New Lending Platform "OmniLend" is coming to TelosEVM
Hello LeoFinance & Hive,
How's it going? It's NEO here, a Telos Senior Eagle with another news straight from Telos Blockchain :)
Huge News! OmniDex is excited to announce the launch date of OmniLend, the first lending platform on the Telos EVM, launching April 14th 2022 at 2PM UTC.
OmniLend is a part of the OmniDex family of decentralised financial services products. OmniLend provides a decentralised, non-custodial solution to connect users who wish to lend with those who want to borrow. Depositors are able to earn a passive income by providing liquidity to the market, while borrowers are able to secure loans, in an overcollateralized manner, against whitelisted assets that they hold.OmniLend has security at its core. It is built on the proven, open source Aave protocol, providing confidence to both lenders and borrowers. User funds are held in decentralised smart contracts that have been formally verified and audited by third party auditors. The protocol adopts a fully transparent risk-management framework that is based on the recommendations of specialist quantitative modelling experts.
I also got some inside news how that will work:
OmniLend will enable Telos users to develop strategies that are tailored towards their risk appetite, and enable more flexibility and opportunity within their investments.
For example, you have $100 of TLOS, and would like to leverage your position as you believe TLOS to do well in the future. You can deposit your $100 of TLOS into the lending platform and borrow $50 of another token, for example USDC, then convert that $50 USDC back into TLOS using the Omnidex exchange. You now have $150 of TLOS and $50 debt in USDC.
You still need to pay back the $50 of USDC + interest accrued sometime in the future, however, provided TLOS out performs USDC + interest accrued during the period you are borrowing the tokens, when you go to repay your loan, you will profit the difference.
Alternatively If for example you want to keep your investment strategy very simple, you can earn a safe yield by lending your tokens to the platform. This may generate roughly 2%-20% APY depending on the current demand by borrowers. This yield is paid out in the currency that you have deposited. E.g. deposit Tlos, earn Tlos.
One last example may be, I see the USDC-USDT farm on Omnidex yields 20% APY, however, I can borrow USDC for only 2% APY on the lending platform. Therefore, I borrow the USDC, farm it on Omnidex and make a sizable profit on my stables, at very low risk. This same strategy can be generalized for any token.
Who is also excited about this new opportunity? Let me know in comments.
OmniDex
You can read more documentation about lending here: https://omnidex-1.gitbook.io/omnidex/products/lending
Website: https://omnidex.finance/
Twitter: https://twitter.com/OmniDex1
Discord: https://discord.com/invite/K6XRMCx7XM
Telos
Website: https://www.telos.net/
Twitter: https://twitter.com/HelloTelos
YouTube: https://www.youtube.com/c/TheTelosNetwork
Discord: https://discord.com/invite/9hurWxq3Gf
Thank you.
Stay safe.
/NEO
Posted Using LeoFinance Beta
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