ETNA: First DeFi Lending Platform with NFTs integration
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It is believed that millions of people around the globe are still unbanked at this era, a situation that has made it hard for this set of people to have access to many financial benefits associated with banking such as loans to grow their businesses. The situstion of people being unbanked globally has yet to be addressed by the central finance (CeFi) institutions such as the United States Treasury and other world’s central bank which has led to many people around the world leaving in abject poverty as they do not have access to capital such as loan to grow their small businesses.
One of the major ideas behind Satoshi Nakamoto developing blockchain and cryptocurrency is to help bridge this financial loophole and bring banking experience to the unbanked millions around the globe by leveraging the decentralization nature of blockchain which makes it efficient in a cross border money transfers in achieving this.
Introducing ETNA protocol, a decentralized lending/borrowing platform that integrates in-game NFT assets with DeFi, with the sole goal of bringing financial freedom and banking experience in a simplest manner to all and sundry while leveraging the decentralized nature of blockchain and cryptocurrency.
One of the major ideas behind Satoshi Nakamoto developing blockchain and cryptocurrency is to help bridge this financial loophole and bring banking experience to the unbanked millions around the globe by leveraging the decentralization nature of blockchain which makes it efficient in a cross border money transfers in achieving this.
Introducing ETNA protocol, a decentralized lending/borrowing platform that integrates in-game NFT assets with DeFi, with the sole goal of bringing financial freedom and banking experience in a simplest manner to all and sundry while leveraging the decentralized nature of blockchain and cryptocurrency.
What is a blockchain?
A blockchain is a public distribution ledger. It is a no third party transaction protocol, that is, unlike the Feds where bank managers, brokers and others meddle in your transactions, on blockchain, all transaction decisions are made by you and you alone without a third party interfering. Transactions on blockchain are encrypted hence anonymous and they are immutable, giving it a solid security as transactions can not be tampered with.
The whole summary of a blockchain is its decentralization, ability to carry out transactions without central authority intervention making it an ideal technology to build decentralized finance protocols to support banking activities like borrowing and lending, money transfers, Staking and more.
Many applications of blockchain include but are not limited to decentralized finance (DeFi), gaming, real estate, data protocol, agriculture, and many more.
Cryptocurrency
Cryptocurrency is a decentralized digital money that can be easily transferred between individuals on the blockchain without a third party. Digital money has been muted as the future of money, a statement that is re-echoed by world's 3rd richest man "Bill Gate ''.
Since the invention of the flagship cryptocurrency "bitcoin" by the anonymous Satoshi Nakamoto, over 30,000 other altcoins have been developed and further modification done to blockchain to enhance its functionality and the use of crypto currencies in different sectors. One such cryptocurrency is ETNA token, the native token of ETNA PROTOCOL, a decentralized lending/borrowing platform developed by Cyclop Finance.
What is ETNA?
ETNA is a decentralized lending platform developed by the Cyclop Finance team on the binance smart chain that has successfully applied the blockchain technology to one of the booming decentralized finance sectors of lending/borrowing and integrated in-game NFT assets to be used on the lending platform.
ETNA Protocol is a decentralized finance platform that provides lending/borrowing services to users with an impressive 18% annual percentage yield (18% APY) for lenders that deposited stablecoin. The impressive 18% APY is a massive improvement on the traditional banking sectors that offers 4-5% APY on deposits. Depositors also tend to earn an additional bonus of 50 ETNA, the native currency of the ETNA protocol for every 500 stable coins deposited. Users can earn a massive 27% APY when they deposit ETNA tokens.
ETNA Protocol again with its mouth water financial benefits again is the first decentralized lending/borrowing platform that allows the use of NFTs as collateral on its Platforms.
What are NFTs
NFTs are non fungible tokens. Unlike bitcoin and other crypto currencies that are fungible, that is 1 bitcoin has the same face value as another 1 bitcoin, NFTs are not fungible, that is 1 NFT does nor have the same value as another NFT. NFTs can be referred to as digital assets that are tradeable. NFTs could be a painting, a music file, or a video file that is available on the blockchain for purchase.
ETNA ECOSYSTEM
Lending/Borrowing Platform (DeFi Lending)
ETNA focuses on bringing banking experience to the unbanked around the globe by providing a platform where users can borrow capital for their businesses and where lenders can earn impressive APY on the deposits.
Hybrid Decentralized Marketplace
This feature on ETNA protocol combines the traditional liquidity protocol also known as automated market maker that allows easy swap between token pairs while leveraging liquidity with a more broker-buyer type of trading mechanism with a payment gateway that allows users trade multiple crypto assets with a single wallet.
Benefits of ETNA
Interest free loan when users used ETNA token as collateral
18% APY on stablecoin deposited and an additional 50 ETNA token bonus on deposit of $500 stable coins.
A massive 27% APY when users deposited ETNA tokens.
Earn an impressive 50% APY and other bonuses by providing liquidity in the ETNA protocol liquidity mining program.
Use of NFTs as collateral.
ETNA Token
ETNA token is the native currency of the ETNA protocol and it is used to incentivize the platform. It is an utility token based on the binance smart chain.
Road Map
Conclusion
ETNA lending/borrowing platform is indeed a space to financial freedom to many across the globe. It provides a platform to secure affordable loans and also a source of income for users willing to invest their money for a meaningful APY. With the ETNA protocol the future of DeFi is brighter.
For more information and resources kindly visit:
Website: https://www.etna.network/
Twitter: https://twitter.com/EtnaNetwork
Telegram: https://t.me/EtnaNetwork
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