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Decentralized finance (DeFi) is one of the busiest facets of crypto, with a steep competitive landscape. Borrowing and lending are critical components of DeFi and have funneled its explosive growth. Unfortunately, users of DeFi protocols involved in these activities often face the risks of liquidation and exorbitant interest rates.
Against the backdrop of these challenges, Lends (previously Lendscape) has created a way out by building the first decentralized lending protocol on THORChain. Lends hopes to leverage the THORChain cross-chain decentralized exchange (DEX) platform to offer a unique value proposition to DeFi lenders and borrowers. Let’s learn more.
Key Takeaways:
As the first decentralized lending protocol on THORChain, Lends has created a transparent and fair ecosystem in which you can lend or borrow with no liquidation and zero interest.
Its token, LENDS, is used to accrue value on the platform through staking to earn xLENDS and vxLENDS tokens, or yield farming through liquidity provision.
Some of its notable products are Lends DEX, which uses automated sub-swaps for efficient token swapping, and ThorFi for borrowing and lending.