Getting to Know the Borrowers on Atlendis: ZigZag

Atlendis Labs is proud that ZigZag was one of the first borrowers announced during the launch of the Atlendis protocol on June 7th, 2022.

Mark your calendars, Atlendis Labs is hosting a Community Call and AMA session with ZigZag on the Atlendis Discord on Wednesday October 5th at 6pm CEST – add the event to your calendar.

About ZigZag

ZigZag is a leading zk-rollup native decentralized exchange that launched its first DEX on zkSync and has already started development in Cairo – StarkNet smart contracts’ native language – to deploy the first DEX on StarkNet when it goes live.

ZigZag is fully non-custodial, permissionless, and decentralized, yet offers an advanced trading interface that compares with top of the range centralized exchanges, and all of this is possible with low trading fees thanks to zk-rollups’ scalability.

Simultaneously, the organization is running a bridge that enables users to transfer funds from other chains such as Ethereum or Polygon, directly to zkSync mainnet. There is also high anticipation for ZigZag’s launch on StarkNet with new features such as ZigZag’s Mammoth Pools to delegate liquidity to market makers.

Since going live eleven months ago, ZigZag users have traded over $2B USD in volume across 350,000 disparate wallet addresses.

ZigZag’s Rating and Capacity

The loan maturity is fixed at 60 days, without an early repayment option and up to a total amount of USDC 5M.

At the time of writing, ZigZag is credited with a borrower rating of “C” from Credora. Atlendis is integrated with Credora, which performs the due diligence, KYC and financial performance monitoring – both on-chain and off-chain – of allowlisted borrowers on the Atlendis protocol. Using zero-knowledge technology, Credora is able to derive a precise risk assessment without revealing sensitive data. More information about Credora’s methodology can be found here.

Why is ZigZag borrowing on the Atlendis protocol?

Atlendis’ interest rate order book enables lenders to choose their lending rate when depositing their crypto assets, making for a fair rate discovery. This resulted on June 13th, 2022 in ZigZag being able to borrow USDC 1.1m for 60 days, at a record annualized rate of 4.1%.

ZigZag uses its credit line to engage in market neutral strategies, for instance giving ZigZag's internal trading desk the ability to top up the USDC inventory of ZigZag's market makers, as it deploys several market-makers across Arbitrum and zkSync. Additionally, loans will help ZigZag maintain liquidity on its bridge’s fast withdrawal feature to allow fast withdrawals from zkSync back to Ethereum.

Start lending to ZigZag now

Anyone can now deposit assets in ZigZag’s borrowing pool on Atlendis.

First time lenders should follow Atlendis’ tutorials – available in written and video formats – to easily navigate the Atlendis protocol and find answers to common questions. For additional 1 on 1 support or simply to chat with the team and the community, the best is to join us on Atlendis’ Discord. Any potential lender should also make sure to read the documentation to use the Atlendis protocol responsibly.

As a lender, when providing liquidity to a pool on the Atlendis protocol, a position NFT will be minted and sent to your wallet to reflect your individual position in the pool. It contains information such as your deposit, the currency, the pool ID, and your chosen lending rate. If you decide to withdraw your position, this NFT will be burnt and your assets redeemed.

Want to explore the Atlendis World? Try the Atlendis dApp here.

About Atlendis

Atlendis is a decentralized credit protocol that enables transparent lending. There is no idle capital on Atlendis. Lenders can earn high interests on actively loaned out capital and unused capital is placed on a trusted third-party liquidity protocol. Atlendis enables higher returns for liquidity providers and more granular control over their risk profile. Institutional borrowers can obtain flexible and competitive loan terms. Liquidity pools on the Atlendis protocol are similar to revolving lines of credit, giving borrowers flexibility for recurrent and short term liquidity needs. Atlendis enables trusted borrowing and lending, opening a wide range of use cases for borrowers.

Getting to Know the Borrowers on Atlendis: ZigZag Exchange