DeFi service Agile Finance has unveiled its plans to become the one-stop-shop DeFi platform for lenders and borrowers. The firm is also set for its token pre-sale auction.
While Agile Finance is not the first decentralized money lending platform, it will be the first to provide a DEX swap. The DEX swap will allow users to create LP and liquidity, and allow others to borrow and supply assets through smart contracts.
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The more the users and the liquidity providers, the more stable and secure the native token will be. When a user adds tokens to the liquidity pool, they become liquidity providers (LP). The tokens can then be utilized for either lending/borrowing within the blockchain or compounding itself to earn higher interests. The borderless system allows anyone to borrow funding, unlike the traditional system that restricts participation to those with collateral. In its first phase, the project is based on the Cronos chain, the Ethereum Virtual Machine-compatible chain. This would help ensure low fees and a high level of security. Subsequently, the project aims to achieve cross-chain compatibility and interoperability.
The Agile Finance ecosystem is governed by a token (AGL). The token has a maximum supply of 1,000,000,000 and an initial market capitalization of $2,500,000. Of these numbers, only 100,000,000 will be available for presale. Interestingly, only 100,000,000 AGL will be available for pre-sale. This is significant given that each token will be available at $0.03 presale compared to when it goes on public sale at a much higher price of $0.05 per AGL. The presale will last for 7 days from Mid November after which the public sale will then continue for another 3 days. Upon completion of the initial coin offerings, the token will list for $0.5 on chosen exchanges.
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Token holders within the community will be able to use the token to (1) Create a secure lending platform where lenders receive a compounded interest rate paid per block while borrower pays interest on the cryptocurrency borrowed (2) Supply liquidity contributing to the continuation and sustainability of the ecosystem (3) Provide governance of select protocol features supporting flexibility and community ownership (4) Enable purchase and bid of NFT collectibles.
Here are the basic Features
Supplying Assets: Agile Finance users may supply various supported cryptocurrencies or digital assets onto the platform, which can be used as collateral for loans, supply liquidity, and earn an APY. Supplying assets gives the users the ability to participate as a lender while maintaining the security of collateral in the protocol. Users will earn a variable-based interest rate depending on the yield curve utilization of that specific market.
All user assets are pooled into smart contracts so that users can withdraw their supply at any time. Users who supply their assets into the liquidity pool will receive a token. This can be used to hedge against other assets or move them into cold storage wallets that support Cronos Chain.
Borrowing Assets: Users who want assets will be required to pledge a token or collateral that is locked on the protocol. The locked-up assets will enable users to borrow up to 60% of the collateral value. Once a user supplies their collateral asset, the user will be able to borrow a collateral ratio range of the asset depending on the assets.
Users of the Agile Finance platform will have a compound interest rate that will be applied per block on the borrowed asset while holding no monthly payment obligations. To return the asset, the borrower must pay off their original balance plus the total compounded interest back to the platform.
NFT Marketplace: It offers a wide range of non-fungible tokens, including art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles. It includes ERC721 and ERC1155 assets. Users can buy, sell, and discover exclusive digital assets like Cronos NFT, ENS names, Fungible, and more.
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Token access: Users will be able to open an account with Agile Finance using Metamask, Trust Wallet, and Wallet Connect wallets. Our goal is to grow the platform as quickly as possible so that we can apply for crypto exchange listings such as crypto.com as soon as the platform meets all the exchange’s requirements.
Liquidations: It is entirely up to the user to monitor their collateral assets, the collateral could be liquidated if it falls below the threshold rate required for the borrowing. These liquidations are subject to liquidation fees and satisfy the outstanding debt. The remaining collateral, if any, will then be returned to the user if available.
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