Lately I’ve been checking out some Ethereum projects that will help facilitate institutional ownership and trading of cryptocurrencies.
First was dYdX, a protocol for decentralized financial derivatives. And then I looked at Dharma, a protocol for tokenized debt.
Today I’m looking at Lendroid, a protocol for lending and margin trading.
Lendroid is an open protocol on the Ethereum blockchain that handles complete lifecycle of collateralized digital asset loans.
The protocol attempts to bring together lending, leveraged margin trading and short selling onto a single protocol.
Like Dharma, it’s inspired by the 0x protocol and seeks to overcome the limitations of on-chain transactions. Those limitations include inadequate computational power, latency, and impractical gas cost.
Lendroid solves this by creating an off-chain infrastructure supported by incentivized participants.
Specifically, Lendroid uses relayers and wranglers.
The relayer takes up the liquidity function, manages loan offers and order books, and provides an interface for users. The combination of all relayers will create a shared global lending pool.
Wranglers perform the role of monitoring margin accounts and can also bid to take over terminal accounts.
Relayers and wranglers get paid in LST, the Lendroid Support Token, from lenders and margin traders respectively.
Lendroid already did its Token Generation Event. In total there will be 12 billion LST and about 10% are in circulation right now.
To learn more, check out the whitepaper.
The project is led by Vignesh Sundaresan who formerly found Bitaccess, a bitcoin ATM company backed by YCombinator.
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