Introducing lendOS: Decentralized Lending and Borrowing Protocol on Neon EVM

Decentralized finance (DeFi) continues to reshape the landscape of traditional finance, offering innovative solutions that are well-based to increase transparency, efficiency and accessibility for users. In this spirit of innovation, we are thrilled to see lendOS deploy a permissionless lending and borrowing protocol on Neon EVM Mainnet.

 

Overview of lendOS

 

lendOS is a decentralized, non-custodial protocol built on the Neon EVM network and offers innovative and flexible options on both sides of the market — for the liquidity suppliers and the liquidity borrowers, supporting a diverse set of collateral assets. Users can participate as depositors, providing liquidity to get automatically generated rewards, or as borrowers, accessing over-collateralized borrowing options across a wide spectrum of Solana-based assets on Neon EVM, learn more.

 

lendOS is led and backed by the team at ZPoken, which has extensive Web3 experience and has contributed to several prominent projects, including Wormhole, NEAR, and Polygon. Building on Neon EVM allows lendOS to access Solana’s network benefits along with its native liquidity via NeonPass while positioning itself within the Neon EVM ecosystem and harnessing the technical advantages of Neon EVM’s parallel processing architecture.

 

Built on Aave V3 codebase, lendOS brings to Neon EVM the advantage of a battle-tested and leading liquidity protocol concept on-chain. By seamlessly accessing Solana's native liquidity via its Neon EVM deployment, lendOS provides Solana users with an EVM-based native lending platform, with a unique offering in comparison to native Solana protocols like Kamino, MarginFi and Solend.

 

Explore the benefits: lendOS on Neon EVM

 

Building on Neon EVM opens a gateway to new opportunities for lendOS users and also augments the DeFi ecosystem of Neon EVM. As per information provided by lendOS, some key highlights that this deployment brings include:

 

lendOS Points Program: User can get lendOS points for different activities such as supplying liquidity, borrowing assets, referrals and other social media driven activities.

 

Liquidity Access: Based on robust Aave V3 codebase, lendOS opens doors for users to a wide array of assets, including Solana-native tokens. This diversifies lending options and allows users to optimize their assets deployment strategies.

 

Enhanced User Experience: lendOS has developed unique features, such as one-click short position and one-click flash loan, enhancing the user experience. These features enable users to easily short an asset by borrowing and selling with a single click. They also offer a codeless way to initiate a flash loan for arbitrage, position migration, and more.

 

Diverse Collateral Assets: LendOS is the first platform to offer diverse tokens as collateral, such as SOL, USDC, and ETH, etc. As per LendOS launch announcements, high-volatility assets like meme coins will be available as collateral options in the upcoming months.

 

Security Features: Integration of flagship oracles like Pyth and Chainlink, timelock on core contracts, and multisig structure for protection against exploits provide industry-grade security capabilities to the lendOS platform. However, users must always follow best practices and do their research before using the platform.

 

How to use lendOS for lending and borrowing assets?

 

First, users need to have assets on Neon EVM, represented by SPL tokens with ERC-20 interface. To achieve that, Solana users may use NeonPass and users from other EVM ecosytems via deBridge.

 

To Supply Assets on lendOS:

 

To start, users can connect their MetaMask wallet, supply assets as collateral, and then open a borrowing position.

 

Users can check assets in the ‘Assets to supply’ section. Currently, users can supply SOL, USDC, wETH, and other tokens. As per lendOS launch announcements, more assets will soon be listed.

 

Source: medium.com/@lendos/how-to-use-lendos-step-by-step-guide

 

Users may click ‘Supply’ to add the desired amount, then confirm and approve the transaction in the wallet, and the supplied assets will then reflect in the dashboard's “Supplies” section. These supplied assets act as collateral, allowing one to borrow. The ‘Assets to Borrow’ section will appear on the dashboard after this.

 

By supplying these assets as collateral, users may borrow up to 76% of their collateral value (loan-to-value ratio) on lendOS for USDC and 68% each for other tokens. For example, a user may borrow a maximum of up to 0.68 of SOL for every 1 SOL worth of collateral. However, users should always do their own research and check the latest updates from lendOS dApp.

 

To Borrow Assets on lendOS:

 

Users may click the ‘Borrow’ button and enter the amount to borrow. Each asset within the LendOS Protocol is set to Isolation Mode, which limits collateral to one asset. However, the number of supplied assets is not limited.

 

 

For repayment, the rewards generation algorithm is calibrated to manage liquidity risk and optimize utilization. The liquidation thresholds for the supported assets are 79% for USDC and 73% each for other tokens.

 

Future Outlook

 

Essentially, this deployment unlocks opportunities for Neon EVM and Solana users and the DeFi ecosystem at large. That said, come see the buzz within the Neon EVM community on Discord and stay tuned for Jio all the EVM alpha on our Twitter.

 

About Neon EVM: Neon EVM is an Ethereum Virtual Machine (EVM) empowering developers to build and deploy dApps seamlessly from EVM chains to Solana, all from their existing codebase. It operates as a program on Solana that accepts transaction requests via public PRC endpoints. It gives developers the power to directly deploy Ethereum dApps with minimal reconfiguration to the code, while benefiting from Solana's technical advantages such as parallel processing. For more information about Neon EVM and future updates, visit NeonEVM.org and connect with the community on Twitter or Discord.

 

About lendOS: lendOS is a capital efficient lending operation system on Neon EVM where users can get automatically generated rewards and borrow crypto-assets.

 

Are you building?

If you plan to build your dApp, read more on Neon EVM architecture on our docs. Contact Vishvendra Dhayal ([email protected]) on our DeFi team for an insightful conversation. Don’t miss a beat: join Neon EVM on Discord and Twitter for the latest updates.