Coslend is a new lending protocol on the Evmos blockchain that enjoys extremely high interoperability with both Ethereum and the Cosmos Network
Evmos is a new smart contract blockchain that is only starting out now, but has already gained a lot of popularity in the Cosmos ecosystem due to an airdrop of its EVMOS coin. It was built as a chain that is compatible with Ethereum but also with the Inter Blockchain Communication Protocol, that makes it easy to bridge assets between all Cosmos blockchains. It already has bridges to Ethereum and the first few native dApps are starting launch.
Coslend is one such dApp. It is a fork of the Compound dApp and is also a lending protocol. It allows its users to supply cryptocurrencies to either earn interest from borrowers or to use them as collateral to take a loan themselves. With this, Evmos users will be able to get liquidity without needing to sell their crypto, or to do leverage trading or short a borrowed asset. All loans are over collateralized and should the value of the collateral fall to a certain point it will be sold to pay off the loan automatically. The interest rates for lending and borrowing are set automatically based on how much is being supplied and how much is being borrowed. It works just like Compound or
What makes Coslend unique is the high interoperability of Evmos. The entire Cosmos network can easily bridge their digital assets between their blockchains and surprisingly there are not many lending protocols on any of its blockhains, so there are millions of dollars’ worth of crypto waiting to be lend or used as collateral. And since Evmos is also interoperable with Ethereum, many people could move their funds there to take advantage of the much lower fees.
Currently, Coslend has very limited utility because it only supports USDT, USDC, WETH and FRAX, but many more cryptocurrencies will be added later. The native governance token has also not yet launched but it will be distributed to lenders and borrowers. Later on it will also add more lending services like isolated interest rate money markets for any assets.
The CLND Token
There will soon be a native token for Coslend called CLND. This token has not yet launched and the exact tokenomics are still being worked on.
What we know is that the users of the platform will earn a share of the supply and there will be airdrops for and EVMOS stakers. Anyone who had some ATOM and/or staked at the 31st March 2022 is eligible for the airdrop, the snapshot date for EVMOS stakers has not yet been revealed because it only recently got available for most people. Compound users will also receive an airdrop because Coslend is strongly based on its code, but the rules for this airdrop are still unknown.
You can use a normal MetaMask Wallet to use the Coslend platform if you have some EVMOS coins for the transaction fees.
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