Solend is 'opening the floodgates' on its token lending markets with “permissionless pools” that let anyone list assets for borrowing. realDannyNelson reports
Solend is giving the same “permissionless” principles underpinning decentralized exchanges’ limitless token listings a try on Solana Network’s cryptocurrency lending market.
The biggest decentralized finance lender on Solana is letting anyone with 100 SLND and some assets to spare spin up their own “Permissionless pools are troves of user-loaned crypto assets that help keep DeFi moving. Though widespread as liquidity sources for decentralized exchanges, they're less common in lending circles. Only a handful of lending protocols on market leader Ethereum use them, and none on Solana.
Already, Solend’s 21 whitelisted lending pools supply Solana’s DeFi markets with $471 million in borrowable tokens such as SOL, USDC and wrapped assets like BTC. Its team vetted those permissioned pools to weed out the inevitable scammers; if something goes wrong, Solend’s treasury insurance fund will back up platform users.“Make sure you trust the pool creator” Solend’s main Twitter account warned prospective depositors and borrowers on Wednesday..
Still, project contributors view the move as essential in pursuing true DeFi. If the team always decides what is and isn’t lendable, then how decentralized can Solend be? “One of the core tenets of DeFi is permissionless,” pseudonymous contributor Soju told CoinDesk in a Discord message. Solend has grappled with DeFi’s core tenets before. When its single-largest lender nearly got liquidated by June’s crypto market rout, a series of messy governance proposals elicited widespread criticism. Solend soldiered through and remains one of Solana’s top DeFi protocols.
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