Lenders to the inaugural OP borrower pools will be rewarded with additional OP tokens.
SINGAPORE, October 25, 2023 – Clearpool, the leading DeFi credit marketplace, has announced its expansion and successful launch on the OP Mainnet. This low cost and lightning-fast Ethereum L2 blockchain, powered by Optimism, provides the ideal foundation for Clearpool to expand its innovative uncollateralized lending and borrowing protocol, the first of its kind to join Optimism’s thriving ecosystem.
Inaugural Borrower Pools
Clearpool’s Optimism Market is already gaining momentum with the launch of the first permissionless borrower pools by Fasanara Digital and Portofino Technologies. The permissionless pools on Clearpool enable users to lend directly to whitelisted institutions, earn dynamic risk-adjusted returns that auto-compound on every block, all while enjoying the freedom of no lock-up periods. All users need is a supported wallet interface (such as MetaMask) in order to connect and start lending.
The pools are further enriched by Idle’s Yield Tranches (YTs), successfully expanded to the OP Mainnet and designed for advanced risk diversification. YTs represent a powerful solution to effectively mitigating the risk factors inherent to the DeFi credit securitization market. These innovative primitives allow segmenting risks and yields, catering to a diverse range of users by offering two risk-return profiles: Senior holders benefit from a full-spectrum coverage, provided by the Junior class’ liquidity; Junior holders benefit from boosted returns, as they receive a higher share of yield in exchange for the protection offered.
Boosted Yields: Clearpool & Idle Secure OP Grants From the Optimism Foundation
In recognition of Clearpool and Idle’s dedication to innovation and pioneering development of uncollateralized lending products in the DeFi market, both protocols have been granted 150,000 OP tokens each from the Optimism Foundation.
These grants represent the highest tier of rewards possible in Optimism’s latest cycle, and demonstrate the value that both protocols bring to Optimism by transforming the lending landscape.
The 300,000 OP tokens (approximately $400,000 at the time of writing) will be entirely designated by Clearpool and Idle to bootstrap the Optimism Market pools.
The OP rewards enhance the sector’s most attractive risk-adjusted returns for lending stablecoins. Users that lend on Clearpool will receive additional OP rewards sent to the address they provide liquidity from, in addition to the interest paid by borrowers.
By depositing on Clearpool through Idle YTs, lenders will be able to gain risk adjusted exposure to Fasanara Digital and Portofino Technologies’s borrowing pools, all while accessing the combined OP tokens distributed by both Clearpool and Idle.
Building DeFi’s Leading Multichain Credit Marketplace
“The launch on Optimism represents another key milestone for the Clearpool protocol, as we continue to deliver our vision of building a cost-effective and scalable multi-chain protocol for all types of DeFi users. We’re also delighted to continue our collaboration with Idle and jointly reward the Clearpool ecosystem with the OP tokens granted by the Optimism Foundation.” – Jakob Kronbichler, Co-founder of Clearpool.
“We believe that in the coming years, the global debt activity will move on-chain, enabling programmable and auditable transactions, and paving the way for a new era of innovation in DeFi. Today’s launch stands as a significant milestone for Idle and Clearpool’s dedicated mission to advance the DeFi credit market, setting new standards in risk diversification and capital efficiency. Now, users have the power to customize their DeFi strategies to match their risk tolerance, enabling them to construct a yield portfolio that aligns with their financial goals and aspirations” – Matteo Pandolfi, Founder at Idle.
Clearpool is the leading decentralized finance credit marketplace. A permissionless protocol enables institutions to raise unsecured liquidity directly from DeFi markets, while a separate fully permissioned platform further meets the compliance needs for
wholesale borrowing and lending of digital assets by institutional market participants. Liquidity providers on Clearpool earn attractive yields, with pool interest rates enhanced by additional rewards paid in CPOOL — the protocol’s utility and governance token. Clearpool LP tokens, called cpTokens, are the building blocks for a system of tokenized credit and on-chain risk management.
Launched in March 2022, Clearpool has originated over US$430 million in loans with a growing user base spanning both crypto and TradFi institutions such as Wintermute, Jane Street, Fasanara Digital, CoinShares, and others. The protocol launched on the Ethereum mainnet in March 2022, followed by the expansion to Polygon PoS in July 2022 and to Polygon zkEVM in July 2023.
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Idle DAO is a decentralized organization that builds yield automation infrastructure for DeFi. From brand new protocols to established institutions, DAOs, and
individuals, a wide range of DeFi users leverage the Idle protocol to optimize capital efficiency, manage treasuries, and allocate digital assets effectively.
Everyone deserves the best for their idle funds in terms of returns and risks. Over the past four years, Idle has rolled out the features and services to define and shape the yield aggregation and risk tranching space.
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