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And just like that weâre already at the end of 2022⊠time is really flying, isnât it?
This year has been a real rollercoaster in terms of market conditions. Weâre happy to say that even in these crazy conditions we remained stable and focused. So in this article, we would like to go ahead and walk you through all of the major achievements that we did here at Alfprotocol.
Before we begin, we would like to express a massive Thank You to the Alfprotocol community that remained professional and showed understanding when we had to do some difficult decisions. And now, letâs review the year 2022.
Alfprotocol Unique Staking Solution
We announced and release a unique staking solution to all Solana-based tokens where projects can set a certain APR % and time period for their staking pools. Over $1 million worth of partners' tokens has been staked within the first few days of the release. Even today some staking pools are completely filled.
We released an updated version with a great âYour active positionsâ feature where all users had the ability to see all of their staking positions in one convenient window.
We expect to triple the number of projects listed on our staking solution throughout 2023.
Alfprotocol Lending & Borrowing Solution
We developed and released our own in-house built Lending & Borrowing solution with multi-asset collateral support. We called it Allotment ALF. Users were able to deposit their assets and earn an APY without the risk of impermanent loss. You earn by supplying liquidity to the lending provision. On the other hand, youâre able to borrow with up to 40% of your deposited value and use borrowed funds elsewhere. Whatâs important here is that you can deposit different assets, and borrow different assets that are supported by the protocol. Our automatic calculations are taking into consideration the total value of your deposits to determine your total borrowing limit. We started with SOL, USDC, USDT, and MSOL as supported assets.
Earlier this year we enabled ETH support where users had the ability to deposit their ETH or borrow ETH by depositing different assets into the protocol.
Throughout 2023 we expect to list even more assets and increase the borrowing limit from 40% to 60%. (This can happen if the market conditions are improved and efficient liquidity is attracted to the protocol)
Also, we aim to attract institutional capital to the protocol to provide sufficient liquidity to our smaller customers and our other product: ALF Leverage.
Alfprotocol Leveraged Yield Farming Solution
Just a few weeks ago we finally developed a BETA version of ALF Leverage. A solution where users will have the ability to use leverage while entering into yield farming positions. Leverage will be given from the Allotment ALF liquidity pools and maximum possible leverage will be determined following 2 factors: The userâs deposited assets value & historical volatility of the chosen liquidity pair. In other terms, the higher your deposited value and the lower the volatility of your chosen liquidity pool, the higher leverage you will be able to receive. All of that will be calculated automatically by our in-house built bots.
Throughout 2023 we aim to complete the development of the ALF Leverage solution and fully enable a stable version of it. Once that is complete, we will be moving toward a security audit of the protocol.
Alfprotocol created a joint venture with Soldex
Our main goal remained the same: to become an all-in-one solution for all DeFi services on the Solana blockchain. This step to implement Soldex decentralized exchange and farming products into the Alfprotocol and place Soldex under the Alfprotocol wing was a strategic move to bring us closer to our main goal. Just days after the joint venture was formed our teams already found synergies and started to work as one.
Moving into 2023 we will aim to integrate Soldex into the Alfprotocol even more and combine forces to implement Soldex most anticipated feature: AI Trading Bots.
So as all of you can see, we had a very interesting year but weâre excited to say that we expect the upcoming 2023 to be even more interesting and exciting. We will have an additional article that will explain our vision for 2023 in greater detail.
Alfprotocol Links:
Allotment ALF: https://app.alfprotocol.com/allotment/
ALF Leverage: https://app.alfprotocol.com/leverage/
Staking Solution: https://staking.alfprotocol.com/
Thank you for being a part of our community and we would like to wish you all a successful start to 2023!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.