We are thrilled to announce that #dev DeFi will join the Cronos Hackathon. A demo version of #dev DeFi has been deployed on Cronos Testnet and is ready for Cronos users to have their first impression of the product.
The demo version is functioning as well as the version that was deployed on BSC mainnet with its genesis lending and borrowing function. Though #dev DeFi is an aggregate lending & borrowing protocol, we only built one type of lending vault on the demo since Genesis vaults and Aggregate vaults are actually using the same interface, by experiencing Genesis vaults you will understand how to use Aggregate vaults.
#dev DeFi is a decentralized aggregate lending & borrowing protocol built on Cronos Chain. The protocol aggregates different platforms, allows users to lend and borrow assets across multiple platforms and Genesis vaults on #dev DeFi to maximize the profit from their Cronos assets. In each asset, #dev offers multiple lending vaults for users to choose from. Vaults have different risks and rewards. Users can choose to lend their assets to any vault based on their preferences and money-making strategies.
There are 2 types of lending vaults that Cronos users can interact with:
- Genesis vaults are vaults in which assets are not deposited to any other platforms or smart contracts. The main reason is that assets deposited to other platforms are subject to risks and changes of the other platforms. The downside of the Genesis vault is its probably low APY for suppliers; however, Genesis offers low transaction fees and high security of capital.
- Aggregate vaults will deposit your assets to other DeFi protocols on BSC to maximize your returns. Assets in Aggregate vaults cannot be borrowed. Aggregate vaults will deposit 100% of its assets to the corresponding protocol to ensure a high supply APY for suppliers. Suppliers to Aggregate vaults can use their supply as collateral to borrow assets from the Genesis vaults at low interest rates.
Coordinate the use case of Genesis vaults and Aggregate vaults, Cronos users can leverage on their assets to Farm-Borrow-Farm to maximize their profit.
Vision on Cronos Chain
The vision of #dev DeFi is to be an essential lending platform that supports the fundamental infrastructure of Cronos Chain by helping Cronos users utilize their assets at their best.
Guideline video of #dev demo version
Vote for our project in https://hackerlink.io/hackathon/8/buidl and stay tuned for the next updates.