yLEND protocol is built on Ethereum platform that will allow users to lend, borrow $eth or other tokens and earn algorithmically set interest rates, additionally double their earnings with farming functionality which is one of a few in DeFi.
All is needed your Ethereum wallet and internet access, no KYC or third party is involved. You can borrow and earn highest interest rates right away.
What is yLEND protocol?
Our vision is that “You deserve more earnings”. There are many lending protocols available on the market, however their interest rates are only based on the ratio of lenders and borrowers. Usually, the interest rates are very low because of low number of borrowed amount. We aim to solve this issue and maximize your earnings by offering farming functionality.
Lenders will earn two types of APY = APY and yAPY
Standard APY will be algorithmically calculated based on supply and demand.
yAPY stands for the earnings from farming as yield earnings in yLEND tokens. This will allow lenders to earn high interest rates even if there is a low demand for borrowing which is missing in many lending protocols.
Borrowers will also earn yAPY on the amount they collateralize to borrow. This sounds interesting, right? You earn money even when you borrow thanks to yLEND ecosystem.
yLEND is also a governance token that will enable users to adjust the interest rates and make important decision towards the development of the protocol.
How yLEND protocol works?
Lending:
yLEND protocol offers a new generation of crypto lending and borrowing protocol with farming opportunities. To interact with yLEND protocol lenders must deposit funds into liquidity pools, and users can then borrow from these pools. Volatility is hedged by setting assets aside in each pool which ensures that lenders can withdraw their funds whenever they wish to exit the pool. yLEND will have different cryptocurrencies* available for lending and borrowing for example:
1. ETH
2. USDC
3. DAI
4. USDT
5. ZRX
6. BAT
7. REP
For provided liquidity users will earn standard interested rates and additionally yield earning from farming.
Borrowing:
Borrowing will be available on the collateralized amount from provided liquidity. Collateralized amount should be greater than the amount borrowed, this ratio will typically range from 50% to 80%. Borrowers should to maintain collateralization ratio to avoid the liquidation. Borrowers will also earn daily yield earnings based on the collateralized amount as yLEND tokens. Earned yLEND tokens can be claimed daily, withdrawn and exchanged to other tokens if desired. This creates an opportunity for borrowers to minimize their losses and even pay their debt by yLEND tokens.
yLEND token:
$yLEND is a governance token of yLEND protocol. One the core features of $yLEND is the ability to vote for the changes and development of the protocol. User will be able to decide distribution rate of $yLEND tokens, buy back and distribute or buy back and burn rates. All of these features will be programmed into our smart contract, votes will be automatically counted and changes will be made if any.
Another exciting add on of yLEND protocol will be elastic supply token $yLUSD to maintain sustainable growth of the ecosystem. $yLUSD will follow the Ampleforth elastic supply models and it will expand and contract supply in response to market conditions, to target 1 USD per $yLUSD. As the $yLEND tokens is limited at some time it might be exhausted, so we decided to add this model to the protocol to maximize the earnings of the protocol users and farmers. $yLUSD will be distributed to lenders, borrowers and farmers along with $yLEND tokens as their yield earnings. This is the second phase of our project and more details will be announced later.
yLEND Vault:
$yLEND holders will be able to stake their $yLEND holdings and earn profit by locking their funds. There will be a time limit to be able to claim your earned profit. You can exit the pool at any time however earnings cannot be claimed in this case. The vault is designed to incentivize hodling the $yLEND tokens and maintain the sustainable price growth.
yLEND development fund:
yLEND development fund is one of the important part of the project. It is aimed to maintain the success of the project. Initially 500 $eth (1/3) from pre-sale will be locked in the fund. In addition, a portion from the interest rate earning will be directed to the fund. Gradually, users will decide how to use these funds by voting. The main use case will be buying $yLEND tokens from the market and burning or distributing among the protocol users.
yLUSD
Another exciting add on of yLEND protocol will be elastic supply token $yLUSD to maintain sustainable growth of the ecosystem. $yLUSD will follow the Ampleforth elastic supply models and it will expand and contract supply in response to market conditions, to target 1 USD per $yLUSD. As the $yLEND tokens is limited at some time it might be exhausted, so we decided to add this model to the protocol to maximize the earnings of the protocol users and farmers. $yLUSD will be distributed to lenders, borrowers and farmers along with $yLEND tokens as their yield earnings.
This is the second phase of our project and more details will be announced later.
Token information:
Token name: yLEND
Total Supply: 75,000
Pre-sale amount: 30,000
Pre-sale price: 1 ETH/20 yLEND
Soft cap: 900 ETH
Hard cap: 1,500 ETH
Initial Listing Price: 1 ETH/8 yLEND
Team: 4,000
Marketing: 4,000
Pre-sale funds will be will be used to provide Uniswap Liquidity immediately after the completion of the pre-sale and further development of the project.
Pre-sale information:
Pre-sale date and details will be announced soon. Please follow our telegram channel or twitter for official announcements:
Web-site: www.ylend.io/
Twitter: twitter.com/ylendprotocol
Telegram: https://t.me/ylendio
Medium: https://ylendprotocol.medium.com/
AUTHOR
Bitcointalk Username: awakpane
Bitcointalk URL : https://bitcointalk.org/index.php?action=profile;u=1269416