Ecosystem Update — May 2021
Welcoming growth beyond projections, borrowing now active, new partners and team members
Liquidity / AUP Updates
Lending Exceeds Estimates
As of May 26, 2021, over $16m USD worth of institution-grade liquidity has been supplied to Earn, exceeding the May growth target by over 60%.
Notes on lending:
- The minimum deposit amount has been reduced from $200k to $50k enabling broader participation of KYC verified users.
- The maximum deposit limit has been raised to $1m, promptly resulting in additional supply from existing Liquidity Providers.
Borrowing is Live
Borrowing has been activated on all four markets on May 17, 2021. Within nine days, total borrows amount to ~$7.5m USD worth of assets.
Notes on borrowing:
- 2 out of every 3 assets borrowed are stablecoins (DAI & USDC).
- With initial borrow activity, variable APY rates are being established. Higher APY incentivizes future supply, while lower APY incentivizes borrow.
- Borrowers take advantage of liquidity mining rewards both from borrowed amount and collateral (as supply). This is a major incentive for borrowing on Earn.
Partnerships & Integrations
Radar joined Alkemi Network as a professional infrastructure and liquidity partner. Radar will be operating liquidations on Alkemi Earn, reinforcing healthy lend/borrow dynamics.
As a global turn-key compliance solution provider, KYC-Chain powers Alkemi Earn with a streamlined onboarding experience for users seeking a compliant DeFi solution. This partnership is an important step toward decentralized compliance, where users are in control of privacy and access on their own KYC data.
Alkemi Earn performance statistics are now available through Dune Analytics, an open analytics platform for the Ethereum community. Now everyone can create custom dashboards and trackers for the Alkemi Earn protocol, see this one for an example.
Community and Press
- The new Alkemi Network website is now live: https://alkemi.network
- Hear CEO Ryan Breen discussing the birth and evolution of Alkemi Network on the Open DeFi podcast
- The inaugural Community Virtual Meetup was held mid-May to give our community a chance to meet with members of the core team
Please welcome new members of the Alkemi team!
- Arthur Zubkoff → Community Engagement Manager
- Michael Nash → Head of Operations
Our top focus is to grow liquidity and utility on Alkemi Earn. In tandem, we are putting an increased emphasis on community build efforts.
As a starting point to discover more about our community, the Alkemists, we will be conducting a series of AMAs with current liquidity providers.
Stay tuned for the AMAs as well as more updates on new partnerships and protocol enhancements.