Elephant Money Introduces TRUNK Price Feeds and DeFi Lending/Borrowing
June 8, 2024 — Elephant Money, the innovative DeFi platform, continues to enhance its ecosystem by introducing two critical features for its native token, TRUNK. Here’s what you need to know:
1. Price Feed Integration via Switchboard.xyz
Elephant Money has seamlessly integrated a price feed oracle powered by Switchboard.xyz. This real-time data aggregator fetches prices from multiple decentralized exchanges, ensuring accurate and up-to-date information. The price feed serves several purposes:
- Interest Rate Determination: In DeFi lending and borrowing markets, interest rates depend on asset supply and demand. The price feed informs TRUNK’s lending protocol, allowing it to adjust interest rates dynamically based on market conditions.
- Collateral Valuation: When users borrow TRUNK, they provide collateral in other digital assets. The price feed ensures that the value of collateral assets remains accurate, maintaining the security of the lending pool.
- Loan-to-Value Ratios (LTV): The LTV ratio determines how much TRUNK a borrower can obtain relative to their collateral. The price feed influences this calculation, safeguarding the protocol against sudden price fluctuations.
2. DeFi Lending and Borrowing with Solend
Elephant Money has partnered with Solend, a leading DeFi lending platform on Solana. TRUNK holders can now participate in the following:
- Lending: TRUNK holders become liquidity providers by depositing their tokens into Solend’s lending pools. They earn interest (APY) on their deposits, similar to traditional banks. Solend’s smart contracts ensure transparency and security.
- Borrowing: Users can borrow TRUNK by providing collateral in other digital assets. The APR (Annual Percentage Rate) determines the cost of borrowing. Unlike traditional banks, no intermediaries are involved, and users retain custody of their assets.
3. The Links
It is a very exciting time here for Elephant Money and the Solana ecosystem has welcomed us with open arms. Here are the links:
- Switchboard TRUNK/USD Price Feed — https://app.switchboard.xyz/solana/mainnet/feed/DmwjKbzMGUCd2wa1HVUVZeKwmiuKFVJvoN3sVoAxPoGa
- Solend TRUNK/USDC Pool — https://solend.fi/dashboard?pool=616Kxm68sCsFJTzKfqJYt1o2Na5qrujgfhrhUJsSPXHx
What’s Next?
With these enhancements, TRUNK becomes more versatile, accessible, and attractive to both investors and borrowers. Elephant Money remains committed to empowering its community and driving DeFi innovation.
For real-time TRUNK price tracking, visit CoinMarketCap.
Feel free to reach out if you have any further questions or need additional details! Find Us on Telegram🐘💰🔥🚀
Update 6/9/24 — Liquidity Vote 4 for Raydium
Supply additional liquidity for Solend deployment
We need to establish additional locked liquidity for Raydium on Solana. This will ensure we adequately bootstrap for the extra liquidity demands of Solend. Lenders of USDC need to appreciate that liquidity backing TRUNK is adequate and we need to balance the pools between Meteora / Raydium.
Funds will be supplied by the ELEPHANT Treasury.
Click below to vote
Update 6/20/24 — Liquidity Vote 5 for Solend
Fund market making position for Savanna Haus on Solend
Fund a locked TRUNK/USDC market making position on Solend. This will provide a valuable long term funded profit center for the Elephant Money protocol.
Funds will be supplied by the ELEPHANT Treasury.
Click below to vote
