Atlendis, a decentralized credit protocol that enables transparent lending, and Polygon a full-stack Ethereum scaling solution, today announced the Atlendis MATIC rewards program. The scope of the program is currently set for the distribution of 132,500 MATIC in token rewards.
The program will incentivize liquidity providers (LPs) on Atlendis by rewarding them with MATIC tokens on eligible pools. Users can earn MATIC tokens on top of the regularly expected interests for depositing assets into a liquidity pool and staking their position NFTs into a staking contract.
The Atlendis protocol V1 successfully launched on Polygon in June 2022, with Atlendis users benefitting from Polygon’s low-cost transaction processing. Since launching, Atlendis has experienced steady adoption and currently has 4 borrower pools, 2,600+ lenders, a TVL of $1.5M and an all-time loan emission amounting to $2.5M.
Initially forecasted to last six months (duration is indicative and subject to variations), the MATIC rewards program will be starting on October 11, 2022, after which all lenders who deposit in the incentivized Atlendis Polygon pools will receive additional MATIC rewards by locking up their position NFTs.
For each deposit in a pool on Atlendis, lenders receive an NFT that represents their position. This NFT can be used in the newly available Atlendis’ staking smart contract to earn MATIC tokens. The smart contracts for the staking program have been recently audited by Pessimistic.
At the conclusion of the lockup period the MATIC rewards will be distributed to participating wallet addresses. The amount of MATIC rewards earned will be proportional to the amount of liquidity provided on the Atlendis protocol and the duration of the lockup period.
How to participate
To participate in the rewards program and earn MATIC on their position, lenders can lock their position NFT in Atlendis’ staking smart contract and choose a lock up duration that will determine the amount of rewards accumulated. The longer the lock and the higher the position value, the more rewards a lender will harvest. If a lender needs to withdraw their position and exit their locked position, they can do so at any time before unlocking and forgoing their accumulated rewards.
“We are very excited about the Atlendis MATIC rewards program that will incentivize Atlendis’ users to become more involved in the community. This marks another milestone in generating sustainable yield opportunities for Atlendis users who believe in the importance of transparency in DeFi,” said Alexis Masseron, Co-Founder and CEO of Atlendis Labs.
“The talented Atlendis Labs team is building on the bleeding edge of decentralized finance. This program is designed to bootstrap and facilitate the future of transparent credit-based lending using a blockchain infrastructure. It really is DeFi protocols like Atlendis that makes the Polygon DeFi ecosystem ripe for innovation, collaboration, and composability,” said Hamzah Khan, Head of DeFi at Polygon.
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.
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.