November and the beginning of December saw the release of two long-anticipated documents: The Governance and Risk Framework, which is an essential piece to objectively compare and assess the lending protocols that we plan to integrate. We are also happy to have finally published our Litepaper, which hopefully sheds more light on technical details and our long-term vision for Everlend.

Development Updates

In terms of development the last couple of months have been very busy and our team has made tremendous progress.

Our Developers have been working extra shifts to be able to deliver a small teaser of our Yield / Loan Aggregator before the Christmas holidays. Today we are very excited to announce the launch of the closed beta version of Everlend on Friday 24th of December.

The closed beta can be seen as a showcase, which as the name says won’t be available for the public, but will be battle tested by our early backers and members of our Discord Group “Everlegion”. However we will provide a test version for everyone in the coming weeks.

Users will be able to make a deposit and have their funds automatically rebalanced. To make the User experience as authentic as possible we will also activate Liquidity Mining rewards, which will be paid in various asset types of the underlying money market. Withdrawals of funds are also possible at any time. In the beginning we will have 2 integrated money markets: Port Finance and Larix.

We made sure to support all standard Solana wallets from the library to make Everlend as accessible as possible. (https://github.com/solana-labs/wallet-adapter/tree/master/packages/wallets )

With Everlend we want to bring DeFi to the masses and with its straightforward design we are targeting crypto veterans as well as absolute beginners who aren’t yet familiar with DeFi products. The UX is being designed by IDEO We3 and we think they are doing an excellent job.

The UI also needs some tweaking. We will be using a couple of placeholders on the test version for now.

Plan for the upcoming weeks:

Alpha Version is planned to go live in January next year. We hope to be able to implement as many features as possible for our start. For now we decided to begin with Liquidity Aggregation first and add Loan Aggregation after some weeks of testing. Liquidity Mining rewards will be paid out on/after day 1.

Our smart contracts will of course be audited before the launch of Alpha Version and most likely will have a separate announcement via our Social Media Channels, so stay tuned for that.

The full document about the Tokenomics of ELD, Everlends governance token, and an updated Roadmap will also be shared with the community shortly after the holidays.

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SUMMARY

Everlend is a lending and borrowing aggregator that is integrated with all major money markets on Solana. Decentralized and reliable, it continuously provides users with the best yields and interest rates available on the market.

The user who provides liquidity or takes loans through Everlend is completely free of the need to monitor their portfolio and worry about the best rates or yield optimizations and scenarios. Rebalancing and Refinancing algorithms, which are the two main driving forces of the protocol, automatically move deposits and/or loans to ensure the best performance for each position.

The governance of the platform is performed through a DAO with the ELD governance token being its main instrument, and the SPL (Solana Program Library) reference implementation of governance used as a base. Additionally, users will have the opportunity to stake and/or lock their ELD tokens in DAO pools to help the protocol and earn a portion of the platform revenue in return.

Everlend is created by Attic Lab and incubated by Delphi Digital. Both teams are quite well-known in the crypto space and have huge expertise in building DeFi products. The Everlend team takes into account and utilizes the experience and achievements of other DeFi protocols like Compound, Maker, Aave, Curve, and Yearn Finance to build something truly unique and special.

The protocol is built on Solana and written in Rust, all the smart contracts are created from scratch specifically for Everlend¹.

INTRODUCTION

A lending protocol is one of the most common financial instruments on blockchain. What differentiates DeFi lending from a traditional one is that you don’t need to have a credit history which makes it accessible by anyone, instead users have to deposit a collateral to secure their loans. The principle of accessibility is a core idea and the main appeal of DeFi lending, something that has made it so popular over the past few years.

Ethereum is traditionally thought of as a home of DeFi and lending protocols in particular with such protocols as MakerDAO, Compound, AAVE, etc. being the household names that everyone knows and many have used at least once.

However, Ethereum is facing quite a scaling issue at the moment. High fees made Ethereum lending protocols a place for the rich: if you don’t transact a few hundred thousands and aren’t ready to pay tens of thousands of dollars in fees, you’ll soon figure out how economically impractical it is to do your business on Ethereum.

Regular users have to pay around $100 in fees on average to push their transactions through, and as a result they are either unable to respond to the market moves fast enough or have to account for the expenses they will face interacting with the network.

While waiting for the launch of Eth 2.0 regular token holders are forced to look for alternative L1 or L2 networks that could resolve these issues while offering them the same or even better user experience and competitive financial opportunities.

There are several networks that come to mind when one thinks of lending: Polygon, Optimism, BSC, Terra and Solana.

Everyone has realised by now what Solana’s advantages are: it’s fast, cheap, has a big and loyal user base and vibrant DeFi ecosystem and tooling. Given all that, it seemed like a natural solution to be building Everlend on Solana.

What is Everlend?

The Problem

At the moment there are several money markets on Solana offering borrowing/lending services (MangoMarkets, Tulip.Garden, PortFinance, Larix, Solend, Apricot finance, Jet protocol, Parrot finance, etc.) and a few Ethereum protocols have already expressed interest in porting some part of their solutions to Solana as well. The abundance of protocols leads to a natural problem of choosing the most suitable one.

The user who is seeking to provide liquidity or wants to borrow assets is faced with a challenging task of having to consider the following parameters before performing any actions:

• Deposit yields
• Loan interest rates
• Utilization ratio for liquidity
• Collateralization ratio for loans
• Liquidation thresholds
• Overall platform risk

and then having to constantly monitor all of the above in order to rebalance if necessary. This is by no means an easy task for the majority of people.

What is also very important is that there will always be a mismatch between the highest APY deposits and cheapest borrows. The best APY for lenders is the worst borrowing rate for borrowers.

Aggregation is a logical step to tackle this issue. A similar situation led to the creation of solutions like Yearn Finance. However, Yearn Finance only works with lenders and not with borrowers. Infact, there are virtually no dApps offering loan optimization to their users on the market at the moment. Everlend is set to change this and blaze the trail for others to follow.

The Solution

Everlend is a money market aggregator and optimizer for both deposits and loans.

To put it simply, Everlend offers you the best yields on your deposits and the lowest rates on your borrows². As parameters of the underlying money markets change and new markets appear, Everlend will rebalance and refinance automatically to continually optimise the user’s position.

By using Everlend the user is offered the following features:

• Liquidity aggregation and optimization. You always get the best yield on your deposits.
• Loan optimization. Loans are refinanced and moved between protocols to ensure the user always pays the lowest rates on the market.
• Everlend accepts any liquidity token or collateral that is supported by the underlying platforms.
• Decoupling deposits and loans. Deposits and loans of the user can be processed through 2 or more different MM to maximize the gain (see the diagram above).
• Battle tested risk framework. All the underlying money markets are assessed and scored. The final score is the key when deciding how much liquidity should be assigned to a particular lending protocol.

Below is the graphical representation of the platform architecture.

Deposit Management

All the liquidity that gets into the protocol is managed by two key components (modules): universal liquidity pools and a liquidity oracle.

Universal liquidity pools consist of five different interconnected pools: liquidity pool, income pool, safety fund, treasury pool and MM pool.

Each pool serves its own purpose.

Liquidity pool

The pool that receives user funds as deposits and distributes them to money markets as loans. It collects a percentage of profit from the income pool.

Income pool

The pool that accumulates all the platform profit and then distributes it to other pools: Liquidity pools, Safety Fund and Reserve pools.

Safety Fund

This pool is a crucial part of the security of Everlend. In the case of the shortfall event, up to 100% of the Safety Fund is used to make users whole. 50% of all the platform fees are redirected to the Safety Fund until it hits the threshold (the threshold is to be determined through governance).

Treasury

DAO Treasury is the growth fund set in the ELD token. The pool does not receive any portion of the platform fees unless decided otherwise by governance.

MM pool

A part of the liquidity from the liquidity pool can be moved to the pools on the underlying money markets. MM pools store the e-tokens which were received in exchange for the provided liquidity. Additionally, funds can be taken from this pool when a new loan is taken on the underlying money market on behalf of the user.

ELD Staking Pools

ELD holders have a possibility to stake their tokens and earn rewards for participating in the Everlend governance process. Staked/Locked ELD provides the right to participate in governance and boosts the protocol efficiency.

Liquidity Oracle (LO)

Liquidity Oracle is an integral off-chain part of the platform and the core component for rebalancing liquidity and refinancing borrow positions.

LO serves three purposes:

1. Keeping the utilization ratios at the recommended and safe levels (always leaving enough liquidity for withdrawals).

2. Continuously gathering information on the lending rates on all the underlying MMs, which is ubsequently used for rebalancing.

3. Shuffling liquidity in such a way that the platform can refinance a particular borrowing position (if possible).

LO continuously monitors and keeps track of the following:

• Liquidity pool stats
• Rates on the underlying money markets
• Pool utilization ratios of the underlying money markets
• Existing loans and their interest rates

Having collected all the information, LO then builds a liquidity distribution matrix for each individual asset within the protocol. Liquidity distribution matrix defines in what proportion the funds in the pool are to be distributed and/or kept in the pool for withdrawals and direct lending.

While building the liquidity distribution matrix LO takes into account both the maximum yield for the liquidity providers and minimum interest rate for the borrowers. Since these two are frequently mutually exclusive it has to reach a compromise.

Liquidity Oracle itself uses a reward function for optimization. The function consists of both liquidity provider and borrower rewards (including liquidity mining rewards). After finding the optimal solution LO saves it on-chain to be then used by the Rebalancer. Once rebalancing is complete LO runs again, most likely coming to a slightly different optimal solution.

Loan Management

All loans are governed by two entities: Borrowing Oracle and Borrowing Proxy.

Borrowing Oracle continuously monitors the rates on all of the supported lending platforms and provides the information to the Borrowing Proxy. This information is used for both opening new positions and optimizing the already existing ones (refinancing).

The borrowers have to deposit liquidity before they can take any loans. In return they receive e-tokens which can serve as deposit obligations or collateral. E-tokens are used by the Borrowing Proxy as collateral for giving out loans.

All loans have a collateral ratio (CR) which is based on the riskiness of the asset itself. If the price of the collateral drops or the value of the loan increases, the position becomes undercollateralizedand the liquidation procedure is triggered on the underlying money market.

Everlend CR is effectively inherent from the aggregated money market.

Borrowing Proxy

Borrowing proxy is the main contract that handles all borrowing. This is also the contract users interact with when taking loans. Borrowing proxy interacts with Borrowing Oracle to verify the lowest available cost of loans on all underlying money markets, it then takes the share tokens from the borrower as collateral and calls the underlying money market interface contract.

Income management

The profit of the protocol is generated from 2 streams:

• Deposit management fee
• Refinancing fee

As an aggregator Everlend charges two types of fees: management fee and performance fee.

For operating user liquidity the platform takes a flat management fee of 2% that is charged upon each deposit and/or withdrawal and is based on rebalancing efficiency.

Upon each refinancing occurrence a performance fee of 20% is charged by the protocol. The fee is charged retroactively which means that the fee is charged on each following occurrence of the refinancing cycle for the cycle that has happened before. In such a way the user is never charged for future rewards but only for the received ones.

Both management and performance fees only apply to the gained or saved up funds.

All the fees are directed to the Income Pool and the distribution is triggered by the Income Distributor. Income Distributor is an off-chain entity that can be triggered by anyone as long as its use is economically viable.

The fees from deposit management and refinancing are distributed in the following proportions:

• 50% goes to the ELD stakers
• 50% goes to the Safety Fund until a threshold is reached
• 0% goes to the Treasury (unless changed by DAO)

Rebalancing and Refinancing

Rebalancing

The concept of rebalancing or liquidity yield optimization is not new and serves as a foundation for many DeFi projects. In essence it is the process of moving liquidity depending on the yields offered by the underlying services. Yields, however, are not the only thing that should be taken into account.

Everlend rebalancing is an on-chain process which changes actual liquidity distribution share according to the distribution matrix built by the Liquidity oracle. Since rebalancing between protocols affects the solution of the optimal liquidity distribution problem every time it is run, rebalancing is always gradual and happens continuously. This means that each rebalancer execution cycle rebalances a fraction of liquidity and lets the Liquidity oracle adjust its distribution matrix before conducting rebalancing again. As a result, this forms a feedback loop which eventually brings liquidity distribution to the set point provided by the LO.

After the rebalancing cycle is finished all the inputs and outputs are logged.

Refinancing

In simple terms, this is the process of repaying a loan using the available liquidity and entering the same debt position on a different money market with better borrow rates.

Refinancing starts with the Borrowing oracle which monitors interest rates on all of the underlying money markets and compares them with the rates of existing positions. As soon as a platform that offers a lower interest rate on a particular loan is found, the information is passed on to the Liquidity Oracle. The Liquidity oracle assesses the amount of liquidity necessary to close the position and reopen it elsewhere and the amount of liquidity available in the corresponding pool. If there is enough liquidity in the corresponding pool the Refinancer is called to send all the necessary transactions.

However, what happens if there is not enough liquidity in the pool to perform refinancing? In this case the Liquidity oracle is triggered and tasked with freeing up the amount of liquidity sufficient for refinancing to take place.

Note that the process depicted above is asynchronous. As described in the Rebalancing section, the process of rebalancing is never done at once but is rather gradual. Thus, it can take several rebalancing cycles before enough liquidity is obtained and the loan can be refinanced.

For refinancing to be executed several points are considered beforehand:

• Available liquidity for repaying the loan or taking a new one.
• How the withdrawal of liquidity will affect the utilization ratio and subsequently yields (optimal liquidity distribution)
• Whether the same collateralized asset is accepted on a destination money market
• Available liquidity for placing the collateral, since the collateralization ratio may vary from protocol to protocol.
• The profitability of refinancing considering the cost of all the txs involved.

All the calculations and modelling are happening within the Borrowing and Liquidity oracles before the Refinancer is called to perform the actual transactions.

Both Rebalancer and Refinancer are on-chain entities that will be initially triggered in a centralized way but in the future will operate based on the strategies built by anyone and approved through the governance process.

Loss Protection System

Everlend DAO Loss Protection System aims to protect lenders from the risk of borrowers defaulting. It has three tiers:

1. Liquidations

2. Safety Fund

3. Everlend DAO staking pool

The first tier is activated on the underlying money market when collateral price drops below Margin Collateral Ratio. The second tier complements the first one, and is used automatically when a regular liquidation does not cover the losses from collateral depreciation. DAO staking pool acts as a third backstop in case of protocol defaults. In exchange for underwriting the protocol risk, the stakers receive a portion of protocol fees and the right to participate in governance.

Shortfall Event

A Shortfall Event is initiated by the ELD holders in two cases: a) when liquidation of problematic positions and reserve funds are insufficient to recover the losses caused by collateral depreciation, b) when liquidation of problematic positions and reserve funds are insufficient to recover losses caused by the borrowed asset appreciation. On initiation of the Shortfall Event, the market of the problem asset is put on hold and the use of the asset(s) as collateral or loan temporarily becomes unavailable and the protocol starts recovering losses (in case of the borrowed asset appreciation both markets are put on hold).

The funds from the Safety Fund are the first in line. In case of the shortfall event up to 30% of the Safety Fund is put on the Dutch auction to recover the losses on depreciated assets. The funds received from the auction are used to recover losses of a corresponding asset pool.

If 30% of the Safety Fund turns out to be insufficient to cover the losses, the ELD staking pool serves as the next backstop in line. Up to 30% of the ELD holdings can be slashed to make users whole.

If there’s a deficit event that depletes Safety Fund and 30% of the assets staked and locked in the Everlend DAO, the DAO can decide either to mint additional ELD, issue IOUs to be paid in the future or use treasury funds to cover the deficit.

Tokenomics

Token Architecture

The ELD token architecture is designed to ensure that the Everlend DAO has skin in the game, underwriting protocol risk and protecting lenders from the consequences of potential Shortfall Events in underlying protocols. Everlend utilises a two-tranche architecture to protect users, comprised of the Safety Fund held in stablecoins and the ELD staking pool, held in ELD tokens.

ELD Staking and Locking

ELD holders will be able to participate in the DAO (and receive governance rights and protocol fees) by staking or locking their tokens in the DAO in the following ways:

• Staking ELD in the xELD pool: ELD holders may stake their ELD in the xELD pool to receive xELD tokens, activate their governance power and accrue a share of protocol fees (funded with one-half of the Everlend DAO’s share of protocol trading fees). xELD is inspired by SushiSwap’s xSUSHI token / xSUSHI pool.
• Locking xELD in the vxELD pool: xELD holders may lock their xELD in the vxELD pool to receive vxELD points, amplify their governance power and receive an additional share of protocol fees. vxELD is inspired by Curve’s pioneering veCRV model.
• Staking ELD/USDC: ELD holders will also be able to stake their ELD/USDC LP tokens into governance, maximising their yield. This will be a separate pool (yELD) which will have the same functionality as the xELD pool.

As was mentioned before, funds staked or locked into the DAO act as the second backstop in case of a shortfall event. Being the second backstop in case of a deficit means that users who stake or lock their tokens in the DAO will only be slashed whenever a deficit wipes out the Safety Fund. In that case, we propose that DAO stakers and lockers be slashed up to a maximum of 30%* of their holdings. If there’s a deficit event that wipes out the Safety Fund and 30% of the assets staked and locked in the ELD Staking Pools, the DAO can decide either to mint ELD, issue IOUs to be paid in the future or use treasury funds to cover the deficit.

Another important aspect worth noting is that, given that the DAO is composed of three pools of funds (the xELD pool, the vxELD pool and the yELD pool), protocol fees that flow to the DAO will need to be divided between these three pools. Initially, we propose that DAO fees are divided equally* between these three pools.

ELD supply and distribution

The maximum supply is set at one billion of ELD tokens which are going to be distributed according to the chart below:

• 47% of the ELD supply goes to the DAO
• 25% out of 47 are to be used for Liquidity Mining with 11% being distributed during the first year⁵.
• 30% of ELD tokens go to the team and advisors. They have the longest vesting schedule
• 17% of the ELD supply goes to the investors and early backers.
• 5% is dedicated to the Growth Fund which will be utilized for immediate partnerships and grants until the DAO is set up and functioning.
• 1% of ELD tokens are to be airdropped to the platform users. The eligibility conditions will be announced closer to the token launch date.

Important note, the Everlend team in accordance with the vision described in the litepaper aims for fully decentralized governance of the Everlend platform.

Liquidity Mining

Taking inspiration from Curve, Everlend’s liquidity mining program will also be managed by DAO. The emission of ELD tokens will be split between parts of the network that currently require stimulation in order to maintain protocol growth and development.

Issuance of tokens will be distributed towards 3 type of network participants:

• yELD token holders — ELD/USDC liquidity providers are rewarded with the emission of ELD tokens to incentivize them to build the deep liquidity for Everlend Token.
• Lenders — emission is distributed to lenders to incentivise support of new markets and increase the capital base in the early stage of the development. Moreover lenders are able to boost their ELD rewards if they lock their xEverelend or vxEverlend tokens in the boosting contract together with their lending positions.
• Borrowers — emission is distributed to borrowers in the form of cashback. Borrowers can also boost their ELD rewards by locking up xELD or vxELD in the boosting contract to offset the cost of their borrowed position.

ELD tokens stakers (xELD or vxELD token holders) can also benefit from the emission, by locking up their xELD or vxELD together with their positions in the boosting contract.

Governance

Everlend protocol is governed by users with staked ELD. The main areas of the protocol governance are: Everlend markets management, DAO Treasury management, and Everelend protocol development.

Everlend Markets management

The management of the Everlend aggregator will essentially revolve around adding/removing protocols to be aggregated, protocol fee management, and risk parameters.

Besides that, ELD stakers could change other protocol parameters: collateral auction parameters, a share of the Safety Fund used during a Shortfall event etc.

DAO Treasury management

EverlendDAO Treasury is a part of ELD initial supply which will be used to fund Everlend protocol development and promotion. These funds are controlled by the ELD stakers. Anyone could submit a proposal for Everlend protocol development or promotion. If this proposal passes initial community review and gets required support, then ELD stakers could vote to fund the proposal. ELD holders can also vote for diversification of the Treasury.

Everlend protocol development

Anyone can submit an Everlend Improvement proposal offering new protocol features or other changes to its code. If this proposal passes initial community review and gets required support, then ELD holders could vote for implementing this proposal or against it.

Smooth decentralization

None of the successful DeFi projects had a full-fledged DAO from day one. At early stages of a protocol development the protocol team should have an ability to save the protocol from different threats, and to react quickly. Also not all parts of these projects were decentralized from day one.

Evelend is not an exception — at the first stage, the Everlend team will play a Guardian role. ELD holders could submit proposals and vote for them, but implementation of these proposals is on the Everlend team. The same with the protocol parts: some of them start as a centralized solution.

As Everlend protocol and its community matures, and ELD holders become more experienced, the protocol team could start a process of smooth decentralization. The result of this transition is a full-fledged EverlendDAO where ELD holders are the only entity responsible for the protocol’s success, and a protocol functioning in a fully decentralized way.

Long-term vision and further exploration

Everlend money market

Building a money market to complement the aggregator would simplify a lot of the processes and offer additional solutions for the user. It is obviously not possible until the aggregator features are implemented and battle tested.

Cross-chain

The Wormhole bridge can be utilized as a gateway for any crypto project and assets to be moved to Solana and effectively Everlend. There is no reason why a user can’t borrow coins native to one chain, e.g. SOL while using the coins of the other chain as a collateral, e.g. Atom. Such a solution allows to lower the barrier for regular people and also helps to aggregate liquidity in one place instead of dispersing it ineffectively among many networks. To a regular user all this level of complexity of cross-chain transfers is hidden by the user interface and all the transfers are optimized through Stellar-like bundled transactions.

Rebalancing and Refinancing strategies

Rebalancing and refinancing leave a lot of room for experimenting and possibly building products on top of them. We envision there will be a separate group of users — strategists focusing solely on finding and optimizing lend/borrow strategies.

Disclaimers

This paper is only a presentation of information, ideas and speculation regarding possible technologies, the possible uses of those technologies and a possible community of users and builders of those technologies. The statements contained in this paper do not provide any advice, representation, warranty, certification, guarantee or promise relating to these technologies, any uses thereof or any of the other matters discussed in this paper, nor does this paper provide an offer or agreement to make such technologies available, maintain or update such technologies, or sell or buy any asset or enter into any transaction. This paper and the matters described in this paper have not been reviewed, approved, endorsed or registered with any regulator or other governmental entity, and the authors of this paper are not licensed by any regulator or other authority to provide any legal, financial, accounting, investment or other advice or services. The forward-looking statements in this paper are subject to numerous assumptions, risks and uncertainties, and thus the events described or predicted therein are subject to change or to fail to occur in accordance therewith. We undertake no obligation to update, supplement or amend any statement that becomes inaccurate or incomplete after the date on which this paper is first published, or to alert the public as to any such inaccuracy or incompleteness, whether such inaccuracy or incompleteness arises as a result of new information we receive, changes of our plans, unanticipated events or otherwise. The technologies and assets described in this paper are highly experimental and risky, have uncertain and potentially volatile value, and should be directly evaluated by experts in blockchain technologies before use. Use them solely at your own risk. You should not rely on this paper as a basis for making any financial or other decision.

Appendix A

Primer: Money Market Basics

A money market or a lending protocol is considered to be a basic financial primitive and an essential piece of the DeFi landscape for any network. Providing the possibility to lend excessive liquidity to those who have a better use for it is a crucial first step to building a robust financial ecosystem and a necessary measure that ensures overall asset efficiency.

Every money market contains two types of users: liquidity providers (lenders) and borrowers, quite often it can be the same person that acts as both.

All the liquidity is stored in pools based on the asset types and is used for giving out loans. For tapping into liquidity the borrowers pay interest which is then shared with lenders. Each pool may have a different yield which is based on parameters like utilization ratio and asset risk management parameters.

In order to take a loan the user needs to deposit a collateral for their position. The borrowers need to bring in more collateral dollar wise than the amount they are willing to borrow. Besides, the level of overcollaterization shouldn’t go below a certain level (liquidation threshold) otherwise the position might become fully or partially liquidated.

Liquidation is a way for the platform to safeguard itself from losing lenders money. Money markets are perfect for traders, investors and users who would like to receive continuous passive income without much trouble.

In order to take a loan the user needs to deposit a collateral for their position. The borrowers need to bring in more collateral dollar wise than the amount they are willing to borrow. Besides, the level of overcollaterization shouldn’t go below a certain level (liquidation threshold) otherwise the position might become fully or partially liquidated.

Liquidation is a way for the platform to safeguard itself from losing lenders money. Money markets are perfect for traders, investors and users who would like to receive continuous passive income without much trouble.

Appendix B

Primer: Solana

Solana is one of the networks that stands out from the rest by offering the highest TpS across the whole decentralized blockchain space, easily handling the current demand and volume of several big networks combined even during peak hours and thus creating new business models which were not possible before. On top of that, Solana strives to create a safe haven for developers and projects building on or migrating to it and currently has over 100 teams building their products and even subnetworks.

Solana has a vibrant DeFi ecosystem backed by all major exchanges, funds, market makers, etc. and has all the necessary DeFi tooling present on the protocol and smart contracts level: Wormhole bridge, Pyth oracles, several AMMs, liquid staking (Lido, Marinade), stake pools, etc. creating solid underlying financial infrastructure and basic DeFi primitives is one of the main goals for any network that wants to focus on DeFi.

A lending protocol is a basic DeFi primitive and a vital piece of this infrastructure as a tool that allows people to perform leverage trading, participate in IDOs and other investment opportunities and offers a whole lot of farming opportunities.

Because of all these advantages it seems like a logical and natural solution to build a lending protocol on a chain that can solve major Ethereum issues.

Our team’s vision has always been to eventually convert Everlend into a fully decentralized and a long term self organized DAO, which is community driven and as self sustainable as possible.

A decentralized autonomous organization (DAO) is basically an entity with no central leadership. It is collectively owned and managed by their members, where anyone who owns its governance token will have a voice in the future direction of the protocol.

However as we know from the past a DAO is still a highly experimental way to organize a community and hence it is very challenging to achieve a perfect all-in-one solution.

There are various factors to consider such as stability, scale, and decentralization.

The plan is to gradually implement more and more features along the way that will allow community participation and decision making.

In particular the Everlend DAO will decide about which money market to aggregate, risk parameters, fee splits, etc. These governance decisions have consequences on third parties (Everlend users) since they determine the risks they face and how protected they are if/when these risks play out.

Risk parameters are particularly important since Everlend inherits the risks of the protocols it integrates.

With this in mind, we’ve put together the first protocol risk framework to help Everlend governors decide what protocols should be aggregated. Our goal is two-fold:

1. Establish a minimum set of requirements a new lending protocol needs to meet to be incorporated into Everlend.
2. Set the corresponding risk parameters for that protocol.

This framework will be explored in detail throughout this post. In the first section, a high level overview of the new protocol inclusion process will be presented. The next two sections will cover the requirements a protocol needs to meet to be incorporated into the Everlend. Lastly, the final section covers the risk parameters definition methodology.

New Protocol Incorporation Process

For a new protocol to be incorporated into Everlend it will need to pass through two different filters:

1. A counterparty and smart contract risk assessment. This first filter is intended to mitigate the risk of incorporating vulnerable protocols at the counterparty and technical layer.
2. An assets and risk parameters assessment. This second filter will evaluate in detail the assets that the assessed protocol has incorporated, as well as the risk parameters associated with each of those assets. This step is intended to mitigate the risk of incorporating protocols with low quality assets or unsafe risk parameters.
3. Only when a protocol passes the above filters should governance proceed to establish the specific risk parameters for the protocol. The following figure summarizes how this process would work at a high level.

Figure 1. New Protocol Incorporation Process

Counterparty and Smart Contract Risk Assessment

For each new protocol, smart contract and counterparty risk will be measured using the Mars risk framework, developed by Delphi Labs. This framework measures these risks through the following variables:

Smart contract risk:

• Time since launch.
• Honey pot: Daily sum of the project’s Total Value Locked (TVL) since launch. For standardization purposes, this value is divided by $365B ($1B per day for 365 days) to arrive at the Honey Pot coefficient.
• Audits quality (qualitative): Thoroughness and quality of audits performed on the project.
• Quality of smart contracts (qualitative): Measures the overall riskiness of the smart contracts. Evaluates the use of best practices, the thoroughness of the tests and the documentation, among other factors.

Counterparty risk:

• Team: Evaluates the reputation and integrity of the team behind the project.
• Smart contracts centralization (qualitative): Measures the level of centralization of the most important contracts of the protocol.

Then, according to the specific properties of each protocol, this framework scores them as follows:

Smart contract risk:

Counterparty Risk:

Following the above methodology, the minimum requirements a protocol will need to meet to be incorporated into Everlend will be:

Smart contract risk:

Counterparty risk: A protocol may meet the minimum requirements through any of the following two combinations:

Where:

• Combination 1 covers the case where there’s still some centralization around the key smart contracts of the protocol, but the team behind the project is excellent all around and there’s a plan in place for progressively decentralizing the protocol.
• Combination 2 is the case where the team behind the protocol is completely unknown (anonymous and has no reputation) but the key contracts are immutable or are managed by a DAO with strong processes and guarantees in place.

Assets and Risk Parameters Assessment

In addition to counterparty and smart contract risk, the riskiness of a lending protocol depends on the assets it has incorporated and the risk parameters associated with those assets. Specifically, given the current predominant architecture of collateralized lending platforms (where users deposit an asset as collateral to borrow any other asset within the protocol), any asset accepted as collateral can lead to overall protocol losses. The degree of this risk, however, can vary considerably from protocol to protocol (even if they accept the same assets) depending on the specific risk parameters associated with those assets. Even though there are several important risk parameters, for this assessment the focus will be on the Loan-To-Value (LTV) parameter, which determines the maximum amount a user can borrow with a certain collateral and captures to a large extent the risk a certain collateral poses to the platform as a whole.

In a similar sense to the previous section, the Mars risk framework will be incorporated into this assessment. However, in the previous section only one part of the framework was used, while for this section all of the framework will be used. It’s worth noting that the Mars risk framework was specifically developed for a similar purpose: to assess the riskiness of assets to be added to Mars (a lending protocol being incubated by Delphi Labs) and 2) to set the risk parameters for those assets. In this sense, it is a perfect fit for this assessment.

Now, the process for assessing the assets and risk parameters of a given protocol will consist of three steps and will need to be performed for every asset in the protocol, as follows:

1. The asset is evaluated and scored following the Mars risk framework.
2. If the asset doesn’t pass the minimum requirements according to the Mars risk framework, the protocol will not be incorporated into Everlend.
3. If the asset passes the minimum requirements, then LTV is calculated for the given asset using the Mars risk framework and the following condition needs to be met for each asset i:

Protocol LTVi Mars LTVi + 15%

Where Protocol LTV is the LTV of the asset determined by the given protocol and Mars LTV is the LTV of the asset as determined using the Mars risk framework

This condition guarantees that the LTV defined for the asset by the protocol falls within a certain range of the LTV defined through the Mars risk framework. In other words, it guarantees that the LTV defined by the protocol is conservative (as defined by the Mars risk framework).

It’s worth noting that, as protocols update parameters or add new assets, protocols that previously met the above conditions may no longer do so. In that sense, Everlend should be an active participant in the governance of the protocols it incorporates in order to monitor (and potentially help shape) all risk parameters and new asset incorporation decisions.

Now, if all assets in a given protocol meet the above conditions, the protocol will pass this filter and the process can move on to the next step.

Risk Parameters

Once a protocol passes the initial filters described in the previous sections, the most important parameters that need to be determined are:

1. The maximum allocation of funds that Everlend will dedicate to that particular protocol. This parameter is intended to reduce the risk of concentration to any particular protocol and will depend on the number of protocols incorporated into Everlend.
2. The maximum amount of funds that Everlend will allocate to a particular market within that protocol. This parameter is intended to mitigate the risk of illiquidity in any given market Everlend has deposited funds into.

The maximum allocation of funds for a given protocol will be determined as follows:

And the maximum allocation for a given market i will be determined as follows:

Maximum Allocationi = Min (Liquidityi5, (1 — Optimal Utilizationi) * Liquidityi)

Where the first part of the above Min function (Liquidityi5) is intended to guarantee that a maximum of 20% of the total deposits into that market belong to Everlend.

And the second part ((1 — Optimal Utilizationi) * Liquidityi) is intended to link the maximum amount of assets deposited into a particular market with its optimal utilization*. The higher the optimal utilization, the lower the maximum allocation to that particular market will be.

* Note that this will only apply to markets that incorporate the notion of optimal utilization to set the market’s interest rates.

Conclusion

The Everlend risk framework is critical to ensure the protocol is safe for all participants involved. By standardizing the way risk is measured and parameters are determined, different protocols can be objectively compared and assessed.

This framework proposes a three step process for a new protocol to be incorporated into Everlend. The first step involves assessing the smart contract and counterparty risk associated with the protocol to be incorporated. The second step goes deeper and evaluates the assets and the particular risk parameters that the to-be-added protocol has set for those assets. Lastly, the framework defines how the risk parameters should be set for the given protocol.

Even though this framework should set an initial robust foundation for Everlend to safely grow in the years to come, it is expected for this framework to keep evolving going forward as DeFi matures and more empirical data is gathered around Everlend and the Solana lending ecosystem.

Q3 was an interesting and busy quarter for our team. In August we announced the project pivot and that we are now putting all efforts into developing a yield / loan aggregator for all major Solana money markets (read more here).

Unfortunately, we had to start from scratch and rewrite practically everything. Our team had to rethink the whole concept, the architecture and the tokenomics, which pushed our previous development plan behind. However, we are now more motivated than ever to create something special and add further value to the DeFi space as well as the solana ecosystem.

We basically spent the whole month of August doing the groundwork. Our belief is that it is important to spend enough time laying the foundations before you actually start writing the code. We have now shifted from planning and conceptualizing to executing and all our developers are now working full steam on V1 of the Aggregator.

With the aggregator our goal is to maximize users returns and at the same time simplify and improve the overall DeFi experience for the end user. Everlend will attract traders and investors who are not able to monitor and adjust their funds 24/7.

The lending landscape on Solana is growing at an unprecedented speed and has changed quite significantly over the past months. There are now 5 protocols operating on mainnet beta: Larix, PortFinance, Solend, Acumen and Oxygen. As a money market aggregator Everlend sees each of these protocols as a potential partner and plans to integrate them.

Project updates

Our development roadmap has been updated and already released to the public. You can find the Medium article here.

We proudly announced our collaboration with Delphi Labs, who we have been in talks with since the beginning of July. We believe their knowledge and experience in delivering some of the best DeFi protocols will add a lot of value to our team. (Read more here)

The redesigned version of our landing page has been deployed. It contains the most important facts, key features and the roadmap of our protocol at a glance. We are very content with the modern, dark color design. Please have a look and let us know what you think: https://everlend.finance/

The Litepaper is now undergoing a few final touches and minor amendments and is expected to be out within 1–2 weeks. We have decided to go with a fully fledged litepaper that will cover all the aspects of the protocol and yet will explain the details in a simple and clear language.

V1 of Everlend is planned to go live in November and will focus on deposit optimization. Our users will be able to deposit their funds, provide and withdraw liquidity and Everlend will utilize aggregation and optimization algorithms to achieve the highest possible yield.

What’s next? October and November are going to be even more interesting with some exciting news coming.

Thank you to everyone for bearing with us and sticking around, we truly appreciate your commitment and support.

Thank you,

Everlend team

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As mentioned in the Medium article from a couple of weeks ago we decided to slightly shift our focus and put all efforts into developing a Liquidity / Loan Aggregator for the Solana Ecosystem. Our goal is to integrate with all major money markets and become the go-to Meta lending protocol on Solana.

Everlend is a highly ambitious project with a truly unique and complex architecture. We took a lot of time researching and assessing the whole DeFi market to be able to deliver something which brings additional utility to the space. After having numerous talks with our stakeholders and industry experts we have finally finished conception phase and we are now very excited to be able to fully concentrate on development and present the recent adjustments on our roadmap to the community. However we would like to reiterate that the dates are still rough estimates as development is still at an early stage and hence the timeline is difficult to be accurately determined.

Liquidity Aggregator (End of October / Beginning of November)

Nevertheless, our team is pushing very hard to release the MVP of our Liquidity Aggregator by End of October / Beginning of November. Our users will be able to deposit their funds, provide and withdraw liquidity and Everlend will utilize aggregation and optimization algorithms to achieve the highest possible yield.

Loan Optimizer V1 (Early December)

Next step is the launch of V1 of our Loan Optimizer, which provides Everlend users with the best borrowing rates at the time the loan is taken. This feature is still very unique to the DeFi space and is expected to attract many traders and investors pursuing the lowest interest rate. Loan interest rate and liquidity yield will also be decoupled, which means the loan can be taken out on money market A while the funds will provide liquidity on money market B to always ensure our users the best performance for their funds.

ELD token launch and insurance pool (February 2022)

An important milestone will be the launch of our governance token ELD, which will happen shortly after our public sale. We haven’t yet determined all the details of the procedures of the public sale, but we are already working closely with our legal team to sort out any legal hurdles and to fully comply with regulatory frameworks in various jurisdictions. After the TGE Everlend users will be rewarded for liquidity provision and borrowing via our governance token and will have the possibility to stake their ELD into the insurance pool and receive additional rewards for providing a security layer for the protocol. On average 10% of all the fees will go to the insurance pool users. ELD token holders are also entitled to submit and vote on governance proposals.

Loan Optimizer V2 (March 2022)

The second version of our Loan Optimizer will enhance the refinancing feature. Refinancing means loan optimization. The loan rates are now monitored across all underlying money markets and borrow positions will be automatically refinanced and moved between protocols to ensure the user pays the lowest interest on the market.

Everlend Money Market (Q2 2022)

Our original mission was to build a decentralized cross-chain money market for the Solana ecosystem. This hasn’t changed and we expect it to materialize by Q2 of 2022. Everlend will enable users to place deposits and / or take out loans directly from our lending protocol. Our money market will be scored and assessed by our aggregator like any other money market that is integrated with our protocol. It will also mark the start of the Loss Protection System, which aims to protect lenders from the risk of borrowers defaulting.

Launch of DAO (Q3 2022)

Another milestone will be the launch of the DAO. Our team plans to fully transform Everlend Finance into a DAO in Q3 2022. The platform governance will now be fully driven by ELD token holders. Via the internal voting system the DAO can change key parameters such as interest rate curve, collateralization ratio, liquidation threshold, optimal utilization ratio and rеserve factor of Everlend to further decentralize and optimize its work.

Loan Optimizer V3 (Q4 2022)

Finally, with version 3 of our Loan Optimizer the algorithms that are driving the process of refinancing and rebalancing can be created by anyone and then be approved by the DAO. This is another huge step towards decentralization and the utilization of the DAO.

For more news and announcements please feel free to follow us over our social media channels:

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We are thrilled to announce a strategic collaboration with Delphi Labs who will incubate Everlend and help with the long term growth and success of our project.

This is the last addition to our team and advisors cohort and we think Delphi Labs will add a lot of value to Everlend. We are very excited about working with the Delphi team and are looking forward to leverage their extensive experience working with a wide array of token-based projects. They have helped major players such as Aave, Compound, Synthetix and Axie Infinity with a variety of different services.

Delphi Labs will support Everlend with their expertise in Token Design, Risk Management and Documentation.

Vitalii Parkhomenko, Everlend CEO: ‘We have worked with Delphi Labs before and really admire their knowledge and expertise. That’s why when we started working on Everlend, the incubation seemed like an obvious move.’

About Delphi Labs

Delphi Labs is a full stack builder and incubator of early stage projects using insights and expertise gained over multiple years. Born out of Delphi Digital, an institutional-grade research firm focused exclusively on crypto and digital assets, Delphi Labs has provided strategic, technical and token economic consulting to a wide range of high-profile clients. With an experienced team of analysts, developers and economists, Delphi Labs has been fortunate to have worked with a variety of prominent early stage projects to audit, optimize and design bespoke token economic models.

About Everlend Finance

Everlend is a decentralized, cross-chain lending aggregator and optimizer with an in-built money market. It is built by Attic Lab and powered by Solana. The liquidity and loan aggregator guarantees the best yield opportunities and borrowing rates in the DeFi space. Everlend users also benefit from liquid staking, yield farming and a 3-step loss prevention system.

For more news and announcements please feel free to follow us over our social media channels:

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After weeks of market assessment and discussions with various stakeholders we are excited to announce that we will slightly pivot our focus and put all efforts into building a yield aggregator for all money markets built on Solana. Don’t worry, our goal of developing a cross-chain lending protocol remains unchanged and will be materialized shortly after.

Our team is determined to make Everlend the go-to meta lending protocol for the Solana ecosystem. Meta stands for “above” or “beyond”, because we envision our final product to be much more than just a money market.

Why do we need a yield aggregator?

In the last couple of months a wave of money markets, which are offering borrowing and lending services have been going live.

In our opinion this abundance might make it very difficult for the average user to decide which is the most suitable one. DeFi users have to be aware of all the different deposit yields and borrow interest rates, TVL requirements, levels of trust and risk and continually monitor them to rebalance their position if necessary.

Our goal has always been to add as much value as possible to the Solana ecosystem and provide the most secure platform with the best opportunities and user experience. With a yield aggregator we think we can combine all of those positive attributes and at the same time tap into a very exciting niche.

The team has now shifted all efforts into conceptualizing and developing a lending and borrowing aggregator that will be integrated with all major money markets on Solana. Everlend will provide its users with the best yields and rates available at all times.

Liquidity / loan aggregation and optimization — You always get the best deal for your deposit

Our users can either provide liquidity or take out loans. They will be completely free of the need to monitor their portfolio and worry about the best deals and various calculations/scenarios. Rebalancing and Refinancing algorithms, which are the two main driving forces of the protocol, automatically move deposits and/or loans to ensure the best performance for each position.

Rebalancing is basically liquidity aggregation and optimization. You always get the best yield for providing liquidity. Refinancing means loan optimization. Loans are refinanced and moved between protocols to ensure the user pays the lowest interest on the market.

For more in-depth information and technical details on how refinancing and rebalancing on Everlend works you can read our Litepaper, which will be released in the coming weeks.

Our developer team takes into account and utilizes the experience and achievements of other DeFi protocols like Uniswap, Compound, Sushi, Curve, Yearn Finance, etc. However all the smart contracts are created from scratch specifically designed for Everlend to build something truly unique and special.

In this regard we would like to highlight the longevity of our project and the ambition to innovate the whole DeFi space.

After releasing our lending and borrowing aggregator we will gradually enhance our platform and add some more exciting features and unique functionalities that the market hasn’t seen thus far.

Our roadmap will be updated soon and shed more light on our vision and plans for the future of Everlend.

Thank you,

Your Everlend Team

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Today we would like to highlight our strategic partnership with Oracle provider Pyth Network.

Why Pyth Network?

Pyth Network is a new oracle solution that sources high quality real word financial data, from major institutions like Virtu, IEX, GTS, FTX…, and provides smart contracts, from various blockchains (Solana, Ethereum and Terra), high fidelity market feeds to build/design their product.

Being built on top of Solana Pyth allows sub-second price feed updates and due to its partnerships with global data providers it will feature real world market data in equities, bonds, FX, futures, and commodities.

Pyths oracle solution is critical for Everlend and the safety of our users. It’s priority is to create alternative, reliable, and decentralized sources of high quality composite market data.

How will Everlend leverage Pyths oracle solution?

Thanks to Wormhole, Everlend will have the ability to add assets from other chains like Ethereum, which will make it easier to attract newcomers and investors from other blockchains. At launch Everlend will support several Solana native assets and a couple of wrapped native Ethereum assets. Our smart contracts for each one will be secured by customized price feeds powered by Pyth Network.

When faced with significant price instabilities, Pyths multiple sources, specific aggregation method and confidence value will enable our protocol to better apprehend and operate during highly volatile periods.

Our team is very proud to be working alongside with Pyth Network and their oracle solution will be essential to our DeFi platform to securely execute smart contracts and maintain price accuracy.

For more upcoming news and announcements, please feel free to follow us:

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Dear Everlend community!

Attic Lab team is glad to observe the development of new ecosystems, which have been moving the industry forward. Forward means more secure, able to scale, and cost efficient in terms of operational activity on a ledger.

Why did we chose to build on Solana?

Solana is setting the stage to become the #1 choice for DeFi-hunters due to its outstanding characteristics and business model which are the basis to become a real DeFi haven. Attic Lab is thrilled to develop the cooperation within a rapidly growing Solana ecosystem: Audius, Human Protocol, HXRO, ICHI, Solstarter (Solana’s first IDO platform), tooling for Solana, etc. — these are developed in cooperation with our team. We do play long and hard.

Multiplying positive experience in terms of cooperation and investigating the ecosystem’s potential, we’ve decided to go further and deeper into a more fundamental level. Seeing Solana as a great value management system and just-in-time DeFi processing platform, a lending protocol product development was put as a target. Creating solid underlying financial infrastructure and building blocks is one of the main goals for any network that wants to focus on DeFi. And Attic Lab is here to boost it!

A lending protocol is an essential part of any value management infrastructure as a tool that allows people to secure themselves from price fluctuations, participate in IDOs and other investment opportunities including a better trading experience.

Because of all these advantages it seems like a logical and natural solution to build a lending protocol on a chain that can solve major DeFi industry issues — please, welcome Everlend on Solana!

Everlend Lending Protocol

This is a mission we, Attic Lab, are set out to complete by creating a decentralized lending protocol called Everlend Finance. Our goal is to provide a product that eliminates borders between networks and creates a unified financial instrument accessible from anywhere by anyone.

A decentralized cross-chain lending protocol on probably one of the fastest blockchains with in-built farming and support of liquid staking tokens. In its essence Everlend is built based on two core things: Solana SPL lending library and the Wormhole bridge. The first provides a functionality similar to Compound, while the second allows for cross-chain transactions to happen in a quick and decentralized manner. You can use Everlend processing native tokens of other blockchains without the need to sell or exchange them as long as there is a market for it.

Imagine you can have the same experience as you do on Ethereum when lending, borrowing or providing liquidity but you don’t have to pay exorbitant fees, your transactions happen instantly and on top of that you get the token that you can additionally farm and generate extra yield.

Last but not least: get blockchains’ interoperability as a key to an aggregated liquidity. Breaking barriers between assets on different networks is creating a united space to manage a value all together — (users from) different networks turn into liquidity providers. Let’s dive into details!

Cross-chain Interoperability

“Chain” within the word “blockchain” means unity. But there is still a big gap to fill when it comes to interoperability between different blockchains. Without the ability to interconnect and communicate with eachother, they might end up as huge data silos. Silos are inefficient when it comes to finance and liquidity in particular.

A lending market is still simple in its essence: more supply and demand streams — liquidity — bring more variety of assets it covers (due to multiple blockchain-participants) and positively impact exchange rates — efficiency, stability — while making financial tools more flexible. Both bring new market participants and support stability for swapping, multiplying farmers’ income due to growing turnover within the protocol. The loop is closed — push the Everlend ‘play’ button and reap your rewards either as investor, liquidity provider, or liquidator.

Everlend brings interconnectivity into the DeFi space: you are able to interact with the protocol with multiple L1 assets. No magic — Wormhole bridge is under the hood. It is packed into a user-friendly UI that allows you to navigate it with just a few clicks. Our Cross-chain feature allows users to move assets seamlessly across blockchains and to benefit from Solana’s high speed and low cost.

Interoperability is an essential piece to the puzzle, as it unlocks network effects and allows a seamless, efficient and trustless user experience on Everlend.

Leverage Yield Farming & Liquid Staking:

By interconnecting blockchains and being a liquidity aggregator Everlend provides regular farming service as a part of the platform. Variety of assets turn the protocol into a universal exchange hub thus the flow of assets needs appropriate support from liquidity providers. These actors are welcome and will get the reward they deserve.

Please pay attention to a special feature Everlend has: it is open to get into its profit making machine both via a free resource and an already staked one: it allows using the staked assets for other yield generating opportunities to let you get the best out of both sides — a reward on your staked assets, as well as the returns from additional investing activity.

Another core feature is liquid staking, which will be utilized with the help of Lido. The main cool thing about it is that the stSOL asset generates rewards through underlying staked SOL and so if you use stSOL as collateral, it allows you to generate extra rewards. Such a solution helps to aggregate liquidity in one place instead of dispersing it ineffectively among many networks. We are coming to rescue your liquidity from staking dungeons — give your assets a second life with Everlend.

Smart Order Liquidation

Liquidation is an extremely important part of the whole staking investment cycle. Efficiency of the service depends on the efficiency of the liquidation process, as soon as liquidated resources are generating the platform’s turnover — its internal stability and profitability have direct influence on the success of the platform externally (including the price of a service/governance token).

Everlend provides the solution to avoid lags and losses in the liquidation process, while liquidators sorting and proceeding with best deals leaving the worst behind its interests. Random fulfillment is substituted with a smart liquidation mechanic, which is based on a computed health score of each position to liquidate.

Liquidation is a separate business which is hunting its own efficiency. Thus smaller liquidation deals tend to keep pending status losing its “health” very quickly while getting full liquidation with losses frequently. That damages the system and all participants.

The solution is putting all liquidations into the heap where the best scored is on the bottom and the worst scored one is always on the top. To get the best — pass all the above. No hopping, no gas auctions — all the work must be done with no exceptions. Everlend upgrades liquidation in favor of both parties — users and service providers — seeing the mentioned mechanic as a win-win one.

Our team is going to unveil more technical details on the product in our Litepaper, which will be published soon! So stay tuned to get more information about our future DAO model and the idea of putting the product into the communitys hands. We will also shed more light on Everlends native token and its tokenomics.

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Hello, world!

The Problem

Value management is vitally important to break through the wall of the traditional financial system. DeFi birth and its further growth paved the path for more use-cases in this direction. However, the DeFi market is heavily centered around one network which is as we all know experiencing big scalability and economic issues.

As a result, regular token holders are forced to look for alternative L1 or L2 networks that could resolve these issues while offering them the same or even better user experience and competitive financial opportunities.

The Solution

Solana is one of the networks that stands out from the rest by offering the highest TpS across the whole decentralized blockchain space — 50–60k TpS — and easily handling the current demand and volume of several big networks combined even during the peak hours without any sharding.

Today we’re super happy and excited to announce Everlend, a decentralized, cross-chain lending protocol powered by the Solana network.

A lending protocol is an essential part of any value management infrastructure as a tool that allows people to secure themselves from price fluctuations, participate in IDOs and other investment opportunities including a better trading experience. Because of all these advantages it seemed like a logical and natural solution to start building a lending protocol on the chain that fixes the issues other networks have!

Time to Hack

We do believe the product is useful for the Solana ecosystem and would be happy to showcase it to the community as soon as we can. Thus, Attic Lab has become a participant of the Solana Season Hackathon — Everlend, goodluck! It is a great pad to launch efficient and sought after products. We love to find such a well structured event flow and support — Solana, well done! Looking forward to proceeding with cooperation and enhancing the Solana ecosystem — creating a unified financial instrument accessible from anywhere by anyone.

Meet the Team

Everlend is being developed by Attic Lab and Everstake. Both teams have been active community members since the very beginning.

Everstake as a staking platform has joined Solana long before the TdS1 launch and helped building the community in the CIS region as well as validating. Attic Lab has helped quite a few projects over the past year to migrate to Solana by offering help with smart contract development. This cooperation creates perfect combination of marketing, community and dev teams.

Stay tuned for more updates on Everlend!

To contact us, you can use one of the communication channels below:

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