Atlendis, a Polygon-based uncollateralized lending platform, has launched its latest iteration, adding many new features and key crypto on-ramps along the way.
The protocol offers lines of credit for institutional borrowers, and users can act as pooled lenders for such borrowers, earning interest payments and more.rewards.
Essentially, Atlantis addresses one of the key weaknesses in the crypto space: Collateralless lending.
Projects likeor , for example, also provides loans to users, but these loans are usually overcollateralized, meaning you have to post more collateral than you can get on the loan. Instead, Atlantis, like a bank, offers loans without the need for collateral.
Borrowers still go through a credit check in partnership with Credora.
The platform first launched its V1 in July 2022 last Summer, which saw cumulative loans worth $6.3 million to almost 5,800 unique lenders.
The latest version of Atlendis will also include features such as flexible lending hours for borrowers with the option to roll over loans to subsequent periods, in addition to due diligence of the borrowers, and a Know Your Customer (KYC) option for certain pools to comply with regulations.
“Atlendis continues to improve the Atlendis protocol, simplifying access to DeFi for borrowers and lenders, making funding more accessible for real-world businesses while opening up new yield opportunities for liquidity providers,” said CEO and co-founder of the project Alexis Masseron.
Along with the launch of V2, Atlantis also added publicly traded fintech Banxa Holdings, Inc. as a borrower on the platform.
The company will use a $2 million line of credit in the stablecoin USDT borrowed amount of Tether to improve the liquidity of the exchange to facilitate large volumes.