Hi everyone,
Alexis here from the JellyFi team. We have received a grant from the Aave Grant DAO two month ago now and wanted to give an update on where we’re at right now:
Progress made so far
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At the time of the grant the project was know as L2P.finance, this name has been decided during the hackathon we participated in early January of this year. We rebranded everything in order to better match with our protocol’s vision and our product’s core values.
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The alpha has been released on the Kovan testnet and is integrated with Aave. It allows lenders to deposit aDai to earn an additional yield on top of the one they are earning on Aave. Borrowers can borrow Dai directly from the protocol once whitelisted. (As of today we are being the borrowers as it helps us run simulation on the platform).
Where are we heading
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We started working on the v1 which will contains multiple new features such as:
→ Order book of interest rate
→ New assets to deposit/borrow
→ Possibility to delegate your funds from Aave using the credit delegation feature (this feature might be restricted to high deposit in the beginning as it turns out to be a lot more complicated on the gaz optimisation side).
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We’re talking with multiple potential first partners that would be willing to launch a small borrowing pool on mainnet as our goal is to move to mainnet later this year.
As of today the grant helped us pay legal fees and had been such a great help on the bootstrapping of the protocol, we are super thanksful for that! Hope you liked the alpha and if you didn’t check it out yet, please go on: https://app.jellyfi.io/
cheers,
Alexis
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Hello everyone,
It’s been a long time. We’re circling back here about where we are on our roadmap after 10 months for a few reasons.
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First, the credit delegation milestone. After having implemented the CD feature and dealing with that on our protocol, we quickly came to the conclusion that this architectural solution was not scalable for two main reasons:
→ 1) Dealing with aTokens (which act kind of credit lines in this case) instead of ERC20 was inducing a lot of complexity as we had to keep track of every delegators in our smart contract.
→ 2) Those extensive mapping coupled with our order book of rate resulted in crazy gas costs in order to interact with those contracts.
We thus decided to go with the more pragmatic approach and stay with ERC20 tokens. That being said, we still use Aave as “Yield provider”, every time funds are placed on our protocol waiting to be matched with a borrower, we place the funds on Aave. We’re now compatible with Aave V2 and Aave V3.
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Secondly, given that our last milestone is mainnet release, we worked towards that main goal before circling back here.
A lot of unexpected events happened along the road (like our rebranding to Atlendis and Atlendis Labs) but now we’re happy to share with you that we will be launching the Atlendis V1 this month. I’m not sharing too many details in advance as we’re still pitching the news under embargo.
I will revert to you shortly after the protocol will be deployed live to finalize our update. Thanks again to the Aave community which has been so helpful in our journey towards shipping our first product! That means a lot to us and we’re looking forward to your feedback on what we built!
In the meantime, if you’re interested in testing our private beta, feel free to join our discord, we’re still opening slots for new testers there!
Best,
Alexis
3 Likes
Hello everyone,
I’m super stocked to announce that we’re now live on Polygon Mainnet! The journey has been intense so far but it’s only the beginning!
We launched the protocol 48 hours ago and we just reached the symbolic milestone of 1M$ of TVL. It’s pretty small for a lot of other DeFi protocols but it means a lot to us and we’re proud of what we built and of the feedback we received so far.
Right now all funds are deposited on Aave as borrowers have been waiting for funds to build-up in their own pool before starting to borrow.
Thanks again for Aave grants DAO to have been one of the earliest believer of Atlendis and helping us achieving this goal!
Alexis
2 Likes
Congrats Alexis, great to see this product come to life after nearly a year of hard work! In this stressed market, uncollateralised loans bring new possibilities
What kind of yields can depositors expect vs collateralised lending?
How do you calibrate credit lines for borrowers?
2 Likes
We launched the protocol 48 hours ago and we just reached the symbolic milestone of 1M$ of TVL. It’s pretty small for a lot of other DeFi protocols but it means a lot to us and we’re proud of what we built and of the feedback we received so far.
Congrats @aAlexisM and team! Glad to see y’all stick through and launch the protocol, and we’re happy that you were one of the first grantees we supported at Aave Grants DAO.
1 Like
Thanks a lot @Alex_BertoG, @HelloShreyas !
@Alex_BertoG right now lenders can expect stable coins (only USDC right now) yields that ranges from 2% to 15% at max. We actually built an order book of rate on the lending side of the pool. Meaning that people actively choose at which rate they are confortable lending to each vetted borrower.
What we see right now on the protocol is that our two borrowers are having an average rate around 4.5% with rates as low as 2% and as high as 15%.
the protocol is available at: https://app.atlendis.io/