0xLend X Witnet AMA
We were joined by Yika from 0xLend, and we discussed some awesome things in the pipeline for their protocol and how Witnet is going to help strengthen what they are doing.
Yike, who had a hand in the beautiful design of the user interface for the protocol, joined on Telegram via text this time, rather that Twitter Spaces. So if you really want to see the Q&A for yourself, you can find our Telegram here.
Otherwise, this is going to be a condensed version for people who weren’t able to make it live or don’t want to scroll back days to find the AMA and want a short and sweet ideation.
What is 0xLend about? Could you please give an introduction to the product?
Yika: Yeah, of course! 0xLend is a Lending Protocol deployed on the KuCoin Community Chain that supports the deposit and lending of crypto assets. Users can deposit assets to earn interest and borrow assets by collateralizing their assets.
Can you tell us more about the features of the product?
Yika: Firstly, 0xLend is an over-collateralised lending protocol with a complex risk control model. To be specific, the over-collateralised lending facility is where users can borrow assets by depositing credible collateral. 0xLend will set maximum lending ratios based on the level of asset risk for each asset type, and assets cannot be over-collateralized. To ensure the safety of the user’s assets, liquidation will occur when there are insufficient collateral assets.
Platform revenue comes from two main sources: 1) Margin between Supplying Interest Rate and Borrowing Interest Rate and 2) Liquidation earnings.
I have heard that you are about to partner with several projects and institutions, how did you attract these partners?
Yika: We have already completed our initial deployment on the KuCoin community chain and we will be working further with KCC and KuCoin in the future. Currently, we are the first lending product on KCC, with strong support from KCC.
What are you most excited about for 0xLend?
Yika: Our incentive scheme.
In regards to the veToken, can you be more specific about the core economic mechanism of the product?
Yika: 0xLend version 1.0 will not release governance tokens but will use the LED Points rewards program to incentivize 0xLend community members and contributors. LED rewards will be calculated based on the proportion of assets deposited and borrowed by users and different asset types.Our token releasing plans will be announced on our official platform afterwards.
Can you tell us about the background of the team members?
Yika: The 0xLend team is from Singapore and has extensive defi development experience, having worked on TVL’s $600+ million defi project.
Can you tell us about the current progress of the project and the roadmap for the future?
Yika: Product v1.0 has been officially launched on 16 April, which includes basic functions such as deposit, debit, and liquidation. On the first day of the product’s launch, the total supply market size has already exceeded $850,000.
Currently, to hit a higher TVL we plan to release a batch of 0xLend OG NFT on Ether. The OG NFT will serve as an identity symbol and entitlement card for loyal 0xlend users and will provide long-term incentives for community users in the future.
In a month’s time, we will aim to go live with product v2.0 which will support liquidity mining and enable our users to get a better return.
Next, the product will be continually updated in product v3.0 and v4.0, which will support leveraged lending and credit mining as well as cross-chain lending.
You mentioned 0xLend OG NFT. Can you give further details of your activities?
Sure! 0xLend OG NFT will be released on Ethereum and then listed on Opensea for trading. Only users who have been on the whitelist will be able to mint it. Users who own NFTs can choose to return them to 0xLend at any time and will receive 100% of their purchase amount back.
0xLend OG NFTs are divided into two types: Supply NFT and Borrow NFT. There are 4 levels respectively, and a total of 8 different NFTs. The higher the level, the more benefits are available.
How do we join the whitelist?
Yika: The rules are as follows
Deposit/Borrow 100 USD for more than 7 days, and the gleam entry reaches 15 or more, you can receive 1 Supply/Borrow OG NFT (Level 1);
Deposit/Borrow 1,000 USD for more than 14 days, and the gleam entry reaches 15 or more, you can receive 1 Supply/Borrow OG NFT (Level 2);
Deposit/Borrow 10,000 USD for more than 21 days; you can receive 1 Supply/Borrow OG NFT (Level 3) ;
Deposit/Borrow 100k USD for more than 28 days, you can receive 1 Supply/Borrow OG NFT (Level 4).
How do you intend to use Witnet in your protocol?
Yika: Witnet will provide our smart contracts with secure data input such as a real-time and accurate price of the token, leveraging state-of-the-art cryptographic and economic techniques.
We all know that oracle price manipulation has caused many financial losses. We are confident that Witnet is able to withstand these issues and provide the security and decentralization we’re looking for.
How does Witnet help strengthen your product for the end consumer?
Yika: With a reliable oracle, smart contracts may be protected from hacking, corruption and monetary loss. For users, they can avoid the liquidation risks associated with inaccurate token prices.
It was a pleasure to have Yika from 0xLend in our Telegram to talk about the project and to make connections with our community members. The Witnet team is delighted with the news of the partnership, and the future this partnership holds.
About Witnet
The Witnet protocol enables smart contracts to realize their true potential by giving them access to all sorts of valuable data sets, and by attesting and delivering that information securely thanks to its strong cryptoeconomic guarantees.
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About 0xLend
0xLend is a Lending Protocol deployed on the KuCoin Community Chain that supports the deposit and lending of mainstream crypto assets. Users can deposit assets to earn interest and borrow assets by collateralizing their assets.
