Lenen Protocol x IM community AMA RECAP
🐋TELEGRAM AMA : Im Community & Lenen Protocol 🐋
🎁 Reward Pool 100$ USDT
Bà Tân | : Hello @Janni_Depp
Bà Tân | : chào khách nào mn ơi
Ahrix : WELCOME @Janni_Depp
Janni Depp : Let’s Im Community & Lenen Protocol AMA get started!
After several months of development, the Lenen Protocol testnet was officially launched on the Vision chain on November 30! At present, the number of Lenen testnet interactions is increasing day by day, which has attracted the attention of the market. With the launch of the testnet, Lenen’s IDO on VanSwap has also entered the countdown!
As the first DeFi strategy tool product deployed on the Vision chain, Lenen Protocol can bring a more secure, reliable, high-speed, economical, and private lending experience to all the natives of the Vision metaverse. At the same time, establishing a partnership with VanSwap will enable Lenen to better integrate into the DeFi ecosystem.
At this event, we are also honored to invite Lenen to have an in-depth discussion on lending and DeFi.
Bà Tân | : First, Please make a brief introduction about yourself and your project! @Janni_Depp
Janni Depp : OK, thanks.
Hello everyone, I’m Jannidepp, user growth manager of Lenen. Lenen is the first decentralized, transparent and non-custodial liquid asset lending agreement under the Vision Chain ecology of Metaverse’s high-performance blockchain.
As a mainstream asset lending service provider built on Vision, Lenen integrates liquidity mining, pledge, lending, governance, and other functions, focusing on the incremental market of the DeFi ecosystem on the Vision chain, and uses USDT as the basic asset.
Users can participate as lenders or borrowers in segregated lending pools. Lenen team members are mainly from Canada, the United States, and other places, basically covering all time zones. The teams have their own strengths and have professional capabilities in various fields from technology development to blockchain finance. At the same time, we also have a common goal: to continuously achieve technological breakthroughs for Lenen.
DONE
Bà Tân | : Thanks for the introduction❤️❤️
Bà Tân | : Q1: We just announced a partnership with Vision Chain, and why did Lenen choose the Vision Chain? @Janni_Depp
Janni Depp : Yeah, I heard that Vision and VanSwap is one of your partners. When choosing the blockchain to deploy, Lenen mainly made the following considerations.
1) The Network that has community users who have a strong consensus;
2) A network with a large number of users and complete ecological facilities;
3) Networks with advanced technology and secondary research and development costs within a reasonable range;
4) A network willing to provide financial support for the deployment and development of Lenen.
Lenen is the first DeFi strategy tool product on the Vision Chain, benefits from Vision Chain’s bottom layer support, such as on-chain with only 0.1 seconds; block delivery in 0.3 seconds; Wallet RPC can be switched easily; safe and free photon and entropy deducted the consumption of handling fee cost consumption, etc.
At the same time, Vision, as a popular metaverse public chain, is willing to establish a strategic partnership when Lenen is just starting, and Lenen would like to express our sincere gratitude to Vision.
DONE
Bà Tân | : Our second question is…
Bà Tân | : Q2：Now we all know that Lenen is a lending protocol. In 2022, the overall lock-up volume of DeFi will exceed 100 billion US dollars, of which DEX and lending products account for the highest lock-up volume. Among the top ten DeFi projects, DEX accounted for 37% of TVL, and lending products accounted for 33%.
At present, crypto lending has become one of the most promising applications in DeFi, attracting the influx of dozens of platforms, tools, applications, and participants, I do believe Lenen has great potential.
But for some of our users who are not familiar with DeFi products, may not understand the role of the Lenen protocol. For example, how do we make low-risk deposits on Lenen and other application scenarios? Can you explain it to us in detail? @Janni_Depp
Janni Depp : In the DeFi world, the decentralized lending system is an extremely important track and the cornerstone system in the entire DeFi system. Lenen can simulate the financial system in the real world, understand the financial needs of different users, and provide mutual financial intermediation between users, providing liquidity release for users holding mainstream asset tokens.
It can also support lending between all encrypted assets that meet the homogeneous token standard without marginal cost, realize the automatic operation of multi-layer, multi-level, complex, and nested financial transactions, and further improve the asset utilization rate of DeFi users.
And Lenen is the only lending project in the Vision ecosystem. Its goal is to become the most popular lending market on the Vision chain, and it will be able to introduce high-quality assets into the Vision ecosystem. Specifically, the role of the Lenen protocol can be subdivided into the following points:
Scenario 1: Deposit coins to earn interest
DeFi lending contracts require a certain amount of liquidity in the on-chain capital pool, and the main source of its liquidity is to provide financial management tools to absorb depositor assets. First of all, on Lenen, users can deposit USDT to earn stable currency interest income. Second, the interest of DeFi financial management is usually higher than that of traditional banks. Users can also pledge $LEN to enter the POOL or FARM to obtain interest income. What is more worth looking forward to is the first mine pledge after $LEN goes online.
Senario 2 is arbitrage
1. For Long Term
Users are bullish on mainstream assets such as BTC, ETH, VS, etc., and use stablecoins to buy them, then mortgage the purchased assets to Lenen in exchange for stablecoins, and then use stablecoins to buy more mainstream assets to achieve repeated leverage.
In a rising market, circular leverage can bring multiple profits. Unlike contracts and exchange leverage, what you have on the chain is not data, but real digital assets and the overall leverage is low, effectively avoiding the risk of liquidation caused by large fluctuations. Of course, as long as it is leveraged, there will be a risk of liquidation, leading to increased losses.
2. For Short Term
In a falling market, you can exchange mainstream assets such as BTC, ETH, and VS by mortgaging stablecoins to carry out bearish and sell assets. After the subsequent currency price falls, purchase the same amount of assets and return them to the lending platform to exchange for your own stable currency to complete the income.
3. Risk-free arbitrage
Lenen lending enriches the application scenarios of user assets. If a user obtains the corresponding APR by depositing and withdrawing assets in Lenen, and wants to obtain higher liquidity mining income on VanSwap, he can mortgage the expected APR income to the VanSwap mining pool in advance to obtain compound interest. And the last but not the least
Scenario 3:
Borrowing is a broad application scenario. If users have a need to cash out fiat currency and do not want to sell their own assets, they can use loans at this time to mortgage the expected demand for stablecoins in exchange for fiat currency. In this way, while meeting their own needs, they can pay part of the handling fee, retain assets, and repay the loan at the proper time.
Done
Bà Tân | : Nice, thanks for such a detailed answer, lets move on!
Bà Tân | : Q3: The vision and mission of almost every DeFi project is similar to the DAO concept — a decentralized autonomous organization belonging to its community, so what kind of sparks can DAO and lending light? @Janni_Depp
Janni Depp : The governance module in DeFi projects that follows the DAO concept is a smart contract-based system that implements a voting mechanism for the organization’s decision-making process and automates the execution of applying changes to the protocol. A common design of the governance process is “proposals for improvement”.
First, ideas are discussed among the community before concrete changes aimed at improving the protocol are formed. The final version of the idea is then presented as an improvement proposal for community vote. Users’ voting rights are often determined by their ownership of the project’s governance tokens. After some time, if the proposal successfully passes the voting period, its “body”, the transaction executed on the blockchain, is executed by the smart contract system.
Lenen is a decentralized lending protocol. The lender hopes to obtain higher interest, while the borrower hopes to pay lower interest, which requires the market mechanism to achieve the optimal solution. This is the core purpose of DAO governance.
Under the leadership of DAO, Lenen will achieve complete decentralization and a high degree of community consensus. Under this framework, the development team is responsible for maintaining the safe, reliable, and continuous operation of the system, and continuously innovating and iterating products.
The Core is: The proposal initiated by Lenen, the decision will be implemented according to the voting result.
The community is proposed and facilitated for the future development of Lenen. The Lenen team will closely monitor each community and consider and support most of the proposals to be upgraded to “core” proposals. If the community vote is successful, it may not be implemented, but suggestions with community support may be incorporated into the core proposal.
In a word, DAO gives all $LEN holders the right to participate in Lenen’s ecological construction in a fair and just manner. We hope that more people will participate in Lenen’s ecological construction, and Lenen DAO is the best way.
Bà Tân | : Great, sounds promising, thanks!
Bà Tân | : Please give our community some info on the next point
Bà Tân | : Q4: DAO is the core of Lenen governance, and $LEN is used as a medium to participate in Lenen DAO. Can you introduce the economic model of $LEN to us? @Janni_Depp
Janni Depp :
We can see the token distribution in this chart very clearly
I wanna say more about $LEN’s use cases
$LEN is Lenen’s original governance token, which not only represents the holder’s rights but also has its practical application value, which can be applied in the following scenarios:
① Governance: Lenen is a decentralized project led by the community. $LEN can be used for Lenen’s community governance. Token holders can pledge $LEN to obtain voting rights and make decisions on major events in the community. For example, in the later period, V1Len will vote on whether to divide USDT into a security pool and a risk lending pool, vote to decide whether to adjust the interest rate, whether to build a separate pool for the mortgage lending pool, etc., and make other changes to the agreement that can be passed through proposals and voting.
②Interest-free loan: In order to expand the use of DeFi users, Lenen will lend USDT according to certain conditions in the early stage, and the interest will be discounted by $LEN, which is equivalent to a zero-interest loan. Interest-free loans are only for a certain period of time without bearing interest, beyond this period, the borrower will bear a certain amount of interest.
③Incentives: $LEN POOL sets a lock-up period, and users can earn income by staking $LEN. Mortgage the same value of $LEN into the POOL pool, the longer the mortgage time, the higher the voting weight and $LEN income. Secondly, users can contribute 2 Tokens as a pair, with a value balance of 50%-50%, such as $LEN-USDT, and $LEN-VS to add liquidity and get $LEN as a liquidity incentive.
④Project empowerment: Use $LEN for marketing and operation activities to attract and consolidate user relationships, and use $LEN as an economic reward for users’ brand-building contributions; use $LEN as a bug bounty reward to promote the disclosure and repair of Lenen vulnerabilities.
DONE
Bà Tân | : Q5: IDO issuance is an indispensable part of promoting the sustainable development of the project. How to participate in Lenen’s IDO? @Janni_Depp
Janni Depp : Lenen has established a partnership with VanSwap. On December 20th, Lenen officially opened IDO in VanSwap, enabling Lenen to better integrate into Vision’s DeFi ecosystem and bring ecological value to Lenen. It is foreseeable that IDO in VanSwap will further promote Lenen’s ecological construction.
This is the platform token of the first lending agreement on the Vision chain, and it is also the second IDO project of Vanswap, the first decentralized trading platform on the Vision chain. We all know that VanSwap’s first IDO project is Vanswap’s own platform token VAN, with a profit of up to 260%. Lenen’s IDO rate of return is also worth looking forward to.
Our IDO will be divided into two parts, White List Round and Over-raise Round. The upper limit of the total fundraising is 740740VS, which is 20 billion LEN, the upper limit of the white list round is 150000VS, and the upper limit of the over-raise round is 590740VS.
For example, if I subscribed for 100VS, and the final oversubscription ratio is 200%, then I can only get 50VS, and the remaining 50VS will be returned to my account.
This is for unlimited pool
The IDO(unlimited pool) will officially end at 3PM (UTC+7), just in about 1 hour
and the unraised LEN will be completely destroyed. 20% of IDO’s LEN will be released for the first time, and the remaining part will be released linearly in the following 8 months, that is, 10% will be released on the 12th of each month.
The VS raised by IDO is planned to be used in the future development and governance of Lenen. Most of the raised VS will initiate the creation of a fund pool on VanSwap, using assets of equal value to create each liquidity trading pair.
DONE
Bà Tân | : Q6: So can you tell us what’s the Roadmap after IDO? @Janni_Depp
Janni Depp : The Lenen lending roadmap has four phases. The first phase includes UI version 1.0, social media account registration and operation, launch testnet, multilingual communities, IDO and lending functions, etc. We are currently proceeding in the first phase in an orderly manner.
In the second stage, we will add more staking tokens, launch LP farms, UI/UX version 2.0, improve user experience, and carry out more market activities and ecological cooperation.
In the third stage, we will open a cross-chain and increase the scene application of LEN to empower LEN. In addition to liquidity mining, for example, users who hold LEN can enjoy discounts on loan interest, DAO governance, and other rights and interests.
In the fourth stage, we will start more ecological cooperation, such as minting NFT, bringing in GameFi, multi-chain deployment, etc.
DONE
Bà Tân | : Great answers!
Bà Tân | : Thank you for your efforts and time ���
Bà Tân | : Don’t forget to join the group https://t.me/Lenen . 5 lucky people will receive rewards from Lenen Protocol
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2.
Bà Tân | : Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1607978551537729539) (will choose 5 question)
Bà Tân | : Question1. @public_winner (https://twitter.com/public_winner)
Do you have plans to expand to other networks like ETH, Polygon, solana, Polkadot, etc? The integration of a bridge in different chains is very useful for investors and their assets in terms of cost reduction and its easy to use to get more users?
Janni Depp : Of course, Besides Vision Chain, Lenen will consider deploying on public chain networks such as Ethereum, BSC, HECO, Polygon, Moonriver, Harmony, Optimism, and Arbitrum, as well as some subsequent popular chains, such as EVMOS, ZKsync, etc. in the future.
DONE
Bà Tân | : Question2. @Half_Girlfirend (https://twitter.com/Half_Girlfirend)
Could you please tell us, what tools does offer that will allow it to be competitive in the market and attract the attention of users for a long time, besides this, could you also tell us if they offer any kind of rewards within this platform?
Janni Depp : As I mentioned before, there are 3 scenarios -
Deposite
Arbitrage
Borrowing
You can see s variety of functions
And we have 3% distribution for airdrop or incentivize early adopters to use our product
Now, we have testnet. If you don’t know it, you can check the tutorial: https://medium.com/@LenenProtocol/testnet-tutorial-of-lenen-a-decentralized-lending-protocol-on-the-vision-chain-795af01fa9b8?source=social.tw
And quiz to earn campaign: https://twitter.com/LenenProtocol/status/1606231977492811776
For a period of time after the mainnet launched, we will support interest-free loans
DONE
Bà Tân | : Congratulations to the winners of session 2.
@public_winner (https://twitter.com/public_winner)
@Half_Girlfirend (https://twitter.com/Half_Girlfirend)
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @Janni_Depp ���
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking.
Bà Tân | : Don’t forget to join the group https://t.me/Lenen . 5 lucky people will receive rewards from Lenen Protocol
Bà Tân | : Q1. https://t.me/TranTrinh07
Question: What Is The Meaning Of The Name Of The Project? @Janni_Depp
Janni Depp : Nice question ��� Lenen means lending in Dutch
This may not be expected by many users
DONE
Bà Tân | : Q2. @youngboizindahood (https://t.me/youngboizindahood)
Hi Jannidepp, I came across your project and website. If you lend money to someone else but it’s time to get the money, but the borrower can’t pay it. What should I do, can you explain?
Janni Depp : Don’t worry. It’s not p2p. There is no upper limit on the loan term on Lenen. It is only necessary to ensure that the mortgage position will not reach the liquidation point. Users can choose to repay part or all of the loan. At the same time, interest must be added when repaying the loan. In addition, all loans are guaranteed by mortgage assets. In addition to market fluctuations that may trigger liquidation, if the loan is not repaid, the accumulation of interest will cause the borrower’s debt to reach the limit and trigger liquidation.
Bà Tân | : Q3. Mina https://t.me/minaloveyou
Question: Can you elaborate on how interest is calculated? What can I mortgage to borrow? I see that the Lenen project is about to IDO on the Vanswap platform. After the IDO ends, do you have any plans to list on the exchange? Can you share more?
Janni Depp :
When you borrow USDT, it will show borrow APR
1. After the user lends a certain currency, the interest will be calculated according to the real-time lending annualized rate (APR) of the currency (when the usage rate changes, the loaned annualized rate will change) and at the end When repaying the currency, it will be returned together.
2. Interest is calculated based on the currency that is lent out.
3. During the outstanding period, the interest generated will lower the liquidation point. That is, the value of the mortgage position is lower than the liquidation point, which will trigger liquidation.
We have detailed rules in Q&A too. I strongly recommend every user to read it carefully:
https://lenen-protocol.gitbook.io/lenen-protocol/others/faq/deposites
DONE
BTW, after you learning our Gitbook, don’t forget to answer the 10 questions on Crew3 https://lenenprotocol.crew3.xyz/questboard
50 Top scores will be selected to get rewards
Bà Tân | : Congratulations to the winners of session 3.
@TranTrinh07
@youngboizindahood
@minaloveyou
Bà Tân | : Thanks for the useful information from @Janni_Depp
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @Lenen for answers.
Bà Tân | : Don’t forget to join the group https://t.me/Lenen . 5 lucky people will receive rewards from Lenen Protocol
Bà Tân | : IM Community, if you would like to know more about Lenen Protocol ! here are some useful links for you:
Official Website: https://lenen.network/home
Twitter: https://twitter.com/LenenProtocol
Telegram: https://t.me/Lenen
Youtube: https://www.youtube.com/channel/UCyMHwLEX2siFdKtmTZF7TaQ/featured
Medium: https://medium.com/@LenenProtocol
Discord: https://discord.com/invite/trq3s2JZKj.
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @Lenen for answers.
Bà Tân | : Allright, I declare the Im Community AMA with Lenen Protocol has ended.
Thanks to @Janni_Depp | Lenen Protocol joined us and provided us with Lenen Protocol information, we hope that this knowledge makes us understand more about https://lenen.network/home
To the members, thank you for following this event to the end. winners will be announced soon.
