Introducing Proton Lend (LOAN), a new decentralized finance lending market built on the Proton blockchain. Utilizing the cross-chain capabilities with wrapped X-tokens, Proton Lend makes it possible to lend between cryptocurrency pairs where it wasn’t previously possible for other blockchains, including from BTC, ETH, LTC, BNB, EOS, and many more.
How does it work? Similar to Aave and Compound protocol, Proton Lend is built around a pooled strategy that does not require for a lender and borrower to be directly matched. Pooled funds can be borrowed by placing collateral into the smart contract and the loan is made available on-demand.
The rights of the protocol are governed by the LOAN token, which will be earned in three tranches; the first two airdrops will occur to MTL (XMT) and XPR holders and will occur only on the Proton Blockchain. The MTL airdrop will occur to holders of unlocked tokens only on the Proton Blockchain (this will not apply to the ERC20 version of Metal) and will also occur to XPR on the Proton Blockchain.
The distribution of LOAN for the airdrop will be broken down through the following ratio:
- 333:1 XMT (known as MTL on Ethereum)
- 1:1 XPR unstaked
- 2:1 XPR short staked
- 10:1 XPR long staked 90 day
- 30:1 XPR long staked 365 day
Read our recent airdrop info blog post here.
The last distribution will be continuous without a hard cap and will be continually minted to liquidity providers for the lending protocol itself.
LOAN tokens will be used to vote on decisions related to protocol parameters as well as voting for assets that can be used as collateral and other governance measures. As the Proton Lend protocol grows on Proton, LOAN will be distributed to the most active participants. LOAN will be conducted with a fair launch, thus no tokens will be retained by the team or founders. More details will be forthcoming as the platform readies for launch.
We are excited to announce this new addition to the Proton Blockchain, with Proton Swap, Proton Market, and now Proton Lend offering the full decentralized finance experience, including trading, NFT’s, lending, and more.
