{"id":138723,"date":"2020-07-08T21:27:42","date_gmt":"2020-07-08T20:27:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=138723"},"modified":"2021-02-04T20:06:04","modified_gmt":"2021-02-04T20:06:04","slug":"undercollaterized-loans-come-to-defi-project-aave-lend","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/undercollaterized-loans-come-to-defi-project-aave-lend\/","title":{"rendered":"Undercollaterized loans come to DeFi project Aave (LEND)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Just when you thought DeFi couldn\u2019t get crazier, there\u2019s now a method to burrow loans on zero capital.<\/span><\/p>\n<h2>Borrow crypto with no capital<\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/coins\/aave\/\">Aave\u2019s<\/a> new Credit Delegation (CD) tool allows depositors to delegate their credit lines to others, project founder Stani Kulechov said on a tweet Tuesday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The process allows delegated participants to borrow loans without their own capital, based on a predetermined contract confirmed on the blockchain.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/AaveAave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> is starting native Credit Delegation (CD). Aave depositors can delegate their credit lines. For example, Karen deposits an asset such as USDT to <a href=\"https:\/\/twitter.com\/AaveAave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> and delegates her credit line to Chad, who draws funds such as ETH from Aave Protocol. <a href=\"https:\/\/t.co\/MwU1faThIi\">pic.twitter.com\/MwU1faThIi<\/a><\/p>\n<p>&mdash; stani.eth Credit Delegation is so hot right now ? (@StaniKulechov) <a href=\"https:\/\/twitter.com\/StaniKulechov\/status\/1280500969986498561?ref_src=twsrc%5Etfw\">July 7, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Take A and B for example. They conclude an agreement between each other on the terms of the loan such as repayment, interest rate, and covenants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Kulechov revealed, <a href=\"https:\/\/www.openlaw.io\/\">OpenLaw<\/a>\u2014a <a href=\"https:\/\/cryptoslate.com\/companies\/consensys\/\">ConsenSys<\/a>-owned blockchain-based protocol for the creation and execution of legal forms\u2014would be used to sign that agreement, securing the enforceability of the loan. This is similar to how DocuSign works electronically to confirm agreements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the agreement is in place, A can create a CD Vault smart contract, allowing for the setting of a credit line and payable currency as predetermined on the terms. B can then draw the credit via a borrow() function and repay, via repay().<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The process allows A to earn higher undercollateralized lending rates while delegating credit on their deposits. B, a trusted party, can source this liquidity from Aave without collateral.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Credit Delegation allows <a href=\"https:\/\/twitter.com\/AaveAave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> to scale DeFi TVL into financial debt markets world wide, making DeFi the liquidity backbone for finance. The overall DeFi narrative expands from deposit capital to DeFi to source capital from DeFi.<\/p>\n<p>&mdash; stani.eth Credit Delegation is so hot right now ? (@StaniKulechov) <a href=\"https:\/\/twitter.com\/StaniKulechov\/status\/1280500978266132493?ref_src=twsrc%5Etfw\">July 7, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The implications for such a project are unfounded. There\u2019s never been a tech-based capital delegation system prior to Aave\u2019s CD launch\u2014at least when millions or billions could be handled in this manner.<\/span><\/p>\n<h2>Crypto funds, NGOs to benefit<\/h2>\n<p><span style=\"font-weight: 400;\">On the enterprise level, Kulechov noted a DeFi-focussed crypto fund could play the part of a credit delegator. Borrowers could be firms like cryptocurrency exchanges, market makers, NGOs, and governments, who are constantly sourcing liquidity for their operations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speaking on how the concept could be a \u201csuccess,\u201d Kulechov said:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b><\/b><\/p>\n<blockquote><p><b>\u201cWhen we reach the point where the Aave liquidity is sourced all the way to the traditional consumers or businesses via money lenders providing diverse globally available liquidity source.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">More documentation on credit delegation will be released. But for now, the project remains limited to trusted enterprises.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, Aave is an open-source and non-custodial protocol enabling the creation of money markets. Users can earn interest on deposits and borrow assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, <a href=\"https:\/\/cryptoslate.com\/companies\/intotheblock\/\">IntoTheBlock<\/a> data shows LEND tokens are flashing a \u201cbullish\u201d signal for traders. Over 66 percent of all token holders are in profit, while 84 percent of LEND is held by \u201clarge\u201d holders.<\/span><\/p>\n<figure id=\"attachment_138725\" aria-describedby=\"caption-attachment-138725\" style=\"width: 1533px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-138725\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/lend.png\" alt=\"\" width=\"1533\" height=\"595\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/lend.png 1533w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/lend-300x116.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/lend-1024x397.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/lend-768x298.png 768w\" sizes=\"(max-width: 1533px) 100vw, 1533px\" \/><figcaption id=\"caption-attachment-138725\" class=\"wp-caption-text\">(<em>Source<\/em>: <a href=\"https:\/\/cryptoslate.com\/coins\/aave\/\">IntotheBlock<\/a>)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As per CryptoSlate\u2019s <a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\">DeFi token tracker<\/a>, LEND has a market cap of approximately $250 million and trades at $0.20 at press time. It has returned 47 percent to investors in the past week, and is the top gain in the sub-sector.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just when you thought DeFi couldn\u2019t get crazier, there\u2019s now a method to burrow loans on zero capital. Borrow crypto with no capital Aave\u2019s new Credit Delegation (CD) tool allows depositors to delegate their credit lines to others, project founder Stani Kulechov said on a tweet Tuesday. The process allows delegated participants to borrow loans [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":138754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,60035],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Undercollaterized loans come to DeFi project Aave (LEND)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/undercollaterized-loans-come-to-defi-project-aave-lend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Undercollaterized loans come to DeFi project Aave (LEND)\" \/>\n<meta property=\"og:description\" content=\"Just when you thought DeFi couldn\u2019t get crazier, there\u2019s now a method to burrow loans on zero capital. 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