Analytics platform and API displaying lending activity on decentralized finance protocols (open protocols)
This is a long overdue post. We’re excited to announce the launch of LoanScan. LoanScan is an analytics portal for financial instruments such as loans, money markets, derivatives, etc. issued on lending platforms and portals and routed via deсentralized finance protocols (open protocols). LoanScan currently tracks interest rates, loans issued, repayments, collateral supplied and withdrawn via Compound, Dharma Lever and MakerDAO protocols. The goal is to display activity occurring within these decentralized protocols and to provide users with convenient tools and dashboards to keep track of their loans.
LoanScan displays real-time settlement of transactions on the Ethereum blockchain and real-time analytics in the rapidly growing non-custodial digital asset lending space. As evidenced in this report published by Bloqboard, over $200 million worth of digital asset loans were originated on non-custodial platforms and routed via open finance protocols.
We launched LoanScan in May 2018 to keep track of loans issued via Dharma protocol. The Dharma community knows this tool very well. Then, in July of 2018, we added MakerDAO to analyze CDPs opening and the issuance of the stablecoin DAI against the collateral locked in those CDPs. Now, in March 2019, we have integrated Compound protocol to keep track of supply, borrow, withdrawal and liquidation activity along with interest rates. LoanScan has been primarily a tool for internal use, but we have been asked to add more lending protocols and features for use by the broader DeFi community. In the near feature, LoanScan will get a facelift too.
Our vision is that investors will want to track the performance of financial assets issued on blockchains. This requires reference rates, benchmarking, tracking default risk of loans and on-time repayments much in the same way the traditional financial system requires today. It is our belief that by making information more readily available we can foster the development of the nascent decentralized finance sector.
Some of the use cases for LoanScan and its API are:
- Fixed income crypto investors looking for reference rates across various lending protocols and lending platforms.
- Borrowers and lenders who want to see the performance of their loans (e.g. interest earned/paid, gas paid to perform these transactions).
- Crypto funds/analysts that need to analyze the Ethereum network and decentralized lending protocols usage.
- API for financial application developers to query lending activity in real-time. Needed for user dashboards to display past performance of financial instruments without querying the blockchain.
- Tax reporting. Account for interest earned/paid and gas cost.
The infrastructure for non-custodial digital asset lending is now in place. Compound, Dharma, dYdX, Maker DAO, bZx protocols and many other protocols are financial primitives for the digital asset lending and derivatives sector. Platforms such as Maker’s CDP portal, Compound’s portal, Bloqboard, InstaDApp, Expo and the newly launched loan originator Dharma Lever provide the ability to borrow, lend, take margin positions and settle transactions in real-time without taking custody of digital assets. LoanScan serves the need for accurate real-time information for loan issuances, interest rates, collateral ratios, repayments, and portfolio composition on recent and historical transactions. LoanScan queries the Ethereum blockchain, processes and maintains the data for easy consumption via API. Borrowers and lenders can transactions by Maker CDP ids, Dharma loan agreements, wallet address, digital asset ticker, protocol, platform and more.
LoanScan lets anyone glean an overview of the market for on-chain lending on open protocols. Our vision for LoanScan is that it will become a gateway that tracks various types of loans, derivatives and other financial instruments across all open finance protocols.
We’re keen to support the development of projects in the lending, derivatives, asset management and other financial services verticals. If you’re working on a project related to one of these verticals and need a partner that can quickly power up your project via API and advise on best practices, send us an email at email@example.com. If you are a developer of open source decentralized finance (open finance) protocols or platforms that use those protocols, reach out to us if you want to display economic activity within your smart contracts.
We’re hiring an entrepreneurial Head of Product to take LoanScan to the next level.