An exotic markets deployment of the Hundred Finance dApp on Fantom
Lendly is a special deployment of the Hundred Finance dApp available on the Fantom network. It is unique in that it uses the Solidly DEX as a price oracle that facilitates the borrowing of USDC against Solidly-integrated collateral types by project treasuries.
Lendly has been launched primarily to allow those who wish to support projects by supplying stablecoins that these projects' teams then borrow using their own native tokens as collateral. These borrowed assets can then be used as the team in question sees fit, all without the need to sell treasury funds and create sell pressure on their own token.
We have designed the Lendly application to support the addition of multiple project partnerships and envisage users with assets that they wish to make available visiting the site and selecting the project version of their choice. This will make just the Lendly main page an attractive destination in and of itself, as it gradually grows to accommodate a catalog of project-based incentivized lending opportunities.
There are currently two projects with active and incentivized Lendly integrations:
Hundred Finance has itself used Lendly to borrow USDC using HND as collateral. This USDC has been used to purchase WFTM in order to be combined with the project's existing HND and used to provide liquidity to the HND-WFTM Solidly pool. This is so that a greater proportion of the HND held in the project reserves can be deployed in the farming of the SOLID token.
Building on the creation of Lendly, Hundred Finance teamed up with veDAO in the release of the first custom version of a whitelabel Lendly product.
Founded on the belief that ordinary investors deserve the opportunity to own a portion of the innovative new automated market maker (AMM) Solidly, veDAO is a “people’s cooperative” with the goal of supporting and empowering the Solidly ecosystem while simultaneously driving long-term value to the veDAO community. Hundred Finance’s partnership with veDAO will allow them to better achieve these ambitions through the use of their own special version of the Lendly application.
Note: Due to Lendly's divergence from our standard practice of using only Chainlink Price Feeds, we would like to emphasize that Lendly has unique characteristics and, as a result, a unique risk profile. Primary in these is its reliance on a non-battletested source of price data, with all of the dangers this implies.