The evolution of Lendroid

What was the seed of an idea in Early 2017 is now the enterprise behind the only antifragile financial system on the blockchain. Lendroid is among the handful of crypto-based financial technology companies that has survived the severe volatility, changing trends and delays in infrastructure technologies.

We are currently in an ascendant phase, having captured the imagination of the non-fungible-token industry as experts in smart contract based financial services. We owe our survival and growth to a constancy in intent - to remain cutting edge, open source and non-rent-seeking; as well as in integrity - to remain proactively compliant at every step.

We are now close to launching a bigger, more cross-functional version of the protocol soon. In what can be described as ‘DeFi Collectibles’, we have crafted a system that effectively converges two high-potential blockchain industries - decentralised finance, and digital collectibles. We look forward to the continued support of our extensive community, our collaborators and well-wishers.

The following pages chart the journey of Lendroid in some detail. As we embark on another intense phase of building and adoption, this document will evolve constantly, including not just records of new developments, but also retrospective thoughts about our earlier phases.

Inception

Vignesh, a Y-Combinator alumnus and crypto entrepreneur, was struck by inspiration. This was backed by a deep dive in crypto entrepreneurship (co-founded BitAccess, scaled BTMs from 0 to 100), and an early mover understanding of the crypto ecosystem. The seed of the idea was simple - what else can you do with digital assets apart from holding or selling them? By March 2017, Lendroid had sprouted into a concept.

Over a year and a half before ‘DeFi’ became a thing, digital assets were beginning to boom; their net worth had just crossed $260mn. But the use cases around them were limited to holding or selling. There was enormous promise in this limited financial ecosystem.
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What if you could do more than just hold digital assets? What if you could earn interest off of them? What seems like an obvious idea today was seen as unfeasible in 2017. Lendroid made a bold paradigm shift in thinking - looking at crypto holdings as assets and not as spendable currencies.
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Lendroid, it is fair to say, has undergone a few iterations in protocol design. The driving force behind these design decisions however, has remained constant - to build an open, trust-independent protocol. The first model of Lending describes the ‘guarantor’ model, with a secondary collateral pool of the native LST currency.

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Loans against ENS names

There’s nothing quite as exciting as being ahead of the times. As we saw in the earlier chapter, the very concept of lending was new in the ecosystem. Over the next three months, the operational and tech team at Lendroid got to work building the organisation and technology. We also built a working demo of lending against an innovative digital asset - an ENS domain name!

This was the very first working prototype of the Lendroid protocol. We are still immensely proud of this demo. It re-created the ENS system so that the user has an end-to-end experience, from creating an ENS domain, to collateralizing it and finally getting a loan against his collateral.
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Around this time, we also released our first whitepaper detailing decentralised lending of digital assets. This was a more elaborate version of the guarantor model, which sought to infuse utility to the native token by way of making it the staple of a secondary collateral pool.
The website we built was a faithful and painstaking illustration of the guarantor model. As you will observe from the recommended link, the website pushed the boundaries of UI interaction to tell a story. A story that was to change, and grow to a much larger vision.
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Registration of the Lendroid Foundation

On October 11th, 2017, Lendroid was registered as a foundation in Singapore. The nature of the enterprise, and also the decisions around registration, are indicative of our commitment to transparency and process, even when the rest of the ecosystem was still figuring out the rules. You can find our certificate of incorporation here.

Margin Trading Protocol

By then, the protocol had evolved into a more robust, more intricate, and more decentralised financial ecosystem. We got better at being able to envision and articulate what we want to do, and after an exercise in extrapolation, realised that the holy grail of an economic engine is decentralised margin trading. A sophisticated financial system, powered by trust-independent credit, kept in check by the wholly new role of ‘wrangler’.

As our message sharpened, so did the way in which we conveyed it. We developed and launched a newer, leaner version of the website that reflected the evolution of our system into the wrangler model, and also made many of the resources we built easier to access.
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Lendroid was envisioned as a system that would bring together lending, leveraged margin trading and short selling on a single platform. It speaks the now ubiquitous concept of liquidity pools and incentivised loan monitors and takes it up a notch.
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To us, Margin Trading represented the pinnacle of sophistication in finance. Not only had we figured out how to decentralise this financial instrument, we had reimagined it as a blockchain-exclusive platform. In other words, Margin Trading as designed by Lendroid cannot exist anywhere other than on the blockchain.
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From the very beginning, we had oriented the protocol around protecting the interests of the Lender, a key stakeholder on the protocol. Unless a Lender is convinced that his investment is protected, the ecosystem can have no hope of liquidity.
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This is completely new territory. Margin Trading has never been decentralised, so we had to design a system that was sufficiently familiar for the trader, while also conveying that he will now not have to trust a central authority with his locked up funds. What’s more, access to funds are way quicker than the three-day lag on traditional systems.
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One of the grand dreams of financial protocols in late 2017 was to build a shared liquidity pool. Not just for one or two projects but for the entire ecosystem. It is a mind-boggling concept. Trading, investment, lending, borrowing, all poured and dipped into a single, decentralized liquidity pool. We are still moving towards this.
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A Packed December

The Lendroid identity was complete by December 2017. We had a definitive product design, we had articulated it in a whitepaper and website, established social channels to build a community. We had begun building the protocol and also planning a token generation event. Before the big leap, we took a trip to San Francisco to soak in the Ethereum ecosystem and to test our freshly minted idea among a wide range of people - coders, marketers, investors, drop-ins and potential allies. The trip was bookended by two key events.

It is hard to recreate the general feeling of crypto in 2017. One word to describe it would be ‘euphoric’. The mood was buoyant. The markets reflected this as well. Cryptokitties, a simple blockchain-based game, exploded with such popularity that it stalled the ethereum network. Bitcoin and Ethereum were hitting ‘ATH’ price levels routinely. And the solution to every problem plaguing the ecosystem seemed mere months away. The TokenSummit was a good example of the scale and tone of those times.
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The TokenSummit was an exercise in excess. The sheer number of people under one roof was overwhelming. Conversations on the margins were quick and distracted, with attendees always on the lookout for prospective collaborators or investors. So we went underground. Well, just one tiny flight of stairs under a beautiful wine restaurant. We spent time with like-minded dreamers and talked of potential collaborations, and the possibility of a super-protocol on Ethereum.
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Partnerships - Foundation of an Ecosystem

As we saw in previous chapters, the last quarter of 2017 was marked by a lot of overlap in protocol utility. Much of the USPs were around liquidity, privacy and portfolio management. While there were several conversations with potential partners over the weeks, five partnerships were particularly relevant to the protocol as we had envisioned it then. These partnerships were the foundation of an extended ecosystem of crypto enterprises. Market forces, regulations and technology would alter this foundation dramatically, but that is for a later chapter.

The 0x protocol is a pioneer in the decentralized exchange space. When it launched, the reception was deafening, and in the aftermath, a wave of similar protocols emerged to fulfil decentralised liquidity. Centralised exchanges provided three financial instruments - exchange, lending and margin trading. 0x was an effective exchange and Lendroid would fill in the lending and margin trading aspects to complete a triumvirate of financial services on the blockchain in a trust-independent, decentralised manner.
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‘Seconds and cents versus months and millions’ was how Melonport described the ease in setting up a investment portfolio compared with traditional asset management. What Lendroid brought to the table was a powerful boost to the scope of fund management on the blockchain, which was until that point confined to holding a long position on a digital asset. Greater, programmable control to the investor is an added benefit.
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When we first spoke about Lendroid in Zug, Switzerland, at the M-0 summit, we found a kinship that we thought was vital if blockchain was to have any hope of going mainstream. Lendroid is one of the earliest members of MAMA Global - the Multichain Asset Managers Association. The vision, as they describe it, is to unlock this - blockchain has the potential to transform asset management. They promise to change in profound ways how funds are set up, operated and regulated.
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The 0cean protocol boasted a smart and sleek user experience apart from being a magnet for shared liquidity on the blockchain. This was the age of relayers - decentralised exchanges that cropped up to catch the expected tide of liquidity in the decentralised ecosystem. That Lendroid’s proposition attracted potential liquidity providers was a validation of the protocol design.
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The problem of decentralised data management is being solved in earnest today by technologies like Arweave and IPFS. The Keep protocol figured out a nifty method to do this. It stores data in off-chain ‘keeps’, with the facility to interact with the data via smart contracts. Lendroid proposed using this tech to ‘sign’ the loan offer off-chain, increasing protocol efficiency and making the smart contracts smarter.
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If 0x was the basis and the 0cean protocol boasted a slick user experience, Amadeus made integration a breeze. They dropped APIs which make it possible for platforms to not worry about hosting and filling 0x orders and instead use the Amadeus API. They could now shift focus to UI and regulatory compliance for users on their platforms.
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OTotle brought a sleek, very clean user interface to crypto portfolio management, as a refreshing alternative to serious, complex platforms. Borrowing extensive experience in conventional markets, Totle envisioned a system that brought in a range of relayers, and the rich financial instruments that Lendroid enabled, into one hand-held interface.
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The Lendroid Token Generation Event
- Ideology

We were always sure there would be a Lendroid TGE, but we wanted a lot of things in place before it happened - community, compliance, contracts, communications and more. However, as 2017 came to an end, we sensed rather than saw that the window for a token sale was closing. It was a push unlike anything we had done. Aware every minute of the immense responsibility it is, we worked towards an impossible deadline and pulled off what is arguably the last, legitimate token generation event.

In the runup to Lendroid, Vignesh had extensive experience as an entrepreneur. He understood the dynamics of various models of funding and enterprise. Despite the dependability of seed or angel investment, it was clear that seeking funds from a centralised entity (or entities) would defeat the purpose of building a decentralised protocol. So would assigning a ‘for-profit’ model to Lendroid. This is why Lendroid is a foundation, and contributions were enabled through a TGE.
Not every ICO insisted or even considered Know Your Customer (KYC) procedures in registering contributors. Even as regulations were still being formulated, we at Lendroid believed it was essential to keep records and comply with prevalent rules. For this purpose, KYC was an absolute must. Every one of our contributors has undergone KYC, without exception. We partnered with the Financial & Risk Business of Thomson Reuters for KYC due diligence. Their managed KYC services are among the best in the world.
Our initial target was to raise $30 mn. The price of ETH was $300 then. Our first two phases of TGE - raising through pre-TGE contributions (14,567 contributors) and then institutional investors/funds (43) - were very successful and we raised 45,000 ETH. At this point, the ETH price began to skyrocket and we decided to stop accepting commitments to avoid over raising. However, community participation was important to us. So, we set a hard cap at 50,000 ETH and opened up public TGE for 5,000 ETH.

The Lendroid Token Generation Event - Sequence

Throughout a ‘packed’ December, we were firing on all cylinders - back-end, communications and events. The private phase of the TGE took place in December, while the public TGE was announced and conducted in February.

On Feb 5, we announced the Lendroid Token Generation Event. This was a momentous occasion for us. As part of the announcement, we declared a bonus component for all contributors - 25% bonus, plus unsold LST from the previous two phases would be distributed on a prorated basis. No special prices for anyone.
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‘Seconds and cents versus months and millions’ was how Melonport described the ease in setting up a investment portfolio compared with traditional asset management. What Lendroid brought to the table was a powerful boost to the scope of fund management on the blockchain, which was until that point confined to holding a long position on a digital asset. Greater, programmable control to the investor is an added benefit.
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With the intention of maximizing community participation and decentralizing distribution, we crafted a TRS Smart Contract fully audited by Quantstamp. The first 10% of tokens would be released within 10-14 days of the TGE, and the remaining 90% over the next one year. The biggest innovation with the TRS was linear vesting. Instead of locking in the entire vested LST, linear vesting made 0.247% of the tokens available for withdrawal every day. Token holders could withdraw at any frequency they want to.
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We received 10,976 registrations for the public TGE. And the individual cap for Day 1 was set at 0.46 ETH. On February 18, we released a comprehensive guide to navigating the TGE with clear instructions whether the potential contributor is tech savvy or a relative newbie to the space. The Lendroid community was set for the TGE.
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The public TGE lasted 30 hours because the first 24 hours had an individual cap in place. Over the duration, 2569 unique contributors participated and extended overwhelming support to the project. Contributors were allowed to change their vesting preference until Feb 26, to allow for even more time to familiarize themselves with the details and implications of the vesting process.
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ETH Denver and the Lendroid Demo

Around the time that the TGE was happening, Vignesh was at ETH Denver, demonstrating the protocol. It marked the first demonstration, a PoC of the Lendroid protocol. It was also the first core-ETH stage in which we got to articulate the decentralised, non-rent-seeking, open nature of our protocol.
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The elevator pitch. That is, on a slow elevator in a really tall building. Margin trading is by itself a complex financial instrument. We were reimagining it on the blockchain. Instead of making every trade a two-party trade, we bring in a lender and make it a three-party trade. Take a look, see if it comes into focus.
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Vignesh digs right in on the ETH Denver stage. You can’t do short selling or go long on a centralised exchange as things stand. Lendroid solves this problem, not just by decentralising it, but also by incentivising Wranglers, off chain players who maintain the health of the loan.
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Genesis of the Lendroid Support Token

One of the most significant moments of the Lendroid journey was marked by one of the most practical and utilitarian announcements. A blog that provided illustrated, step-by-step instructions for withdrawing LST from the smart contract, and adding a custom token to the receiver’s wallet. Contributors who chose to vest would go on to receive a ~230% bonus.

Lendroid took Token Distribution very seriously. We made every effort to give our contributors access to their tokens according to conditions baked into smart contracts. Registered, whitelisted private and public TGE contributors made use of the smart contracts and successfully withdrew their tokens, completing requisite processes in the given time frame. For a large section of contributors from Japan, Lendroid stepped in and created customised systems to make sure each and every contributor on record was taken care of.
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The LST distribution contract was deployed on March 9. For vested participants, we decided to go with OpenZeppelin’s smart contract, a repo of which can be found here. Our focus on the TRS contract and on vesting was vindicated when we realised over 70% of the contributors in public TGE chose to vest their LST. This signified long-term faith in the protocol.
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Quantstamp, after a thorough audit of the TRS smart contract, released an audit report. Lendroid have followed a principle wherein we have never deployed unaudited smart contracts on the main net. As a financial protocol, we believe this is vital coding hygiene and the only way to preserve the trust contributors have placed on us.
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We were humbled by the interest the Japanese community showed in the project. We saw over 10,000 contributors from the region. However, many of these contributors needed a higher level of support to go through the TGE process. We rose to the challenge, and created customised systems.
These include helpdesk with the Zendesk software, via which we responded to hundreds of queries daily. We announced extensions for KYC procedures to ensure complete compliance. We published detailed FAQs and careful translations of important TGE related communication. We even hired proficient Japanese translators and trained them in the registration procedures to help contributors. Over a time, we turned the situation around.

The Building Phase

In the months following the TGE, our focus was naturally on ensuring that token distribution went off without a hitch. We were focused on providing adequate support to contributors across phases. We also embarked on beginning to build on the vision of the protocol, by launching developer documentation, articulating tokenomics, fleshing out a roadmap and reaching out to like-minded partners in the space.

We built a basic structure for the smart contracts of V1 of the protocol during this phase. The github repository now looks way more rich and sophisticated, but it was a beginning for us at that time. You can access the first version of the developer documentation portal here.
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With the regulatory climate getting colder for crypto, it was important to reiterate the basics of LST. The Lendroid native token was and has always been a utility token. This conscious decision was based on our faith in the flexibility and longevity of utility tokens. We truly believed utility was the fairest and most innovative route for tokenomics.
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It is important to understand that the Ethereum ecosystem changed drastically over a period of just one quarter in 2018. We quickly realised that it would be unwise to depend the ecosystem to evolve, so we as a protocol redid a roadmap for ourselves based on a decision that we would build PoCs for every component we needed for the complex weave of margin trading to work.
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Rebranding and Reloanr

In order to shake off inertia and shift gears, we transitioned to a brand identity we believed better reflected our conscientious, innovative nature. It was during this period that we also formed close ties with the Maker Foundation, creators of DAI, the stable currency. With them, or rather with DAI, we built Reloanr, a proof of concept secondary market for DAI.

We changed the way we look, think and do. As a visible starting point, we crafted a new logo and an aesthetic scheme that reflects who we are. This is the logo that we use to this day. And the brand guidelines have evolved from this base on.
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MakerDAO represents a special, inspirational place in the crypto community. We wanted to build something that truly complements their ecosystem and Reloanr wass the result. A secondary market for Dai loans, you can lend and borrow DAI on Reloanr. It marks an active use case for LST and a debut for the Wrangler, an original Lendroid concept.
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After introducing the concept of Reloanr at the ETH Buenos Aires event, we spent considerable time shaping the proof of concept dApp and built a working prototype and made it open source. This means that anyone can take and run Reloanr in a plug and play model, without having to build out the front end from scratch.
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ETH India and the World

After bunkering down for a while and building, we took Reloanr and version 1 of the Lendroid protocol and tested the concept and content at various stages across the world. This tour was bookended by two ETH Global events - ETH India and ETH Berlin, but the conversations during and around these events were nothing short of revelatory.

We were Sponsors at ETH India. We got in a little late, but made the most of it with a well crafted presentation and a working product - which was still a bit of a novelty in the Ethereum ecosystem. The energy and camaraderie we experienced at ETH India fuelled confidence and gave us wings to explore other regions and seek out ideas across the ecosystem.
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In the depths of a bear market and a climate that obliterated over 80% of ICO projects, in the midst of a tech ecosystem that was still far from expected progress, we persevered and continued to build on the Lendroid protocol, without compromise or capitulation. Having tested our PoC and the Lendroid premise at ETH India, we were vindicated in our approach.
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We went meetup hopping for a bit in Berlin. Attended the RChain conference, met with a fascinating cross-section of alternative blockchain projects, before zeroing in on ETH Berlin. The event captured the inclusive, innovative spirit of Europe, refreshingly different from the manic energy of the Americas or the eager beginnings of Asia.
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In every phase of our journey, there would be projects and people who seem to travel in a complementary direction. During and post Berlin, we recorded a fair number of such synergies and conducted an exercise to retrofit them into our roadmap as it was then. What this exercise did was to give us a sense of how close we were to mainstream as a concept. It opened up interesting possibilities to explore.
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Experiments in Tech

Between one ETH India and the next, it was not just the passage of one year, but of a series of ideas and technological choices. The regulatory and tech ecosystem continued to change and evolve, often dramatically. In particular, the SEC crackdown on several projects in a retrospective manner gave pause to many in the space. The unique challenge in this period was to keep innovating under a cloud of uncertainty. And we did.

One very important technological decision was our move to the vyper programming language for smart contracts. Though we subsequently switched back to Solidity for ease of use, we developed a strong bond with the Vyper team and great confidence in the fact that Vyper will stand the test of time as an economical, secure programming language.
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Lendroid’s product journey has resembled a rollercoaster until that point, but a logical and significant marker has been the completion of what we see as version 1 of the protocol - simple crypto lending for ERC20 tokens, and the introduction of the Wrangler as a concept.
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Tezos was ascendent at the time. And we were fascinated by the concept of staking and how it could feed into the liquidity-reward system. It gave us an idea for a truly cross-chain lending protocol, which we called the Iterative Debt Offering. We filled the idea out with a system design, some abstracted communication as well as user journeys. Soon enough, we realised it would need an order of effort before it would become regulatorily viable. Still, a fascinating detour to save for a future date.
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Experiments in Ideas

We also religiously documented our tech forays, as well as our learnings from the ecosystem at the time. These resulted in conversations among ourselves as well as conversations with the community. These will go on to define what we build and how we conduct ourselves going forward.

When your community clamours for forward movement, and you already have a head full of ideas, it is difficult to resist floating something for the people to play with. We learned why this is a bad idea, from some examples in the industry.
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Direct questions, without filters or fluff. We are grateful for our community across Twitter and particularly on Telegram, for their candour as well as their understanding. While there are several conversations every week. Two such conversations are good examples of the tone and mutual respect.
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Banks are on the forefront of applying new tech, often successfully monetizing futurist concepts. At a certain point, however, technology then changed gears and left banking (much of it) behind. This post examines the relationship between banking and technology, and how the blockchain industry might have offset that relationship somewhat.
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Antifragility and resistance to black swan events was starting to become a major driver for us. As a corollary to the post on banking-tech relationship, we examined the origins of the blockchain in response to a black swan event, and what might be a likely path to avoid that same pitfall in the future
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The Run to Mainnet

Between one ETH India and the next, we shifted gears again, fleshed out Reloanr and possibilities around it, and took it to the Ethereum community. We were fairly confident of a gradual uptake by projects who would be open to running the open source UI and the underlying technology themselves. We then launched it on the main net.

Whether you are crypto savvy, or a beginner, we built a comprehensive user guide that can enable anybody to test the system and take out a loan on Reloanr. We provided detailed, illustrated instructions on how to use the platform, with additional information and contacts.
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Liquidity providers are protected and incentivised on the Lendroid protocol. As the Reloanr user guide explained, Relayers have an important role to play and are incentivized to pay that role. Relayer template is open source, and Version 1 enables peer-to-peer lending. It is customizable along six facets including the UI, token support, wranglers, loan terms, and order-book implementation.
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The energy at ETH India 2 was something else. We talked about the Limitless Promise of Hackathons and at one point, there were three of us on stage, responding to a wave of audience interest and questions, and displaying a synergy unique to us at that event. It was also poignant to see that many of the projects which we had seen the last time around were no longer in attendance. Partly because of the regulatory climate in India wrt crypto, and partly because they did not survive the gauntlet of the bear market like Lendroid did.
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And just like that, we were on mainnet, with smart contracts fully audited by Quantstamp. In a simple, understated post, we describe what is possible on V1, we opened up all of the resources to developers and potential business owners, and shared our vetted terms and conditions upfront. The end of this journey was the beginning of an even more exciting one - the shift away from the wrangler model and towards antifragility.
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Early Addition to the Messari Registry

The Messari Disclosures Registry is an industry-wide exercise in transparency. The disclosures database aims to become a central repository for project information, providing a level of transparency to project stakeholders that is nonexistent today, facilitating the diligence process for exchanges, wallets, investors, regulators, and developers. Lendroid is one of the earliest champions of the idea, and a partner of Messari in this effort.
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Deleuze and Antifragility

Fuelled by what we saw at ETH India, we got to work on designing a never-before-seen financial system with a singular goal of making it antifragile. DeFi as it currently stands is based on a very precarious foundation. The way it deals with risk is unsustainable - ad hoc liquidations and too-frequent exploits. We sought to counter this with a unique 4-token structure, and the invention of Multi Fungible Tokens.

Two years ago, Lendroid carried a very different vibe at this event. We were anxious about the impending TGE, and looking to make a mark in what felt like a very saturated market. Not anymore. We were back as ‘DeFi OGs’, with a proposition that we believed was irresistible to developers and projects alike.
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Deleuze represents modularised or compartmentalised Lending. The breakthrough is in splitting interest determination and managing collateral risk into separate, independent processes. The three USPs are - loans now have a fixed cost, loans are cyclical instead of perpetual, decisioning is completely market driven. We built out a full-fledged UI to illustrate several working user journeys on the protocol.
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The Deleuze version of our protocol sought to solve the larger problem of risk management by making it completely transparent. While risk fuels financial systems, hidden or opaque risk is poisonous and tends to lead the system to collapse. This is true of systems even on the blockchain. Until Deleuze came along.
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Into the World of NFTs

While Deleuze is a complete system by itself, it was also very new and not something existing DeFi projects and users are familiar with. We knew we were in for a long haul with respect to adoption. In our search for more immediate use cases, we discovered incredible synergy in the NFT space, which was booming. We are now well on the way to building revolutionary systems that straddle DeFi and NFT in a way never seen before.

A simple idea, executed flawlessly. Trustless leasing and collaboration for NFTs. These digital assets could so far only be shared by transferring ownership, which is not sustainable or scalable. Taking a leaf out of the Multi Fungible Token concept in Deleuze, we tokenized ownership and access, effectively separating them and opening up avenues of ‘sharing’ NFTs without giving up ownership.
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NFTs were evolving to include metadata - information about the NFT baked into the blockchain. We took it one step further and found a way to tokenize metadata. In other words, if metadata is the wish-list, metatokens are how you make them happen. As with Rightshare, we built out a working portal with an attractive UI, which not only works for current use cases but is also extensible for future use cases.
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We believe artists are at the core of the cambrian explosion in the NFT space. In working with them, we also realised that they had no reliable financial system either in conventional markets or on the blockchain. We have set out to remedy this with a Rightshare smart contract, which they can use instead of a wallet, as a catchment for income streams. Instead of a private key, they can use an NFT to and get access to a range of reliable financial tools including personal finance management, collateralization, and estate management. Trustlessly.
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DeFi Collectibles - The Next Frontier

It’s time for all of it to come together. Our hard-earned learnings in DeFi, and inspired innovations in the NFT space. We are now working to build DeFi Collectibles - NFTs that will carry the power to effect a financial protocol. From introducing new currency markets, permissions to set up revenue-generating liquidity pools, to unlocking hidden token rewards, DeFi collectibles will be generated every eight hours on the protocol and assigned based on probability to LST holders who stake in the system.

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