EverLend, the First Lending Protocol on the Everscale Network, Launches Operations with the Successful Launch of the LEND Token

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EverLend.app is a secure lending protocol powered by Everscale. The platform was successfully launched on March 18, 2022 with its own utility token. The platform facilitates DeFi lending by hosting funding pools with interest rates based on Everscale’s asset supply and demand algorithm.

EverLend.app is a protocol where users can take on the role of provider, borrower, or both, and interact with each other within the protocol to earn or pay flexible interest rates. At its core, it is a secure lending platform that charges interest on the use of funds. The platform has been in development for more than 6 months by the SVOI.dev team.

Conceptually, EverLend was modeled after the market leader Compound protocol. One of the goals of creating the project was to provide end users with a simple and clear lending platform that would be comfortable to use. At the same time, the development team, together with the consulting team, revised some parameters of the original model (for example, system security protocols) and finalized them for improvement. In addition, the implementation has been fully adapted to the specificities of the Everscale Blockchain.

The project was launched on March 18, 2022 at 11 a.m. KST (GMT+9).

It is important to note that a formal verification process for the project is currently underway in the form of an Everscale competition. While the contracts for the lending platform have already been launched before the formal verification on the network, limits for these contracts have been set on amounts that will gradually increase.

Along with the official launch of the platform, the creators of the project also launched a utility token, TO LENDfor the platform via a launch Bowl on EverStart. TO LEND will offer users the opportunity to participate in the governance of the platform, as well as incentivize liquidity providers and lenders.

All regulatory matters, as well as general development decisions, will be determined by the community. EverLend.app will be a full-fledged DAO, in which the owners of TO LEND tokens (in effect, project owners) will be able to submit their platform proposals for community voting, as well as participate in voting on issues proposed by others, including the establishment of certain indicators.

All participants will be able to influence the development of the project to one degree or another. What is not profitable for the platform will not be profitable for the community as a whole, including an exit of users due to the use of non-market indicators. A similar mechanism has already been implemented on other Everscale-based platforms, including the Octus Bridge platform.

The launch of the token for the LEND token ended successfully on March 31, 2022.

The cap of 2,500,000 EVER has been exceeded, with the total amount of EVER deposited amounting to 3,060,285.84 EVER.

The LEND token was launched in accordance with the EverStart format, so by depositing into the token pool, users did not directly acquire a certain number of tokens, but put their EVER into the general pool. The maximum possible value of the LEND token is 5 ALWAYS when the cap is reached. Now that the token launch has been completed, all tokens will be distributed among users in proportion to their shares in the pool and any funds raised above the hard cap will be returned to users also in proportion to the amounts they have deposited.

The token launch was the first to take place on Everstart.ioEverscale’s brand new token launch platform.

A separate page on the site has been dedicated to EverLend and contains all the essential information on the token distribution stages, blocks, acquisition, and initial opportunities for token holders.

For the first participants of the token launch, the creators of EverLend have developed commemorative NFTs that will be gifted to each participant.

NFTs were created in 3 categories:

Platinum – will be distributed to the first 10 participants

Gold – 11-60 attendees

Money – 61-155 (everything else).

EverLend.app is currently the only lending protocol in the Everscale network. According to the creators of the project, the protocol aims to become one of the essential and most used projects in the ecosystem.

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