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Sasha Ivanov expressed: Current lending APY on Vires Finance – USDT 50% USDN 20% USDC 40% Waves needs your liquidity!
Vires. Finance expressed: Ledger devices are now supported at Vires. Finance. Connect your hardware wallet, provide liquidity and earn interest in the most secure way possible. Current stablecoin APYs: USDN: 15%, USDC: 32%, USDT: 33%.
The transfers are seamless. Those who supply USDT, USDC, and USDN can earn interesting interests.
Supply and borrow operations are provided for waves BTC and ETH also.
Vires Finance is a peer-to-contract money market protocol that has been built on Waves Blockchain. It implements pool-based strategy, where there is no need to negotiate and match loans as in a P2P Strategy. The Protocol determines the conditions of lending and borrowing algorithmically, thus discovering rates ”price of money” through the equilibrium between supply and demand.
Vires Finance is built on the Waves Blockchain. The protocol has an algorithm which executes the process of borrowing assets by supplying other assets as a collateral. It is a lot similar to Compound and Aave.
The protocol represents the assets supplied by the market as “Liquidity Provider” tokens. These tokens are known as vTokens. The vTokens are staked automatically when they are deposited. When the money market accrues interest based on borrowing demand, the vToken becomes convertible in to an increasing amount of the underlying asset. This means it will be earning interest.
The staked vTokens can also be used as a collateral to borrow from the Protocol. Users are permitted to borrow up to, but not exceeding their borrowing capacity.
When the borrowing capacity of the borrower becomes less than the outstanding amount borrowed, then a portion of the outstanding can be repaid in exchange for the “staked vToken” at the current market place minus liquidation discount.
The profit from the interest rate of borrowing is shared among vToken owners and stakers. The interest rate model has been configured in such a way that when there is an increased demand for liquidity and extreme demand for an asset the suppliers are incentivized. When there is a high demand, the interest rates might rise. The unused part of the deposits can be staked within the host protocols within Waves.
Also, users are incentivized to participate in the protocol by receiving governance tokens. The mechanisms that make the protocol are implemented using the smart contract for Vires Finance which has been deployed over the Waves Protocol.
