Clearpool Monthly Report: October 2022
- Clearpool Oracles and CPOOL Staking successfully launched
- New borrower pool launched for LedgerPrime on Polygon
- Genesis Oracle institutions announced
- LP addresses increase 67% MoM
- Over 115 million CPOOL staked during first epoch
October saw Clearpool introduce one of its most anticipated product launches to date — Clearpool Oracles & CPOOL Staking. Oracles provide inputs used to price Clearpool’s interest rate curves, while stakers help secure this pricing framework. The genesis cohort of Oracles was officially announced in the week leading up to the product launch and includes several high profile digital asset institutions. Following the launch, over 115 million CPOOL were staked during the inaugural epoch, representing approximately one third of the token’s circulating supply. Protocol growth continued in October with the number of active LP addresses increasing by 67% and the total liquidity holding steady at close to $160m. LedgerPrime, a digital asset investment firm owned by FTX, became the latest borrower to enter the Clearpool ecosystem.
The total amount of LP wallet addresses increased from 370 to 621 a gain of 67%, showing continued adoption from new lenders in what are still otherwise challenging market conditions. Despite the ongoing volatility, TVL remained constant throughout the month at around $160m.
A new borrower pool was launched on Polygon in October for LedgerPrime, a multi-strategy digital asset investment firm with investment personnel in the US, Canada, Dubai, Netherlands, and Korea. LedgerPrime was launched in 2017 as part of Ledger Holdings, which was subsequently acquired by FTX US in 2021. The pool has performed well, scaling to nearly $6 million in size by month end.
Product & Integrations
The Clearpool Oracles and CPOOL staking product was successfully launched on October 10th. The initial cohort, known as the Genesis Oracles, are established digital asset institutions with proven market expertise and/or experience using Clearpool, including borrowers, lenders and “neutral” market professionals. Since then, new Oracles have been added to bring the number to 13 by month end. To learn more about Clearpool Oracles and CPOOL Staking, here’s an ‘everything you need to know’ guide. Institutions interested in participating as an Oracle can apply here.
The main product development focus is now on Clearpool’s enhanced permissioned pool product. This institutional grade, KYC/B compliant wholesale marketplace will enable institutional counterparties to borrow and lend digital assets efficiently and securely, in a fully compliant manner, without the need for collateral, custody or intermediaries.
Development remains on schedule. Smart contracts will go to audit during November and following a stringent testing phase the launch date will be announced.
The design for several other new products and enhancements is currently being finalized. More details and a product roadmap for 2023 will be released in due course.
Blockchain analytics platform Nansen added support for Clearpool on their Nansen Portfolio product. Nansen users can now track their Clearpool portfolio on both Ethereum and Polygon. Clearpool Oracles are now being tracked on this Dune dashboard and CPOOL staking on DeFi Llama.
Please see below the results from the most recent Oracle voting round.
In the above charts, Y0, Y1 and YM represent the initial, highest and lowest interest rate points along the IRM curve. For more details about the Interest Rate Model, please click here.
The majority of CPOOL that was being staked on CEXes migrated to the native staking contracts, as is observable on the chart below.
Community & Ecosystem
Clearpool held an “In The Deep End” Twitter Spaces AMA on 12th October along with M11 Credit. The recording can be found here and a written summary here. A major provider of institutional credit underwriting in DeFi, M11 serves as a Clearpool Oracle, and this fascinating conversation provides a thorough overview of the role of Oracles and a great introduction into CPOOL staking.
Clearpool published a document titled “Real Yields, LP Incentives & Staking Rewards” which received excellent feedback from community members. This article gives insight into Clearpool’s approach to token incentives and plans for sustainable emissions.
Bybit and Hex Trust both published research analysis reports on Clearpool. Clearpool community member @PoolsiderOG created an excellent video overview of Clearpool which you can view here and an overview of Clearpool staking which you can view here. Clearpool was also featured in videos produced by AltcoinBuzz and Sean Davis.
With one of the biggest product launches to date, October was a significant month for Clearpool as the protocol continued to show healthy growth in its borrower and lender ecosystem in the face of challenging market conditions.
Looking ahead, the team is focused on delivering the next iteration of Clearpool’s institutional grade permissioned pool product which will be announced soon. The team has also been working on final product designs for the next phase of development which will form the roadmap for 2023. These exciting new products and features leverage the composability of Clearpool, and will significantly broaden the product ecosystem, leading to further growth and adoption. More details will be announced soon.