dForce brings imBTC to DeFi Lending
Our friends at dForce have integrated imBTC with Lendf.Me, the money market of dForce network.
Update on imBTC Operations: Tokenlon to cease cross-chain gateway services
imBTC is an Ethereum token that represents 1:1 the value of bitcoin. Holders can mint, exchange, redeem, and receive the income on imBTC from the Tokenlon platform.
You can mint your imBTC directly in the imToken app: http://token.im/download
Lend and borrow imBTC on Lendf.Me
By integrating the systematic interest from imBTC, lenders of imBTC on Lendf.Me can now enjoy both imBTC’s intrinsic interest and the interest generated from Lendf.Me platform.
Read more about imBTC and its intrinsic interest here.
Lendf.Me is the first DeFi platform that supports imBTC collateral, facilitating instant loans at the most competitive funding cost.
Who will use imBTC lending?
For illustration purposes, let’s assume a cryptocurrency miner wants to take out a loan with bitcoin as collateral.
- First, he can mint imBTC with bitcoin using the imToken app.
- He then supplies imBTC to the Lendf.Me platform and
- Takes out a USDT loan at 7.5% APR.
Given that imBTC carries a systematic interest of around 1.12% (excluding the interest generated from Lendf.Me), while assuming a collateral cover ratio of 1.4x, the effective cost of borrowing for the miner would be 6% APR (7.5% -1.12%*1.4). Taking into account the interest generated from Lendf.Me, i.e 1% on the supply side (1%*1.4), the effective cost of borrowing for the miner, would even go down to 4.6% APR (6%-1.4%).
About dForce
Our friends at dForce are on the forefront of bringing innovative and competitive solutions in DeFi protocols.
Using their Lendf.me platform, you can supply crypto-assets to:
- Earn yields on your holdings. Please note interest rate are algorithmically adjusted based on market supply and demand of the selected asset.
- Generate better yield with your idle fiat dollar, by converting your fiat into stablecoins (USDx or USDT for now, with more to come soon) and deposit into Lendf.me.
Borrow stable-assets to:
- Access working capital without selling ETH or BTC when the price is low.
- Maximize your investment returns by margin trading.
Read more about Lendf.Me here & invest smartly at Lendf.Me
Join their community around DeFi and dForce at:
dForce Twitter: https://twitter.com/dForcenet
Lendf.Me Twitter: https://twitter.com/LendfMe
dForce Telegram: https://t.me/dforcenet
About imToken
imToken is a feature-rich digital wallet to securely manage ETH, BTC, ATOM, EOS, TRX, CKB, BCH, LTC , and other digital assets. It enables decentralized value exchange and DApp browsing in one place.
