Nexo Set To Boost Token Value With $100 Million Repurchase Efforts

Crypto-focused lending platform Nexo is looking to boost its token value. In a tweet, Nexo said it would be launching a second set of its hugely popular buyback programs starting November 15.

Nexo’s Second Repurchase Efforts

According to a blog post, the new buyback program will be worth $100 million – a far cry from its first repurchase effort worth $12 million earlier in the year.

The buyback initiative is expected to last up to six months and will see the blockchain-based lending platform use the repurchased NEXO tokens in key strategic investments through token mergers and for dividend payouts for customers who receive their yields in NEXO.

Nexo says that its Board of Directors reached the decision, and the body of executives will likely review the success of this new effort after the six months window. This will allow them to measure the success or otherwise of the buyback program and may likely extend the repurchasing period.

For now, Nexo will be repurchasing the Ethereum-based NEXO tokens on the open market and at different prices.

Revenues generated from trading pairs pegged to the NEXO token, loans taken out on the ERC-20 token, and trades done on its exchange will be reinvested into the repurchase efforts.

The repurchased tokens will be locked in an Investor Protection Reserve (IPR), and it will be for a vesting period of a year. After this, the locked tokens will be used to run the protocol’s daily activities surrounding interest payouts, investments, and token mergers.

The Nexo blockchain has remained a popular destination for crypto-collateralized loans, with over 1 million users interfacing with the platform. This follows a growing interest in low-fee and high-yield protocols in the crypto market. Nexo has BlockFi as a rival, with both lending platforms vying for a large share of the crypto market.

Buyback 2.0 Expected to Boost NEXO

Nexo’s first repurchase efforts, worth $12 million at the time, paid substantial dividends. This saw the NEXO token surge to an all-time high (ATH) of $4.07 on May 12, reflecting a 2,430% surge year-to-date (YTD). In retrospect, NEXO has kept in tandem with the broader crypto market, given that it is tied to the price action of Bitcoin.

With such remarkable success, Nexo’s Board of Directors has deemed it fit to reintroduce another buyback program to keep its token top-of-mind among investors. According to the press release, the $100 million effort is geared towards improving the liquidity of the NEXO token and boosting its long-term value.

Alongside this, the crypto lending protocol also noted that its renewed efforts would help in enabling more institutional access into the crypto landscape.

This is following recent investments in Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) regulated broker-dealer Texture Capital, decentralized solutions company Qredo, and decentralized finance (DeFi) provider Yield.

Meanwhile, the broader crypto market downtrend has had its toll on the ERC-20 token. The virtual currency is trading at $3.336, down 5.15% in the past 24 hours. Currently pegged at 74th on the global crypto rankings, NEXO has over $1.8 billion in market cap.

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Author: Jimmy Aki

Justin Sun Removes $4.2 Bln from the Lending Protocol Following Yearn & Aave’s Online Dispute

Tron founder Justin Sun Removes $4.2 Bln from the Lending Protocol Following Yearn & Aave’s Online Dispute

Currently, a proposal to disable borrowing of xSUSHI, DPI, and the LP tokens on the AMM market is being voted on.

The total value locked (TVL) in decentralized finance (DeFi) lending platform Aave has dropped by $4.36 billion to $14.93 billion, according to DeFi Llama.

This big dip in the assets locked in Aave resulted from Tron founder Justin Sun removing more than $4.2 billion worth of crypto from the lending pools of Aave.

The assets removed by Sun included about $1.2 billion USDC, $190 million USDT, $45 million TUSD, 11,000 WBTC, and $490,000 WETH.

This resulted in triggering the interest rates on the platform, with USDC & USDT rates skyrocketing.

This removal of a significant amount of liquidation from Aave came amidst the tension between members of the Yearn community and Aave. During the bickering on Twitter, one of the Aave community members cautioned against using any project that Yearn Finance (YFI) is involved in, in response to RektHQ’s report on the $130 million hack of Cream Finance describing it as “another failed experiment from the @iearnfinance ecosystem.”

Yearn founder Andre Cronje also tweeted on Friday that Aave is “vulnerable to the same exploit.”

Yearn core contributor Banteg also chimed in with, “Maybe don’t bad mouth other projects while sitting on an 11 figure vulnerability.” He later clarified that the exploit is believed to be for very specific liquidity requirements and has been possible for the past 160 days but is not currently.

But soon, other DeFi community members came out to help mediate the dispute, and both Yearn and Aave also moved to work together and support each other.

As a precautionary measure, Aave acknowledged that there might be potential vulnerabilities in using xSUSHI as collateral within the Protocol and announced an AIP following the Twitter altercation.

The team noted that multiple simulations showed that any attempt to manipulate xSUSHI would result in losses for the attackers, but still, to mitigate the potential of any future risks, they will disable borrowing of xSUSHI, DPI, and the LP tokens on the AMM market.

Currently, up for voting, the AIP proposes to temporarily disable the borrow function for xSUSHI and DeFi Pulse Index DPI on V2 of the Aave Protocol. It will also freeze deposits, borrows, and rate swaps for UNI/BAL AMM Markets as an extra safeguard.

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Author: AnTy

DeFi Stablecoins Record a Surge in Interest Rates, Total Stablecoin Supply Grows 4x in 8 Months

Lending and borrowing rates on DeFi stablecoins keep trending up.

The rates first started going up in late July when the crypto asset prices bottomed and began their recovery.

As crypto-assets started their uptrend, funding rates also gradually increased as traders joined in on the action. This, in turn, helped the interest rates climb up.

Not to mention, ever since the March 2020 crash, the crypto market has skewed towards fiat or stablecoin margin perpetual contracts rather than coin margin ones, amplifying the demand for stablecoins.

Currently, the lending rate for USDT is 5.58% on Compound, 11.53% on Aave, and 3.01% on Cream Finance, while the borrowing rate is 7.41%, 14.52%, and 8.51%, respectively, according to Skew.

Meanwhile, Compound pays a lender 5.39%, Aave 7.87%, Cream Finance 10.53%, and dYdX 1.97% for USDC while to borrow USDC, one is charged an interest rate of 7.18%, 9.72%, 15.49%, and 6.62% respectively.

Meanwhile, the total stablecoin supply has now reached $120 billion, up from less than $30 billion at the beginning of this year.

Tether continues to lead, accounting for just 58.4% of the stablecoin market, followed by USDC’s 23.4%. While USDC has gained a 9% market share, USDT has lost a whopping 16.58% of its market share in 2021.

Besides USDC, BUSD also captured this lost market share from USDT, currently at 10.48%, gaining a 6.77% share. Maker’s DAI also saw some increase, but it wasn’t much as at the beginning of 2021, it was sitting at 4.14%, and about eight months later, it is at about 5.4%.

While USDT is losing its market share, it accounts for the highest volume. In the last 24 hours, USDT did nearly $91.4 billion in trading volume, more than double of Bitcoin’s.

After USDT, Binance’s BUSD has the second-highest trading volume of any stablecoin at $9.6 billion, followed by USDC at $2.86 billion.

USDC, which is developed by Circle – a consortium of Coinbase and Center, is particularly used in the decentralized finance (DeFi)

Recently, Circle said that from September, all the reserves backing USDC would be shifted into cash and short-term U.S. Treasuries, forgoing riskier investments. Back in July, Coinbase ran into criticism over its claim that every USDC was “backed by a dollar in a bank account” when Circle revealed in its report that since May, its reserves had included commercial paper and corporate bonds.

With stablecoins becoming an integral part of the crypto market, it is gaining the attention of regulators.

Stablecoins are at the target of SEC, as explicitly stated by Chairman Gary Gensler several times in the past few months. Gensler had said that stablecoins are embedded in centralized and decentralized exchanges crypto trading and lending platforms and may be used to

“facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, sanctions, and more.”

Amidst this, the Federal Reserve is considering a digital dollar, but according to Ryan Selkis of Messari, the US should be adopting the stablecoins rather than a “Fedcoin” as central bank digital currencies (CBDCs) will face red tape, poor execution, endless committee meetings, and vague deliverables with untracked results.

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Author: AnTy

DeFi Protocol Cream Finance To Launch On Polygon

Decentralized lending protocol Cream Finance is set to launch on the Ethereum layer 2 scaling solution network, Polygon.

Cream To Roll Out Ten Digital Assets At Launch

According to the announcement published by Cream, the integration with Polygon would enable users to lend and borrow ten digital assets, such as USDC, USDT, DAI, WMATIC, LINK, and five others.

The crypto lending firm also said its Polygon markets would be incentivized by $MATIC liquidity mining opportunities.

The integration of Cream to Polygon is the latest move by the firm in its expansion plans.

Cream is already being used on Ethereum, Binance Smart Chain, and Fantom. Users on these platforms can easily deposit collateral to borrow supported assets.

The DeFi protocol said the integration with Polygon, which has $8.64 billion in total value locked (TVL), will usher in faster transaction speeds, lower gas fees, and access to additional markets for its users.

Cream’s integration with the scaling solution comes after the firm introduced staking services last month. The company now enables users to stake native assets to its validator nodes in addition to its multi-chain money market services.

Founded in 2012 by Jeffrey Huang, Cream describes itself as a copy of the top lending platform Compound Finance. According to the platform, it also leveraged some codes from Balancer Labs.

But it hasn’t been short of negative news. The protocol has had its share of attacks and losses. Earlier this year, the platform was hit with a DNS (Domain Name Service) attack alongside DeFi platform PancakeSwap.

In its postmortem report, Cream confirmed that its DNS was hijacked and its domain service provider, GoDaddy, compromised. However, the breach didn’t affect funds or smart contracts.

DeFi Projects Continue To Flock To Polygon

The Polygon network has had a meteoric rise this year. The demand for the Ethereum-compatible blockchain network has been visible among institutional investors and DeFi developers alike.

Cream isn’t the only platform that jumped on Polygon of late. Earlier this month, Kyber Exchange announced its integration with the platform, where it launched a $30M liquidity mining program.

In recent times, several DeFi protocols previously launched on Ethereum have shifted base into Polygon’s fast-rising ecosystem.

Meanwhile, the latest development that has emerged from Polygon is the introduction of a general-purpose blockchain network for standalone chains, sidechains, and other Layer-2 solutions called Avail.

Avail is meant to address the scaling challenges single chains on the network face in verifying transactions. Avail will provide them with the needed data guaranteed to make the tasks easier.

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Author: Jimmy Aki

BSC Lending Protocol Venus (VXS) to Deploy a Grant Program to Cover Massive Liquidation Losses

BSC Lending Protocol Venus (VXS) to Deploy a Grant Program to Cover the Losses from Massive Liquidation

Amidst the increasing number of exploitations of the Binance Smart Chain-based DeFi protocols, Venus is the latest.

The lending protocol is one of the top projects on BSC with $2.52 billion in total value locked (TVL), down from $7.56 billion ten days back, as per DeFi Llama.

On the backdrop of crypto carnage, its native token XVS experienced a massive spike in its prices caused by large market orders and expectations on the new VRT; the Venus reward token airdropped to XVS and vXVS holders.

“These large tranches of orders, with the limited supply available that is unstaked, caused a huge fluctuation in market prices,” wrote Joselito Lizarondo, founder of Venus and CEO of Swipe.

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Due to this increase in price, traders supplied and borrowed more collateral to continue to buy XVS, that too at a high margin, and as some traders started locking in profits, it caused a large string of market liquidations in the XVS market.

While the liquidations worked the same way at Venus as they do anywhere else, Lizarondo said the market volatility caused more slippage, lowering the price for the seized asset again.

“This causes a cascading liquidation problem. As more liquidations occur, the price goes lower, thus looping this event, until it reaches a bottom where there is nothing more to liquidate,” wrote the founder, adding that this was what happened with the XVS market in the Venus protocol.

While Chainlink, which provides the price feed, looked to be the one exploited here, it was the issue of the lack of liquidity with the $500 million market cap coin. Chainlink Community Ambassador noted,

“Chainlink price feeds accurately tracked the market-wide price of XVS/USD during this volatility. It was not an oracle issue; it was a liquidity issue from cascading liquidations.”

The incident resulted in over $200 million in DeFi liquidations and $100 million in bad debt. However, Lizarondo said that no funds were lost during this process. To rectify the negative balances, Venus will be deploying its grant program and utilizing XVS to cover the system shortfall. He added,

“This will not be sold into the market but rather either leveraged responsibly with the oversight of the Venus Team or OTC’d to a partner with a long-term hold agreement.”

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Author: AnTy

Liquidity Mining Comes to Lending Protocol Aave V2

Liquidity Mining Comes to Lending Protocol Aave V2

This latest feature in Aave, which currently accounts for 17% of the crypto lending sector with Compound in the lead with 53% share followed by MakerDAO at 30%, could be expected to “kickstart DeFi Summer 2.0.”

Liquidity mining is officially coming to lending protocol AAVE as Aave Improvement Proposal 16 gets passed with 62% support.

Introduced last week, the AIP introduces liquidity mining rewards for Aave V2. As per this proposal, 2,200 Staked AAVE (stkAAVE) will be distributed per day, representing around $1 million in rewards distributed daily to lenders and borrowers.

stkAAVE are rewarded instead of AAVE in order to align long-term incentives, disincentivize speculative farmers, and allow users to earn an underlying yield on top of the AAVE they earn.

According to the proposal, this will give LPs more governance weight up front and secure the protocol by increasing the amount of AAVE staked in the Safety Module.

These rewards will be allocated on a pro-rata basis across the markets based on the dollar value of the borrowing activity in the underlying market.

Estimated APR is, for DAI 12.67% – 37.6% on supply and borrowing respectively, on USDT 14.25% – 41.7%, on USDC 15.87% – 43.2%, on ETH 5.65% – 1.65%, and on BTC 6.25% – 1.85% ETH 11.54% Ethereum / USD ETHUSD $ 2,534.69
$292.5011.54%
Volume 34.96 b Change $292.50 Open $2,534.69 Circulating 115.63 m Market Cap 293.09 b
5 h Tether Surpasses $50 Billion Market Cap As Coinbase Pro Adds USDt 7 h Ethereum Targeting October for The Merge through Scaling Project ‘Rayonism’ 8 h Liquidity Mining Comes to Lending Protocol Aave V2
BTC 10.90% Bitcoin / USD BTCUSD $ 53,972.62
$5,883.0210.90%
Volume 58.08 b Change $5,883.02 Open $53,972.62 Circulating 18.69 m Market Cap 1.01 t
5 h Social Investment Network, eToro, Adds ‘Bitcoin Value Chain’ Stock Portfolio Tracking 5 h Tether Surpasses $50 Billion Market Cap As Coinbase Pro Adds USDt 8 h Liquidity Mining Comes to Lending Protocol Aave V2

The motivation behind introducing liquidity mining rewards is to grow lending and borrowing activity in targeted markets, now that almost every major DeFi protocol is launching a liquidity mining program.

Rewarding AAVE to users also leads to broader distribution and protocol decentralization, ti said.

In response to this, the price of AAVE surged more than 20% to $387. The $4.86 billion market cap coin is currently up 330% YTD.

According to some, this AIP could turn out to be “monumental” for DeFi and very well be the “catalyst to kickstart DeFi Summer 2.0,” just like Compound Finance’s liquidity did the original DeFi summer.

“This comes together to form a reasonable narrative for why ETH-based DeFi apps are due a re-rating,” said Wangarian, Capital allocator at DeFiance Capital.

Aave currently accounts for 17% of the lending sector in the crypto market, with Compound in the lead, having captured 53% of the market share, followed by 30% by MakerDAO. COMP 1.66% Compound Coin / USD COMPUSD $ 0.00
$0.001.66%
Volume 49 Change $0.00 Open $0.00 Circulating 53.73 b Market Cap 48.71 K
8 h Liquidity Mining Comes to Lending Protocol Aave V2 1 w Citibank Covers DeFi, says Open Financial Platform Enables ‘Greater Innovation and Competition’ 2 w Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln
MKR 6.02% Maker / USD MKRUSD $ 4,016.19
$241.776.02%
Volume 297.03 m Change $241.77 Open $4,016.19 Circulating 995.24 K Market Cap 4 b
8 h Liquidity Mining Comes to Lending Protocol Aave V2 1 w Citibank Covers DeFi, says Open Financial Platform Enables ‘Greater Innovation and Competition’ 2 w MakerDao Proposes D3M to Integrate with AAVE & Expand Stablecoin DAI Across DeFi

The number of outstanding loans has reached ATH of ~ $10b across Aave, Compound, and MakerDAO.

The lending sector went parabolic during Q1 2021, with DeFi’s most popular lending platforms reaching the highest ever $25 billion.

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Author: AnTy

SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service

SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service

Having launched its cryptocurrency lending service in late 2020, the Japan-based financial services company – SBI Group – has announced that it will be enabling access to XRP as part of its lending service – SBI VC Trade.

This news is according to an announcement made by the company on Feb. 4. SBI VC Trade Lending will enable users will be able to earn interest by depositing their XRP on the platform – so long as it was between 1,000 and 100,000 XRP. In order to obtain an interest dividend on whatever is staked, they would need to lend it for a period of up to 84 days.

Within the statement, SBI stated the following:

“VC Trade Lending is a service that allows customers to rent out their crypto assets to the company and receive interest rewards according to the quantity and duration of the crypto assets.”

The company has added that XRP annual interest would come to 0.1% (including taxes).

As readers may have noticed, the introductory interest rate (0.1%) is much lower than the going rate for lending Bitcoin BTC 1.63% Bitcoin / USD BTCUSD $ 37,416.45
$609.891.63%
Volume 68.15 b Change $609.89 Open $37,416.45 Circulating 18.62 m Market Cap 696.67 b
8 s SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service 3 h $72M New Crypto VC Fund Gets Backing from Billionaires like Paul Tudor Jones & LL Cool J 4 h Dutch Footballer Says “Don’t Wait to Buy Bitcoin” While Goldman Issues a Warning
on the platform. At present, there has not been a reason behind this, other than the potential risk associated with Ripple at present, but this is not validated.

While not facing domestic legal challenges in Japan, Ripple is facing a large-scale federal lawsuit within the United States – specifically for alleged violations of existing U.S. securities laws by selling unregistered securities. The decision by SBI comes from a difference in the legal definition of XRP; Japan, unlike the U.S., believes that XRP does not qualify as a security.

Since 2020, SBI has risen as one of Ripple’s large-scale partners, having brought out a few XRP-related products. In the wake of legal challenges in the United States, Yoshitaka Kitao – CEO of SBI – made it plain that Japan remains the most likely (or friendly) candidate for Ripple to move to.

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Author: James Fox

DeFi Warp Protocol Losses $7.7 Million in a Flash Loan Attack

Lending protocol, Warp was exploited with a complex flash loan attack for $7.7 million worth of stablecoins. Hacken Club audited the project.

The attack on Thursday allowed the hacker to borrow more than their collateral value resulting in a loss of stablecoin lender funds. Later on Thursday or earlier on Friday, the team took to Twitter to share with the community,

“We are investigating irregular stablecoin loans taken out in the last hour, we recommend that you do not deposit anymore stablecoins until we have clarity on the irregularities.”

Out of the lost $7.7 million, the team plans to recover about $5.5 million that is still “secured in the collateral vault.”

“Upon successful recovery, these will be distributed to users who experienced a loss,” announced the team. Additional plans are also in place to compensate for users’ loss over time, they added.

The decentralized finance project team said they would share a detailed analysis of the attack in the coming days once they have more understanding of the exploit.

Just a day before the attack, the lending protocol that powers a liquidity engine migrated to Warp Finance v2 with a 24 hours grace period. The latest version enabled borrowing for protocol users against LP tokens and be rewarded with the to-be-released governance token WARP.

The TVL of the project has more than halved after the attack. Only $6 million funds are currently locked in the project, down from $17 million, as per DeBank.

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Author: AnTy

Sovryn Launches DeFi Platform on RSK Bitcoin Sidechain; With Suite of Lending & Trading Tools

New decentralized lending and trading platform launches with a focus on the top cryptocurrency, Bitcoin (BTC), rather than the conventional Ethereum-based applications.

Sovryn, a decentralized platform built and operating on Bitcoin’s RSK sidechain, announced the launch of its public chain this Tuesday, aiming to bring a full Bitcoin suite to the DeFi world. Users on the platform can now access a suite of DeFi tools, including lending, borrowing, and trading using Bitcoin.

The platform incorporates a decentralized exchange and a derivatives platform, where users can place future bets on assets (either long or short) with up to 5X leverage. In addition to borrowing and lending services on the platform, users can also stake (provide liquidity) on Bitcoin (BTC), Tether stablecoin (USDT), and Dollar on Chain (DOC) tokens and earn interest rewards by lending out the assets.

RSK is a Bitcoin sidechain type that offloads some of the transactions from the layer 1 chain to another public network. As a sidechain, RSK gives Bitcoin similar smart contract capabilities to Ethereum-based applications allowing new features to be integrated using Bitcoin.

In a statement to the press Edan Yago, Sovryn project lead, praised RSK as a “natural fit” for his project, allowing the development of a censorship-resistant digital currency. He further stated,

“Now, with the addition of a smart contract layer, deploying on RSK has meant we can provide the same or better functionality than centralized services, but in a decentralized way.”

The statement from Sovryn further confirmed a planned launch of its decentralized governance protocol later this month, similar to a lending protocol, Compound token launch in May. The governance smart contracts will be forked from Compound, with the early investors and users of Sovryn having the exclusive sale rights at the launch of the Sovryn governance tokens, which are expected to launch in Q1 2021.

To participate in voting on the platform, users must stake their tokens, where the longer you stake your tokens, the higher your voting power will be.

Sovryn completed a symbolic $2.1 million funding round led by Greenfield One and joined by other investors, including Collider Ventures, Monday Capital, and BlockVentures, who also provided development support. The funding value is a representation of the 21 million BTC coins that will be mined.

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Author: Lujan Odera

DeFi Leader, Aave, Rolls Out V2; Adding ‘Collateral Swaps’ to Reduce Loan Liquidations

Aave, a decentralized lending platform, launches Version 2 (Aave v2), bringing along a slew of new features to build more efficient decentralized lending solutions. While the added features all bring better efficiency to the platform, the new collateral swap feature is the poster boy for the Aave v2 launch on Thursday.

Furthermore, the launch coincides with the recent rise in Aave flash loans – reaching $1 billion – and rise to the fourth spot in rankings of the largest DeFi projects in total value locked (TVL) – recording $1.5 billion in TVL (10% of the total DeFi market cap).

The collateral swap feature

As mentioned, the new collateral swap is the most exciting feature in the new upgraded version. If a user wants to borrow across the DeFi ecosystem, users place their crypto as collateral, locking them up until they are repaid. For example, a user can put ETH as collateral against Maker’s DAI stablecoin to use it. However, they wish. However, this forces the user into a long position on ETH since they are locked for a set period.

If the price of ETH tanks, the user will be readily liquidated, as witnessed during the March mega-crash. The new collateral swap feature allows the borrower to swap their collateral for another token efficiently while using low gas costs. In the case that if the ETH price is collapsing, users can switch it for wBTC, AAVE, LINK, or even a stablecoin to protect them from volatile crypto price movements and potentially liquidations. Stani Kulechov, Founder of Aave, wrote in a blog post,

“In DeFi, assets that were being used as collateral were tied up, but now with V2, they are free to be traded,”

“Users can trade their deposited assets, across all currencies supported in the Aave Protocol, even when they are being used as collateral.”

The collateral swap on Aave v2 is supported by a new flash loan, a new feature on the upgrade, allowing users to open and close a loan within one block. The new feature aims to quicken the process and reduce the fees when repaying loans giving users a seamless experience.

“This new feature allows users to close their loan positions by paying directly with their collateral in just 1 transaction — smooth and simple.”

Native credit delegation introduced

Aave v2 encompasses a host of features, including credit delegation aiming to revolutionize the decentralized lending industry. According to Stani’s post, the credit delegation feature will “open up access to liquidity without [the user] needing existing capital.” Introduced back in July, the CD feature remained a hugely centralized feature on version 1, managed by the Aave development team.

The upgrade introduces a more decentralized power to users who wish to delegate their collateral to another account. In a statement to Coindesk, Kulechov called on developers to build systems atop the Aave v2 and solutions to boost credit delegation across the platform.

Other features added on Aave v2 include batch flash loans, flash liquidations, gas optimization, and stable & variable rate borrowing, allowing users to switch conditions on their loans at any given time, switching from regular and irregular rates.

The Aave community also recently passed the AIP-3 proposal that makes a move from v1 to v2 seamless. The statement reads,

“By using a Flash Loan powered migration tool, users will be able to make the transition without having to close their V1 loan positions.”

The migration will be launched later in the month.

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Author: Lujan Odera