DeBank Version 2.0 Is Going Live
We are happy to inform our community and the general public that DeBank Version 2.0 (beta) will be going live on the 25th of April 2022. This version will support both Binance Smart Chain and Polygon Chain.
DeBank is Etna Network’s lending and borrowing application, it give our users access to over-collateralized loans on the supported blockchain networks. Unlike other lending applications or protocols, DeBank is built to be more user friendly and with several built-in tools to assist users in making optimum decisions on their deposits and loans. In addition to being user-centric, DeBank version 2.0 also offers users the following advantages:
- On DeBank 2.0, users are able to use supported tangible tokens and whitelisted NFT as collaterals for loans/credits. On release, BNB, Matic, ETNA, MTB, wrapped ETH, wrapped BTC, 0xPAD and Etna’s native NFT collections will be the acceptable collateral assets. As the adoption grows, more tokens/coins will be integrated.
- On DeBank 2.0, only stable coins (BUSD, USDT on BSC and USDC, USDT on Polygon) will be borrowable.
- Users earn greatly by lending their stable coins to the application. To incentivize lenders, DeBank employs a dual rewards mechanics for lenders. Lenders get to earn both in stable coins and also in ETNA tokens, with the earnings in ETNA being more dynamic, this means that early lenders get to earn more.
- When Etna Network’s native assets are used as collateral, the APR on accessed loans is zero.
- Members of the Etna Network’s community are selected as Liquidation-Managers. As a liquidation-manager, you earn by helping liquidate loans that fall in such health standing. To qualify for the role of a liquidation manager, you have to be a staker of Etna tokens or LP.
- The Credit Health tool in DeBank helps borrowers to track their loan’s health. It tells the borrower what the health status of active loans are and notifies them when loan liquidation is likely to occur and also the minimum repayment that should be made to prevent it from happening. We are also working on implementing additional health alarm mechanics that would send messages to a borrower when the risk of a liquidation approaches.
More Innovative Features Are Being Developed
We also want to inform the community and the public that there is much more to DeBank beyond what will be released in version 2.0. We are currently building features/mechanics that will revolutionize DeFi, some of these feature include:
Under-collateralized loan capability: Yes, the team has designed a novel under-collateralized loan mechanics. When this gets implemented, users will be able to take out under-collateralized loan INSTANTLY and for unlimited duration. This is huge and we are exited because this is an area that has drawn a lot of interest and at the moment, no protocol-type solution has been achieved. We believe that we will be the first to deploy such a solution as a protocol and decentralized application
B2B — Self-repayment loan mechanics: The Etna Network team figured that it is possible to implement self-repayment loan option, this becomes possible when DeBank application become complete, that is a P2P/B2B application.
- DeBank Self-listing Mechanics: We are working on a self-listing mechanics for the DeBank Application, this will allow team members from other projects to self-integrate their tokens/coins to DeBank as an acceptable collateral asset. With this, we believe that DeBank will grow to be one of the most used lending application over time.
It is indeed a great and exiting milestone that lies just ahead of us and we are looking forward to it. As it approaches, we will continue to release more information to the community.
You can also stay informed by following us on our social media pages as listed below: