User Guide to Anzen Finance
A walkthrough of RWA, $PCT, and $wPCT
Table of Contents
Overview of Anzen Finance
Getting Started on Anzen Finance
$PCT: Permissionless Private Credit Token
$wPCT: Composable, Wrapped Private Credit Token
Governance
Community and Support
1.1 Overview of Anzen Finance
Anzen is a decentralized lending platform for creating on-chain loans backed by Real World Assets (RWA). Loans are collateralized with secure, tangible, and value-accruing assets — offering lenders a predictable income stream tied to the performance of RWA. Anzen carefully secures cashflowing assets from qualified KYC-compliant investors through rigorous underwriting. These assets are typically associated with reliable revenue streams and are expected to maintain their value even during periods of cryptocurrency market volatility. By lending stablecoins backed by real collateral, DeFi users have the opportunity to earn sustainable RWA yields and diversify their portfolio away from the price fluctuations and volatility of unbacked crypto tokens. 1.2 Key Tokens: $PCT, $wPCT, $sPCT
Anzen has 3 main tokens. They are deployed on Ethereum Mainnet. $PCT Permissionless Private Credit Token
Earn RWA-backed yield by supplying USDC to the Anzen Protocol. Supplying USDC mints $PCT, which represents an on-chain 1:1 loan collateralized by RWA.
PCT undergoes a regular rebasing process based on the loan borrow rate. Therefore, users who continue to hold PCT will benefit from the rebasing process.
$wPCT Composable, Wrapped Private Credit Token
wPCT is designed for use in third-party protocols. It is a permissionless but non-rebasing token. After minting PCT, users can create wPCT by wrapping the token. There are ZERO protocol fees for wrapping your PCT on Anzen, and PCT and wPCT are economically equivalent. Users can exit wPCT at any time using the wPCT/USDC Uniswap liquidity pool.
$sPCT Permissioned Private Credit Token (For qualified, KYC/AML, investors only)
$sPCT is a token on Anzen available only to qualified investors who have passed the necessary KYC and AML checks. $sPCT may only be transferred between whitelisted users and represents direct ownership of investment assets. The token undergoes a regular rebasing process to align its value with the net asset value of these underlying assets.
1.3 Purpose of the User Guide
This user guide is to help you use Anzen. In it you’ll find walkthroughs of the dapp, explanations into the mechanisms, and helpful guides to get you started in real world assets.
Getting Started
2.1 Creating an Account on Anzen Finance
There is no need to create an account on Anzen. As a decentralized finance lending protocol, you only need to connect your wallet to be able to use and access your assets on Anzen.
Note that by accessing and using the Anzen Protocol, you acknowledge that you have read the Terms of Service, understand them, and agree to be bound by them.
2.2 Connecting your Wallet
Most major wallets can be connected to Anzen. Select your wallet and when prompted, select connect. This allows Anzen access to view your wallet balance, and when you would like to submit a transaction it will prompt you for permission.
2.3 Understanding the Dashboard
Anzen’s dashboard consists of 3 parts. Lending Pool, Borrow Details, and Pool Activity.
Lending Pool
Here is where you can deposit USDC to receive $PCT. The dashboard also displays the latest Pool TVL (that is the amount of USDC deposited into this pool), the Next Rebase Date, Rebase Amount, and Effective APY based on current Pool TVL.
Borrow Details
The Rebase Amount is based on the Pledged Collateral and Loan as can seen in the Borrow Details Column. At a $1,200,000 principal the current pool sees a minimum of $10,800 pay out every month.
Pool Activity
Here you can see the latest activity within the pool, including deposit amount, redemption amount, transacting addresses, and time of transaction.
Transparency is important at Anzen and we want to ensure you have all you need to track your assets.
$PCT: Permissionless Private Credit Token
3.1 Supplying USDC and Recieving $PCT
Simply supply USDC on the protocol to receive a 1:1 equivalent amount of $PCT. $PCT is minted when USDC is supplied, and burned when it is redeemed.
To add PCT to your wallet, search for the contract address and add it under Custom Token. Once added you should see $PCT in your token list within your wallet.
Contract Address
Token Contract Address: 0xE16f2eC94E8a0819EB93022c45E05D582f4E5c15
https://etherscan.io/address/0xE16f2eC94E8a0819EB93022c45E05D582f4E5c15
3.2 Loan Collateralization with RWA
All loans on Anzen will be backed by yield-generating assets.
Anzen’s lending pool will be backed by a diversified portfolio of RWA, starting with a senior secured real estate loan (INS Real Estate Senior 2023–1). The loan is secured by a 27-unit rental property in Los Angeles at 56% LTV, with a weighted duration of 310 days.
The assets have already been purchased by sPCT holders and are pledged on-chain as collateral allowing PCT and wPCT holders to access yields backed by the RWA. PCT rebases on a 1:1 ratio with sPCT. $sPCT is backed by the USD value of the RWA yields.
3.3 Rebasement Process
At a set date, PCT will undergo Rebasement. Rebasement occurs when the borrower interest is paid into the pool and distributed to PCT and wPCT holders. Any USDC deposited on top of the available principal value is deployed to earn extra yield. This extra yield is also part of the repayment that happens during rebasement.
PCT holders can withdraw to USDC at any time on Anzen or via Uniswap liquidity pools.
$wPCT: Composable, Wrapped Private Credit Token
4.1 Wrapping $PCT to Create $wPCT
Wrapping $PCT creates $wPCT (Wrapped Private Credit Token), it is a permissionless but non-rebasing token. Instead of token balance rebasing, the PCT:wPCT exchange rate is adjusted at market. Because it is non-rebasing, $wPCT has more use-cases across third party Dapps and can be used in other protocols.
Holding wPCT long term is the optimal way to benefit from rebasing while having the ability to swap to USDC in the wPCT/USDC Uniswap pool with no protocol fees.
4.2 Protocol Fee Structure
There are zero protocol fees when minting PCT and wrapping PCT.
There is a 0.1% fee when redeeming PCT for USDC from Anzen because it directly removes liquidity from the protocol. There are no Anzen fees when using the wPCT/USDC Uniswap pool to withdraw.
4.3 Interacting with $wPCT in Third-Party Protocols
wPCT is ERC20 compatible and fully composable. Interested in partnering with Anzen? Fill out our partnership request form.
4.4 Exiting $wPCT through Uniswap Liquidity Pool
You may swap $wPCT for USDC on Uniswap at any time. See Uniswap USDC:wPCT pool.
$ANZ: Governance Token
5.1 Governance
ANZ is the governance token for the protocol. It is currently not yet available to the public. Holders of the protocol token will be able to influence key decisions.
Community and Support
7.1 Joining the Anzen Finance Community
Anzen currently runs campaigns where you can earn points as early-adopters and holders of our tokens.
Join the community to find out more.
Anzen Community
Anzen Announcements
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