LOTS Monthly Report (June 2019)
Latest Product Progress
- Based on the Ethereum main network, the lending protocol manages to further meet the diversified needs. Under the latest version, the smart contract empowers stable coins (such as TUSD, USDC, PAX, DAI) as collateral with the maximum LTV up to 70%.
- The maximum amount of one-time loan increased to the equivalent of 5,000 USD in forms of crypto.
- Based on the newly developed database, users can get instant information, including the status about their borrowed loans and funded loans.
- The appliance on mobile terminal has been developed and planned to be deployed in the near future, and it will be integrated firstly with the decentralized wallet ImToken.
- A new module is planned to be launched for the lenders to initiate loan offers, which has now entered the development state in response to the lending demand for those who holding the digital assets to seek stable income.
The borrowers of the KUN product can freely initiate the request, determine the loan terms, and transfer the collateral to the smart contract for safekeeping. At the beginning, the mortgage rate should not exceed 50%. As for mortgages with relatively more stable digital assets (such as TUSD, DAI), the mortgage rate can reach up to 70%. In addition, the financing cost is further reduced by setting a flexible loan term sheet.
The LOTS protocol accepts a loan period as short as one hour, which greatly satisfies the needs of users for short-term position management.
Market Event Review
Zeen, our CEO, traveled to Japan and Beijing this month to communicate with local teams and communities.
As a CEIBS alumnus, he participated in an exclusive sharing meeting of the Huobi Global in Beijing, during which he had a cordial sharing, exchanged with the management team of Huobi Group and his alumni.
Mr. Zhu Jiawei, Chief Operating Officer of Huobi Group, Mr. Yuan Yuming, CEO of Huobi China, Dr. Yu Jianing, Head of Huobi Labs, attended the meeting and introduced the ecological development layout and status of the Group, as well as the blockchain future after being through both the bull and bear market.
During the meeting, Zeen shared his previous working experience, along with the product and technology development of LOTS project. Moreover, he elaborated and discussed the potential cooperation with Huobi Group.
Suggested Reading
Start journey with LOTS — Product Tutorial (I)
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【About LOTS】
Based on the dual guarantee of blockchain technology and smart contracts, the LOTS platform builds a new financial ecosystem to provide high-quality, transparent and credible digital asset management services for qualified users around the world and explore the diversified wealth management needs of platform users. Through on-chain transformation of transactions and independent pricing, the operational risks of traditional platforms are effectively addressed, and information transparency and symmetry are achieved. Users will get a series convenient and secure digital asset credit services through the platform and tap the time value of assets while retaining the ownership of their existing assets to gain more revenue within the timeframe.
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Media contact: jocelyn@lots.org
