After the launch of a $MATIC rewards program in partnership with Polygon in October 2022, Atlendis is collaborating with their friends again to celebrate Polygon’s growing DeFi ecosystem. On Polygon’s initiative, a series of quests involving Polygon’s main DeFi protocols are opening to users on the Web3 community platform Galxe.
About the quest
Atlendis Labs is launching this quest within Polygon’s 2023 Winter quest campaign to reward participants who will complete the following tasks:
- Follow @AtlendisLabs on Twitter
- Follow @Atlendis_Intern on Twitter
- Follow @0xPolygonDeFi on Twitter
- Join Atlendis’ community on Discord and verify to get the #🐙-Lendie role
- Quote retweet quest campaign launch tweet and say why you are excited about Atlendis Labs and Polygon and add the hashtags #AtlendisLabs #Polygon and #Galxe 😇
- Deposit > 10 USD in any Atlendis pool. Learn how to use the Atlendis protocol with the lending tutorial.
Questers who successfully complete all these tasks will receive a special NFT.
How Atlendis works
Atlendis is a decentralized credit protocol for institutional borrowers. Built on Polygon, the protocol launched its first borrowing pools in June 2022 and has since emitted more than $6M in loans to various businesses including Web3 native companies, market makers or fintech intermediaries like Sirox Finance.
On Atlendis, anyone can build their lending portfolio by choosing the borrower of their choice and their preferred lending rate for each borrower.
After connecting their wallet, lenders can choose the pool they want to deposit their assets into, taking into account the borrower’s information, loan terms and pool status.
Borrower information includes – when available – credit scoring partners due diligence and the dedicated borrower information page.
Loan terms covers the asset being borrowed, the maturity of the loan, the maximum lending interest rate and the repayment window length.
The pool status tells lenders at what stage of the loan the borrower currently is. If it is Open, it means the borrower is likely to borrow soon, so depositing at that stage is a good timing to ensure a lending position will be borrowed.
Upon depositing, lenders will finally have to choose their lending rate in Atlendis’ rate order book. It works as a bidding process and borrowers will be able to borrow positions from all rates depending on their liquidity needs. In any case, lenders’ borrowed positions will always yield the interest rate chosen upon depositing.
The Atlendis order book is an innovation that enables a fair market rate discovery. Borrowers borrow from the lowest to the highest lending rate, allowing the interest rate to be discovered by the market interaction between lenders and borrowers.
After a successful deposit, lenders receive a Position NFT that is dynamically updated to contain all the information attached to that position in real time – including the status of it. Here is one example:
For more information, please refer to Atlendis’ documentation. And of course Atlendis’ community awaits you on Discord to answer your questions and support you along your discovery of the Atlendis protocol! We cannot wait to have your feedback 💡
Atlendis is a capital-efficient credit protocol connecting DeFi with real-world use cases. Atlendis fills the gap that traditional finance (TradFi) has not been successfully able to cover. Leveraging blockchain technology and open banking, Atlendis enables Fintech and institutional actors to open dedicated liquidity pools and access one-time loans and revolving lines of credit, thus facilitating alternative financing for the growth and development of SME and startup customers across the globe. Atlendis makes it possible for any lender to control their portfolio while earning sustainable yield and making a meaningful impact helping real-world businesses.