On April 25, Etna Network launched its long-awaited lending and borrowing application known as DeBank. The application is currently deployed on both BNB Smart Chain and Polygon. The team plans to integrate it with other blockchains soon.
For those curious to know what Etna Network is all about, here is a brief Introduction:
Simply put, Etna Network is a blockchain company focused on developing interconnected products for decentralized finance (DeFi), gaming and nonfungible token (NFT) applications. Its main goal is to create a one-stop ecosystem where everyday users, even the inexperienced, can access these blockchain and Web3 applications.
Some of its products include:
Its DeFi suite provides users and other projects with access to DeFi applications, including lending and borrowing, staking, liquidity farming and a blockchain bridge for tokens, both tangible and non-tangible.
Its gaming hub is packed with fun play-to-earn games and toolkits to help game developers integrate games with the blockchain.
Its NFT factory offers users easy-to-use, multichain NFT minting applications with options for NFT smart contracts and a marketplace for collections and game assets.
Its newly launched lending, borrowing application
The launched lending and borrowing application is an overcollateralized lending application that allows users to borrow stablecoins by collateralizing other supported crypto assets. It currently supports the use of about 15 tokens and coins for collateral, and the team is working on integrating more assets.
Some of the additional features and benefits include:
- It’s easy to use, with several built-in tools and features that help users monitor loans for better, guided decisions.
- Lenders earn dual rewards: When users lend their stablecoins to the application, they earn interest and bonus rewards paid in Etna Network (ETNA) tokens. At the time of writing, the bonuses for Binance USD (BUSD) and Tether (USDT) deposits were both at about 500%.
- It’s the only lending application that supports the use of NFTs as collateral.
- Borrowers can take out interest-free loans: When borrowers use ETNA, Etna Metabolism (MTB) and NFTs as collateral, the loans are interest-free.
As Etna Network changes the way lending and borrowing works in the crypto space, it keeps exploring innovative features, ideas and ways to improve the application. Among many updates, here are some of the features the team is currently working on:
- An undercollateralized loan option as a DeFi application: Borrowers will be able to borrow up to five times the value of their collateral — or more. Etna Network makes this possible through its novel decentralized exchange router mechanism.
- Self-repaying loan options: With the integration of a business-to-business lending application aspect, users can start to earn interest on their collateral. The interest will be applied to repaying the loans if users choose this option.
- Self-listing options for projects: Etna wants to create a DeFi ecosystem that makes it easy for other projects to integrate assets with an easy-to-use self-listing feature.
- An NFT whitelisting mechanism: This will allow NFT projects to get their collections or NFT assets whitelisted and supported as acceptable collateral.