Lending Protocol Atlendis Launches V2 Upgrade on Polygon, Opens First Lending Pool for Banxa

In a recent announcement, Atlendis, a leading crypto lending protocol, has launched its highly anticipated V2 upgrade on the Polygon network. This upgrade brings significant enhancements to the Atlendis platform and unveils the first-ever lending pool for Banxa, a popular crypto payment service provider.

Atlendis Opens Up New Opportunities For DeFi Users

In a landmark move, Atlendis, the renowned decentralized lending protocol, unveiled its second version (V2) on the Polygon mainnet today. Banxa, a prominent gateway solution for Web3, has distinguished itself as the inaugural borrower to establish a liquidity pool on the newly launched Atlendis V2. The Banxa pool commences with a robust initial capacity of $2 million in Tether (USDT).

Since its introduction a year prior, Atlendis has demonstrated impressive growth and performance. The protocol has registered over $6 million in successfully repaid loans and has drawn more than 11,000 unique lenders to its platform. This advancement onto Polygon’s mainnet signifies yet another milestone in Atlendis’ burgeoning journey in the decentralized finance (DeFi) space.

Atlendis V2 is a significant enhancement over the original RCL product featured in Atlendis V1, offering increased flexibility and utility to the protocol. This upgrade is tailored to meet the distinctive requirements of borrowers while also providing more adaptability for lenders. While maintaining core functionalities such as decentralized rate discovery and NFT positions, Atlendis V2 broadens its scope for various financing applications, thus unlocking fresh avenues to accommodate both lenders and borrowers better.

The upgraded features include:

• A flexible exit option for lenders: This enhancement eliminates the necessity for lenders to wait until the completion of a loan cycle or until their position is repaid to exit the loan cycle.
• Rollover facility for borrowers: Borrowers now have the option to rollover their loans, thereby eliminating the need to repay their loans in full after each cycle.
• Compliance options for liquidity pools: Atlendis V2 offers both permissionless pools and pools gated by Know Your Business (KYB) and Know Your Customer (KYC) protocols.
• Enhanced borrower information: The protocol now provides additional details and performs increased due diligence on each borrower, thereby strengthening the protocol’s overall security and transparency.

Atlendis Pushes DeFi Boundaries With Banxa

Banxa’s credit facility through Atlendis is earmarked exclusively to fund the burgeoning liquidity requirements that come with their increasing daily transaction volumes. The Banxa management team is committed to maintaining a distinct separation between operational costs and liquidity demands.

Alexis Masseron, Co-Founder & CEO of Atlendis Labs, said: “Atlendis continues to improve the Atlendis protocol, simplifying access to DeFi for borrowers and lenders, making funding more accessible for real-world businesses while unlocking new yield opportunities for liquidity providers. We are thrilled to welcome Banxa, a leading publicly traded company in the crypto industry as our first borrower on Atlendis V2.”

Domenic Carosa, Founder & Chairman of Banxa Holdings, commented, “Banxa is strategically focused on long-term sustainability, and as our business continues to expand, we are excited to collaborate with Atlendis to secure additional working capital for liquidity needs. This partnership enables us to consistently deliver exceptional service to our growing customer base during this pivotal phase of our company’s growth.”

Traditional finance (TradFi) solutions often come with high costs and limitations that prevent small-to-medium-sized businesses (SMBs) from accessing loans and other non-dilutive forms of financing. This lack of access can adversely affect their operations, cash flow, and growth potential.

Atlendis is changing this narrative by leveraging the power of decentralized finance (DeFi). The protocol is committed to simplifying financing for real-world businesses that have typically been underserved, thereby setting the stage for new opportunities.

Atlendis opens up fresh liquidity sources by bridging the gap between real-world businesses and DeFi, presenting an innovative departure from the constricting conventional finance sector. It breaks down barriers such as high costs and third-party intermediaries, allowing borrowers to tap into novel financing solutions and use cases.

Furthermore, Atlendis empowers small businesses by enabling them to borrow funds to address their fluctuating liquidity needs. This means they no longer have to deplete their cash reserves or seek investor capital, thus providing a more flexible and sustainable financing solution.