EverLend.app, a lending protocol powered by Everscale, successfully launched its own utility token on 18th March 2022. The platform is facilitating lending through funding pools, and interest rates are based on the supply and demand algorithm of Everscale’s assets.
EverLend.app allows users to act as borrowers, providers, or both and interact with each other to earn a flexible interest. At the bottom line of the entire process is the secured lending platform that attracts interest on the used funds. The SVOI.dev team took more than six months to develop the platform.
From the conceptual level, EverLend was designed like the Compound protocol to simplify the process of lending to end users. Again, the development and advisory teams had adapted the fine details of the platform to the Everscale blockchain.
The formal verification procedure for the project is ongoing as Everscale Contest. While contrasts for the lending platform are already available before verification on their network, there are limits already set. However, the amounts will be raised with time.
The project creators also launched LEND, a utility token via launch pool on EverStart. The token will provide participants the ability to get involved in the platform’s governance and incentivize providers. Again, regulatory and development decisions will be based on the platform’s community.
EverLend.app will operate as a full-fledged DAO, where owners of the native token will put up their proposals for voting by the community. Therefore, all participants will be able to impact projects development on the platform to some extent. So, what is unprofitable will easily be voted out.
LEND Token Launch Closed on 31st March
The LEND token’s initial launch ended on 31st March. It surpassed the preset hard cap of 2,500,000 EVER, with the total amount deposited reaching 3,060,285.84 EVER.
The LEND token was launched in line with the EverStart model, where users who did not directly get their tokens but deposited their EVER in a pool. Now that the launch is over, the tokens will be distributed to buyers.
For initial token launch clients, EverLend creators developed a non-fungible token (NFT) gift. Here is what they will get:
- Platinum: The first 10 participants
- Gold: 11-60 participants.
- Silver: 61-155 (all the rest)
EverLend.app is the only lending protocol on the Everscale network now. The developers target to make it the most used project.