Immediately after the community of inactive contributors was completed, one of the strangest experiments with decentralized finance (DeFi) launched a new stable loan product.
On Wednesday, Inverse Finance unveiled the Anchor Protocol, a money market built on DOLA, which is the authentic protocol’s synthetic stable currency. Based on a “modified composite fork” in a blog post, Inverse Finance founder Noor Haridi Ankor compares Synthetix, which lends out synthetic assets repayable against highly indebted collateral, to Compound, which lends out in the form of cryptocurrency. assets, loans with high collateral Debt.
After all, says Haridi, these models offer the same benefits.
“Both lending protocols and their combinations offer the same service: credit. The anchor bridges the gap between the two by integrating it into a single lending protocol. ”
Anchor aims to achieve this through a unique architecture that always views the DOLA token as “a $ 1 guarantee that can be used to borrow other assets regardless of market conditions or the DOLA card.” Users deposit collateral, Mint DOLA, and then can use DOLA to get loans in other cryptoassets, or simply generate income from DOLA.
“For oversecured loans and traders, we offer a one-stop shop where they can split collateral through synthetic and token lending centers, resulting in greater capital efficiency and increased leverage,” says Haridi.
Haridi speculates that Anchor will use DOLA to provide loans from protocol to protocol like Cream’s Iron, for unsecured lending (long-term premium in DeFi) and for a protocol that “gives itself” credit for harvesting opportunities.
No dead weight
Perhaps the most exciting thing about developing Inverse on the protocol team is the steps they took earlier this week on the management team.
In what may be Defi’s first decision, on Saturday, February 20, members of the inverted society put forward two governance proposals to take over INV – the current reversible symbol of Invers governance – from inactive members of the society. On Thursday, February 25, the proposals were approved, and not everyone was happy with the result.
Haridi says the timing was premature – just like Anchor, a protocol that could generate revenue for the DAO, is gearing up to launch and disrupt the independent community.
“We needed to throw out our dead weight in order to return the tokens so that we could soon redistribute them among the new active participants. We also set up an INV Rewards Committee with the ability to reward members and add new members to the DAO. In addition, when stowaways are removed, active participants become more motivated to participate. Because they are getting a bigger piece of the pie. ”
While this unique move may seem brutal, it’s also important to deal with an aggressive approach that essentially puts back funding at stake. Forcing token holders to participate in the threat of hijacked tokens has also helped the development of Anchor.
“It’s a collaboration between many DAO members, from idea to development to internal validation and testing,” says Haridi.
The next step for Inverse will be to lift Anchor off the ground and prepare for a world in which INV will be negotiated. Haridi says there is a growing consensus in society about the possibility of negotiation. This could mean that the DAO will relinquish its right to grab tokens and potentially change the social landscape of Inverse.
However, Haridi does not seem to be preoccupied with the upcoming shift, which is already the next innovation.
This will radically change existing incentives and can reduce participation. Fortunately, there is some work in progress on a new alternative governance model that is being implemented internally to address this problem. “