On April 29 (UTC + 8), Layer announced on its official Twitter that the lending products will be launched on the official website on May 7, and the first month of mining will start simultaneously. Layer is a new DeFi platform based BSC that supports BEP-20 full-currency deposits and loans. Users can get $LAYER when they participate in deposit and provide liquidity. In the first month, the $LAYER product only had 200,000. In the first week is deposit mining, users can participate in mining by depositing BUSD-T (USDT based on BSC), and liquidity mining will increase in the second to fourth weeks. Users provide LAYER on pancakeswap Liquidity can participate in mining.
The number of releases in the first month is as follows:
What is layer
Layer protocol is a money market smart contract which supports all kinds of BEP-20 standard token assets. Users can deposit any BEP-20 token in the contract and gain interest yield from borrowers. Matching the demand of borrowing, users need to deposit supported assets as collateral before lending money from Layer.
Layer has many advantages compared to mainstream competitors:
Widely adopted all kinds of BEP-20 standard token assets.
Risk isolated among difference pools.
Creating the ability to go margin short on a large variety of tokens.
Fair launch with no pre-mining.
Founctions
A.Lending
Users can deposit their assets in the following steps:
a.Access to https://app.layer.cash , connect with your wallet.(BSC MetaMask setup guidance).
b.Selected a specific market in the top list.
c.Choose the assets which you want to deposit and then click the ‘Approve’ button.
d.While the assets are approved, you may click the ‘Deposit’ button and finish the whole process.
B.Borrowing
Layer protocol allow users to deposit assets as collateral and borrow other assets against this in the following steps:
a.Deposit assets with the upon process.
b.Enable your deposit assets as collateral.
c.Click the ‘Borrow’ button on the right side of the assets list and input the amount of money you needed. (Be aware of the liquidity risk and keep your borrow balance quite a distance from the borrow limit.)
C.Liquidation
While the collateral assets’ price dropped, it would make the borrower’s collateral value less than the unpaid debt balance. Under those conditions, borrower’s collateral assets will be listed on the liquidation list. Anyone can repay the debt and get 10% volume of the debt as incentive rewards which are paid by the borrower.
D.Mine
a. Deposit mining
Save the token from the wallet into layer to get L_ Token, and then L_ The token is mortgaged to the ore pool for mining.
b. Liquidity mining
Token Economic
A.Token info
Token symbol: LAYER
Fully diluted: 100 million
Contract address: https://www.bscscan.com/token/0x11d4b86559362caf5fd0e05660cba4d3adcb42ed
B.Token functions
$LAYER token holders will be able to participate in protocol governance via off-chain votes. Various parameters(collateral ratio, close factor & etc.) could be changed by governance vote.
C.Distribution methods
$LAYER will be launched with no pre-mining and eventually fully controlled by the DAO( 80% of the total supply). The remaining 20% will be allocated to eco funds (10%) and core dev team incentives (10%). The full dilution duration will be 4 years with the following details.
In the second week, the $layer-busd is stored in the flow pool of pancakeswap through layer, and the LP is obtained and stored in the pool of layer for mining
As a super lending platform, layer absolutely has the strength to work in DeFi.
According to the official mediun, The Layer Protocol is a DeFi loan agreement supporting all currencies, and it is the first step for Layer Labs to make the layout of the DeFi ecology. The vision of Layer Labs is to build an ecological framework based on Layer, link and build a complete DeFi ecosystem and promote the implementation and future planning of decentralized finance.
Layer has unlimited potential. We should pay more attention to it. Those who are interested can learn about it !
Twitter：https://twitter.com/layerdotcash
Telegram：https://t.me/layerofficial
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Open Headline journalist was involved in the writing and production of this article.