Annex Finance Gears up for Lending Launch on Cronos Mainnet

Only a few days remain for the DeFi platform to achieve its target to be one of the first lending protocols on Cronos mainnet.

‍

Almost Annex Time 

Following the successful launch of its DEX on Cronos, the TVL of Cross-chain DeFi protocol – Annex Finance, has seen appreciable growth. 

The platform seems desirous to sustain the momentum and has notified the community of the imminent launch of its lending product on Cronos Blockchain. 

“Annex Finance is looking forward to be one of the first lending Defi platform for Cronos network. We hope to integrate our lending platform into Cronos network in 2 weeks!”the platform tweeted on November 29th. 

The two weeks given by Annex have almost run out. The DeFi world now waits with bated breath for another announcement from the platform. Annex Finance initially launched on Binance Smart Chain but aims to be one of the first platforms that will bring decentralized lending and borrowing services to Cronos.

A Peep Into Annex DEX dApp

The Annex DEX dApp on Cronos Mainnet is laid out in a pleasant-looking user interface. The dApp is not yet fully functional as feature-tabs such as Lending, Vote, Annex, and Market are still under development and not live. However, Trade, Farms, and Pools are currently running.

Users can use the dApp’s automated market maker (AMM) to swap their tokens or mint liquidity pool (LP) tokens. Those who provide liquidity to Annex through the pools and farms receive high interest on their assets – as high as 10,232%, as of writing.

An interesting feature which Annex Finance offers on its dApp is Automatic Holding Rewards (AHR). This feature enables holders of the $ANN token to earn 0.2% daily interest on their holdings. However, the daily interest is activated only after the user has held the tokens for 30 days. Selling or transferring $ANN after the daily 0.2% APR has kicked in will stop the rewards until the holder completes another 30-day cycle. 

‍

What To Expect from Annex Lending

Annex Finance dreams of winning the race to be the first lending protocol on Cronos. According to the project’s whitepaper, a borrower will need to deposit supported crypto assets as collateral. When such assets are deposited, a collateral token known as AToken is issued. 1 unit of AToken is pegged to 1 unit of the deposited asset. The maximum borrow limit is 60% of the collateral value. If the collateral asset drops in value below a defined collateral ratio range, the loan will liquidate.

DeFi Lending protocols have broken down the limitations of traditional financial systems. Individuals and businesses can now obtain loans easily, do not need to go through any third party, and can access the loans from anywhere in the world.

Annex Finance is on a mission to create a decentralized credit solution for borrowers and lenders. The platform’s collateral AToken enables borrowers to borrow instantly with no trading fees, no slippage, directly on-chain, and from anywhere in the world.

‍

What is Annex Finance?

Annex Finance is a decentralized lending protocol that enables users to lend/borrow using borderless stablecoins. The platform offers services such as lending, automated market-making DEX, decentralized auction, and an NFT marketplace.

Annex Finance hopes to revolutionize DeFi with ANN – its multi-utility native token. The platform was originally built on Binance Smart Chain but has plans in its roadmap to expand into other blockchains. The entry of Annex Cronos Mainnet has been fairly successful and has seen the platform among the top gainers on Cronos in terms of TVL.

Where to find Annex Finance:

Website | Twitter | Telegram | Github | Reddit 

Source : bsc.news