with $1.62 million available for borrowing, resulting in a utilization rate of approximately 60%. Users can search for pairs of interest, and there will be many pairs available for different tokens on the blockchain. Once a user finds the desired pair, they can proceed to take out a loan. They input the amount of liquidity they want to provide in one type of token and the amount they wish to borrow in another token type. All calculations are done automatically, and the details of our AMM are displayed in the case of a loan.
The key feature of our project is the implementation of a soft-liquidation algorithm. The main logic is that as the price of the base asset changes, the lending position is gradually liquidated or de-liquidated. This means a portion of the base asset is sold or bought in small increments based on market conditions, fully automatically. You can read more about them in our documentation.
Tap and Friends and Tasks
We are leveraging current trends in gamification to attract and retain users. Even before the full launch of our product, users can mine our tokens by completing daily tasks and inviting friends, thanks to our robust referral program. These tokens will be used to provide liquidity in our pools, allowing users to engage with our lending and borrowing features even before the official product launch. Active users will be rewarded based on their engagement with our test functionalities using the mined tokens.
Soft Liquidation Algorithm
The main mechanics of how our soft-liquidation algorithm works is supported by a mathematical model developed by our team, which is unique in TON blockchain. We will support pools for any token pairs available on the TON blockchain.
In this diagram, we have depicted two situations:
- When the price goes down, AMM sells one asset (e.g., TON) and buys dollars.
- When the price rises, AMM sells dollars and buys the base asset (e.g., TON).
Educational Programs and Community Engagement
Additionally, we plan to implement educational programs aimed at increasing awareness and enhancing the skills of individuals interested in investments, blockchain, and cryptocurrencies. These programs will raise the level of understanding and awareness regarding liquidity provision and lending protocols.
We also aim to use the accumulated tokens as an access tool for various internal events such as meetups, hackathons, and contests. This will help foster the development of the TON community within our project.
Roadmap
2024 Q2
- Launch of the OpenLend telegram bot, providing users with a convenient way to use basic landing tools
- Gamification elements implemented in telegram bot, enhancing user engagement and retention
- Launch of the soft liquidation feature, providing users with a safer way to manage their collateral.
- Initial support for USDT and ETH deposits.
2024 Q3
- Launch of the soft liquidation feature, providing users with a safer way to manage their collateral.
- Initial support for USDT and ETH deposits.
2024 Q4
- Strategic partnerships and integrations to expand the platform’s reach and capabilities.
2025 Q1
- Continued development of the platform, focusing on enhancing security, scalability, and user experience.
Contact Information
- OpenLend Telegram Channel: https://t.me/OpenLend_channel