We’re thrilled to announce the public launch of BOREALEND, an AuroraSwap lending protocol to power the financial markets & applications of the future.
The oracle we’ve teamed up with will be ready to rock within the week. We’ll launch BOREALEND immediately after.
Supplying liquidity to BOREALEND is easy. Each market has its own xToken (xETH, xAurora, xBRL…), which you’ll receive when you supply that asset to the protocol. xTokens represent your balance on the BoreaLend lending platform.
Simply by holding xTokens, you’ll earn interest. Interest which accumulates via the xToken’s exchange rate over time. Each xToken becomes convertible into an increasing amount of its corresponding token.
The lending protocol requires it’s own token; so BEHOLD! The birth of
BoreaLend ($BRLEND) — the native token of BOREALEND lending protocol.
Launch price/date and tokenomics — TBA
How lending works?
Lending platforms offer cryptocurrency loans in a trustless manner; allowing the holders to stake the coins they have in the platform for lending purposes.
On the Lending platform, a borrower can take a loan, allowing the lender to earn interest upon repayment. The lending process is executed from the start to finish without intermediaries.
A token holder sends the tokens they intend to loan out into a pool by means of our smart contract(s). Once the coins are sent to a smart contract, they become available to other users for borrowing. Thereafter, the smart contract issues tokens (the platform’s native token) automatically lenders. Those tokens can be redeemed; in addition to the underlying assets that were sent to the smart contract.
Virtually all loans issued via the native tokens are collateralized. This means that users who wish to borrow funds will need to provide a guarantee. However, unlike the centralized financial system, the guarantee in the DeFi space is in the form of cryptocurrencies that are worth more than the actual loan itself.
How it will make AuroraSwap stronger?
AuroraSwap aims to be an all-in-1 solution on the Aurora blockchain and with each new product AuroraSwap, it’s token, and most importantly its community becomes stronger.
More high quality products and services → more TVL and users of AuroraSwap → Everyone is happy
Next products in line (actual sequence of release may differ):
- NFT marketplace
- Leverage Trading
- Launchpad (IBO🔥)
- Limit Orders
What is the next product AuroraSwap will show to the community? 👀
BUIDL Program Participants
Rules and features of the BUIDL Program are constantly improving and evloving. Many BUIDL Participants will be eligible to participate in the lending protocol. There will be strict rules and guidelines in place for the tokens used as collateral. Projects and protocols will pass both a quality check and a prescribed criteria, then can be added as a lendable token!
We are currently in negotiations with future BUIDL program participants which just seem to keep getting bigger in their name recognition and notoriety…it seems we’re doing something right :)
Anyone willing to understand the inners workings of our protocol can read our Docs (Which will be published very soon).
Get in here and join the party!
Best wishes, AuroraSwap Team