Introducing SynLend: A User-Friendly Algorithmic Money Market
Many decentralized money markets can be complex and unintuitive, even the centralized ones. That’s why Syntrum developed SynLend with a focus on the user experience. Our goal was to create an option that’s easy to use, with a simple onboarding process.
Unlike other algorithmic money markets, SynLend offers more. Here are some of the features offered:
SynLend’s Lending feature allows users to lend their digital assets to the protocol and earn interest on them. Lending is simple; users can go to the Lend tab, log in to their wallet, and click on deposit to start earning interest. There are no lockups on lent assets, so users can withdraw deposits and interest at any time. Alternatively, they can choose to compound the interest.
To make lending more rewarding, SynLend includes a bonus yield mechanism. Lenders receive additional rewards paid to them in SYT tokens. The mechanism rewards lenders who have been lending for a period that exceeds the minimum threshold in the protocol.
SynLend allows users to access over-collateralized loans or credits. This feature is intuitive and easy to use. If a user wants to access over-collateralized loans, they need to deposit assets to use as collateral, and they will immediately have access to credit.
SynLend is built such that only crypto assets that function as digital fiats (i.e., stable coins) can be lent to the protocol and borrowed out. Non-fiat assets can be used as collateral to access over-collateralized loans.
What Makes Syntrum Better
One major addition that makes SynLend better than competitors is the universal notifier. This feature notifies borrowers on Telegram or via email on every loan status change. With this, borrowers can make decisive actions and are not liquidated unaware.
In addition to the above, SynLend includes the following additions and improvements:
- Specific assets used as collateral allow borrowers to access interest-free loans.
- Lent assets generate both interest and a yield bonus. With this, lenders are more incentivized than competitors.
- Users can use multiple assets as collateral at the same time.
- Users can take loans out in portions against deposited collaterals. Each loan access is secured by portions of the deposited collateral.
- Borrowers can top up collateral to improve loan health and prevent liquidation.
Syntrum’s innovations are driven by the needs acknowledged in the space and the technology trends that are being adopted. With SynLend, here are some future functionalities and improvements that are being explored and developed:
Support of NFTs as Collateral:
Whitelisted NFTs can be used as collateral, and a whitelisting protocol is being developed to make integrating third-party NFTs easy.
In the near future, businesses like centralized exchanges will be able to borrow assets on a business scale.
For specific assets used as collateral, borrowers will be able to enjoy self-repaying loans. In this type of loan, borrowers will not be required to repay the loan, as the loan repays itself over time.
It’s clear that SynLend from Syntrum is being developed to be the future of algorithmic money markets. Stay informed with all of our ongoing news and developments by joining our community on the following social media pages:
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