LEND Protocol Beginner’s Guide | What is LEND? #LearnToLEND
👋 Hello future LEND users!
Join LEN-10 and learn all about the basics of the LEND platform using our beginner’s guide.
Consider this to be a simple guide to what you can expect from the LEND DeFi ecosystem. Keep reading to discover all the ways you’ll be able to use the protocol to make the most out of your #Cryptocurrencies and savings.
The short of it — tl;dr
LEND, is our DeFi crosschain lending platform looking to stand out with our revolutionary revenue sharing model in a market with $54.15 Billion in total value captured. LEND users can interact with the protocol in a few ways; Deposit crypto assets to earn competitively high interest, similar to a traditional savings account. Or use their crypto assets as collateral to borrow tokens.
✅ With LEND you’ll be in complete control of your assets and interest!
🔄Launch Progress:
🟢 $LEND Token sales live: lend.finance/buy
🟢$100,000 Giveaway for Tokensale participants: https://galxe.com/LEND/campaign/GCtSXUXtQ7
🟠 $50k Incentivised testnet event — Coming Soon ⚙️
🟠 $100k CoinMarketCap Airdrop
🟠 Full crosschain launch of LEND platform
📖 What is LEND?
We believe LEND is the future of DeFi. LEND, is our DeFi multi-chain lending platform, designed from the ground up with the intention of creating a fully inclusive decentralized financial ecosystem with zero barriers to entry.
With LEND, our users will be able to know they are safely maximizing the earning potential of their crypto assets and savings.
Users can interact with the protocol in a few ways; Deposit crypto assets to earn competitively high interest, similar to a traditional savings account. Or use their crypto assets as collateral to borrow tokens.
🔑 Key Features:
- Lending — Supply assets to the protocol to earn interest
- Borrowing — Supply assets as collateral to borrow crypto
- Governance — Vote on important future protocol decisions
- Earning — Earn 25% of all platform revenue with $LEND tokens
- MultiChain — Launching on BNB Chain, Eth & Polygon with framework complete for many other chains. Each chain means an additional stream of revenue to be earned by $LEND token stakers.
⚙️ How does LEND work:
LEND works by establishing Lending pools out of deposited crypto assets. These Lending pools are the collective tokens of all users who wish to deposit assets and are used to facilitate borrow requests from other LEND users.
The Lending pools are algorithmically derived and have a floating variable, but competitive interest rate model, based on the current supply and demand of each respective asset. If supply outweighs demand, it will have lower rates for borrowers and lenders.
👉 Supply assets -> Get tTokens -> Start Earning 💰
When a user supplies assets to the LEND protocol, they will receive a tTokenized version of the asset. For example supply $USDC -> to receive $tUSDC. A tToken is best thought of as a receipt of your original deposit + interest.
Once you have these tTokens, you will automatically start earning interest as your deposited Tokens are used to create borrow balances by other users on the protocol. When supplying tTokens the underlying amount of tTokens will increase in value over time -> Similar to a typical savings account, but for crypto!
At any point the underlying tTokens can be exchanged for the original deposited assets, plus any interest generated from supplying.
Lenders and Borrowers of crypto assets will interact directly with the protocol in either earning or paying a floating interest rate. The benefit of being decentralized means this is all done without the need to negotiate terms of maturity, interest rate or collateral with any peer or counterparty!
💸 $LEND Tokens:
We have designed this ecosystem to shake up the DeFi space and create real value for our users, and one of the primary ways we’re doing that is offering $LEND as an incentive reward to all users of the protocol.
📊 Initial Supply: 14,250,000 $LEND
🎟 Private Sale: $0.03
⭐️ Public Sale: $0.07
🧠 Utility: Stake $LEND tokens to earn 25% of multichain platform revenue
👉 Anyone who lends, or borrows crypto assets on our protocol will receive $LEND tokens 🤩
$LEND tokens will be the native token for the LEND protocol. Within the token structure, the token will give holders governance and voting rights in important decisions for shaping the future of the platform. It doesn’t end there though…
$LEND tokens are also the key to earning passive income from the protocol. Once the token has launched, holders can supply $LEND to the protocol in exchange for $tLEND which actually makes them eligible to claim 25% of the total revenue generated by the protocol!
👉 25% more than any current existing protocol! Can Venus do that? 😏
$tLEND tokens can also be staked or locked by users to earn additional Platform Reward Fees based on a 90-day vesting schedule. Locking tokens for the full 90-day term means an increased share of protocol revenue will be received.
🛡Is LEND safe?
The sustainability, safety and overall longevity of the LEND protocol is something we’ve kept in mind since day one. We aren’t aiming for overnight success, we’ve been building this ecosystem for over a year and aim to stick around for many more.
With LEND we really wanted to ensure protocol safety from any adverse events. To protect our users and ourselves we have adopted a risk mitigated approach to all aspects of the platform.
🔐 Safety Features:
- Security Audit — Industry leading experts at Peckshield have reviewed and approved LEND smart contracts multiple times. You can read the latest report by clicking here 👈
- Collateral Requirement — All borrowers required to be overcollateralized for optimal liquidity within protocol. This means users have to provide more collateral than they are able to borrow.
- Only Liquid Assets — LEND will only ever support the most liquid assets on the market. This has been done to avoid protocol manipulation that might result in total systemic failure. (Like Mango)
- Automated Liquidations— Unhealthy borrower accounts that go into negative equity will be liquidated by the protocol to remove bad debt.
For lenders, these features means you can provide assets and earn interest without the need to be exposed to much counter-party risk.
For Borrowers, that means you’re much less likely to end up with negative equity and be subject to liquidation.
🎉 Thanks for Reading! Welcome to the LEND Eco!
We hope this guide serves as an important introduction to the LEND ecosystem and each reader understands the basics of the platform. We will continue the #LearnToLEND series to make sure everyone, from DeFi experts, to Crypto noobs can understand LEND and start to #LENDtoEarn.
📚 Continue learning about LEND:
https://lend.gitbook.io/home/
As we continue to prepare the protocol for launch make sure you’re following all LEND Finance social channels to be the first to hear news, updates and fantastic opportunities in our pre-launch event.🤝
👋 See you next time Lenders!
✅ Follow the Official LEND Socials:
🌐 Website | 💬 Telegram | 📃 Medium | 🐦 Twitter | 📢 News Channel
