@ajnafi

Ajna is a peer to pool, oracleless, permissionless lending protocol with no governance, accepting both fungible and non fungible tokens as collateral.

ajna.finance
Joined November 2021
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  • Followers7.3K
521Media
Borrowers don’t need to watch the market for a better rate. Any lender can move their loan to a better price, and moving it resets the term. Lenders compete, and borrowers get better terms.
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No credit desk can model a contract that a token vote might rewrite next week.
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When a loan defaults without enough collateral to cover it, the lender is repaid first. Whatever is left is split between the person who called the loan and the pool.
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it's as simple as that
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When a loan defaults without enough collateral to cover it, the lender is repaid first. Whatever is left is split between the person who called the loan and the pool.
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The point of DeFi was never to find better gatekeepers It was to need fewer of them
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Institutions price lending on terms - how long the loan runs - when it has to be repaid - how the lender gets out Most DeFi lending has no terms, so here’s how the next version of Ajna brings fixed terms onchain 🧵
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more replies
4/ Here’s an example. Lisa deposits 1,200 USDC and two borrowers draw 1,100 of it. On day 10 she marks her deposit for withdrawal, and keeps earning while the loans run. As each loan is repaid, she withdraws. She ends up with 1,214.40 USDC, her deposit plus interest.
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5/ A credit desk can’t underwrite a loan whose rules a token vote might change next week. A fixed term, a predictable exit, and rules that don’t change is a loan institutions can actually price.
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Anyone can move a borrower’s loan to a better price. If a new lender offers better terms, they can move the loan up in the same transaction, and the borrower gets a fresh 30-day term. Competition between lenders works in the borrower’s favor.
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Convenience comes from concentration. Concentration is where the risk is.
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The Fed wants to hold stablecoin issuers to published standards. DeFi lending is still running on oracles and governance votes. “Too interconnected to fail” is being rebuilt onchain, without the capital buffers.
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The next version of Ajna removes the LUP, the Fenwick tree, the loan queue, Dutch auctions, and origination fees Less machinery = fewer ways to break it
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Regulators are telling stablecoin issuers to write the rules down. DeFi can go further and write them into the contract.
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Oracles are expensive, which means most assets don’t get a lending market. Anyone can launch one for any asset on Ajna. DeFi is for everyone.
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Immutability has a cost. If a flaw can’t be patched, it can only be replaced by a new version users choose to move to. We think change should be opt-in.
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An interest rate that can be gamed for a single block isn't really a market rate. Rates should only move when real capital is committed.
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