The DeFi revolution continues to match on, and more people have begun to turn to decentralized applications for financial services. The mass adoption has given rise to a host of dApps offering DeFi services, and there is an abundance of options in the crypto space. One such platform is launching on the Cronos chain and boasts an innovative concept that could pique the interest of the typical DeFi investor.
Unpacking the Agile Finance Protocol
The Agile Finance protocol is an autonomous interest rate protocol governed by algorithms and built for developers to engage a world of open, decentralized applications. With its innovative DEX design, Agile Finance is set to launch and open its services to crypto enthusiasts globally. The DEX on Agile Finance is unique, allowing users to swap, provide liquidity, borrow and lend crypto through several smart contracts.
The first phase of the project will leverage the Cronos chain, an EVM-compatible blockchain network. is known for its low fees, high security, and scalability, as opposed to Ethereum where transaction fees can be rather on the high side. The Agile Finance team will consider launching on other blockchains in the future, and enable cross-chain interoperability on the protocol.
Platform Features
On Agile Finance, DeFi users have a variety of options to interact with. Apart from borrowing and lending services, Agile Finance offers a token swap feature and allows users to provide liquidity to earn fees. The platform will also feature an NFT Marketplace for creators and traders to list and trade their favorite non-fungible tokens in the protocol's native token.
- Supplying: Users can deposit their idle assets into the Agile Finance protocol to provide liquidity for borrowing, collateral for loans, enabling them to participate as lenders. Lenders will earn a percentage yield on their deposits.
- Borrowing: Agile Finance supports the borrowing of crypto assets. Users will be allowed to access loans if they have collateral or token which is locked into the protocol. They can access a loan amount based on the locked collateral value. Users will receive aTokens, pegged to the value of their collateralized assets.
- DEX: Agile Finance comes with a unique decentralized exchange that supports token swaps on the Cronos chain.
- NFT Marketplace: The Agile Finance protocol will feature a marketplace for non-fungible tokens of the ERC721 and ERC1155 standards. Users will be able to buy, sell, and collect their favorite artworks, collectibles, and interact with virtual worlds. They could also buy censorship-resistant domain names like ENS addresses on the NFT marketplace.
The Agile Token (AGL)
Agile Finance has a native token that will have various utilities in the protocol's ecosystem. The AGL token will have a total supply of 1,000,000,000 tokens, of which 10% will be available for purchase in the presale offering. AGL will be instrumental to the growth of the Agile Finance protocol in the following ways:
- Governance: As a decentralized platform, decisions concerning the future of Agile Finance, upgrades, and updates on the platform will rest in the hands of the community. The AGL token holders will be able to submit and vote on proposals towards any new development they seek to make on the platform. This arrangement will ensure distributed governance, achieving true decentralization.
- Reward mechanism: Lenders, borrowers, and liquidity providers will receive rewards in AGL tokens based on their participation and the corresponding value of their deposits in the protocol. The rewards are to incentivize users to interact with the protocol and provide liquidity to the DEX swap. Also, all holders of the AGL token are entitled to holding rewards after the tokens have been stored for over 60 epochs (days). The holding rewards are proportional to the amount of AGL the user owns.
- NFT Marketplace: All trades and transactions in the NFT marketplace will be done with the AGL token, giving it added value in the ecosystem.
What to Expect
Agile Finance will conduct a presale event in mid-November, offering 100 million AGL tokens for sale at $0.03 per token. The main platform launch is expected after the public sale which will follow the presale event. Future CEX listings are in the works, and the team plans to build on other blockchain networks like Ethereum to enable cross-chain lending.
