Everlend Finance

Everlend - Cross-chain Lending Protocol built on Solana

Everlend is being developed by Attic Lab and Everstake. Both teams have been active community members since the very beginning.

Information from Everlend official medium - https://everlend-finance.medium.com/

A decentralized cross-chain lending protocol on probably one of the fastest blockchains with in-built farming and support of liquid staking tokens. In its essence Everlend is built based on two core things: Solana SPL lending library and the Wormhole bridge. The first provides a functionality similar to Compound, while the second allows for cross-chain transactions to happen in a quick and decentralized manner. You can use Everlend processing native tokens of other blockchains without the need to sell or exchange them as long as there is a market for it.

Everlend brings interconnectivity into the DeFi space: you are able to interact with the protocol with multiple L1 assets. No magic — Wormhole bridge is under the hood. It is packed into a user-friendly UI that allows you to navigate it with just a few clicks. Everlends Cross-chain feature allows users to move assets seamlessly across blockchains and to benefit from Solana’s high speed and low cost.

Interoperability is an essential piece to the puzzle, as it unlocks network effects and allows a seamless, efficient and trustless user experience on Everlend

By interconnecting blockchains and being a liquidity aggregator Everlend provides regular farming service as a part of the platform. Variety of assets turn the protocol into a universal exchange hub thus the flow of assets needs appropriate support from liquidity providers. These actors are welcome and will get the reward they deserve.

Please pay attention to a special feature Everlend has: it is open to get into its profit making machine both via a free resource and an already staked one: it allows using the staked assets for other yield generating opportunities to let you get the best out of both sides — a reward on your staked assets, as well as the returns from additional investing activity.

Another core feature is liquid staking, which will be utilized with the help of Lido. The main cool thing about it is that the stSOL asset generates rewards through underlying staked SOL and so if you use stSOL as collateral, it allows you to generate extra rewards. Such a solution helps to aggregate liquidity in one place instead of dispersing it ineffectively among many networks. We are coming to rescue your liquidity from staking dungeons — give your assets a second life with Everlend.

Smart Order Liquidation

Liquidation is an extremely important part of the whole staking investment cycle. Efficiency of the service depends on the efficiency of the liquidation process, as soon as liquidated resources are generating the platform’s turnover — its internal stability and profitability have direct influence on the success of the platform externally (including the price of a service/governance token).

Everlend provides the solution to avoid lags and losses in the liquidation process, while liquidators sorting and proceeding with a good deal leaving the worst behind its interests. Random fulfillment is substituted with a smart liquidation mechanic, which is based on a computed health score of each position to liquidate.

Liquidation is a separate business which is hunting its own efficiency. Thus smaller liquidation deals tend to keep pending status losing its “health” very quickly while getting full liquidation with losses frequently. That damages the system and all participants.

The solution is putting all liquidations into the heap where the best scored is on the bottom and the worst scored one is always on the top. To get the best — pass all the above. No hopping, no gas auctions — all the work must be done with no exceptions. Everlend upgrades liquidation in favor of both parties — users and service providers — seeing the mentioned mechanic as a win-win one.