30% of the quota is sold within five minutes, Lenen IDO rush purchase enters the countdown!

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

In 2022, the overall lock-up volume of DeFi has exceeded US$100 billion, with DEX and loan products accounting for the highest proportion of lock-up volume. Among the top ten DeFi projects, DEX accounts for 37% of TVL, and lending products account for 33%. Currently, crypto lending has emerged as one of the most promising applications of DeFi, ushering in an influx of dozens of platforms, tools, applications, and participants. However, the growth of leading lending platforms has slowed down, and latecomers have obviously carried out more iterative optimization.

The emerging lending platform, Lenen, will bring huge changes to DeFi lending.

For many existing lending platforms, since the agreement allows users to freely deposit (mortgage) or lend all supported assets, these assets can be regarded as both “basic assets” or “mortgage assets”. However, the collapse of a single asset is very likely to drain the funds of the entire agreement, causing irreparable systemic losses.

Each Lenen pool has only the only base asset USDT (the number of mortgage assets is not limited), and depositors can earn interest by providing the base assets to the Lenen protocol. The pool supports four mortgage assets: VS, VBTC, VETH, and VBNB, which means that users can freely choose to deposit (mortgage) among these four assets. But no matter what is deposited, only USDT can be lent, and the lent USDT cannot be deposited back into the pool as collateral assets again.

Under Lenen’s new model, the mortgage assets deposited by users will no longer be lent out but will be statically stored in the contract. Therefore, as long as a reasonable mortgage rate is guaranteed, there will be no need to worry about the extreme situation of not being able to get back the mortgage assets.

Lenen IDO rush purchase enters the countdown

After several months of development, along with the launch of the testnet, the increasing number of interactions, and the attention of the market before the IDO launch, on December 20th, Lenen IDO ushered in a rush to buy as soon as it was released, 30% of the quota was sold within five minutes. During the three-day sale time, it is expected that IDO will also be completed ahead of schedule. Now IDO still has a small quota, users with the Lenen whitelist can continue to participate, and users without the whitelist, or when IDO is sold out, users can still continue to participate through the over-raise round.

Lenen IDO snap-up rules

Lenen’s IDO will be divided into the whitelist round and over-raise round

Participation link: https://www.vanswap.org/#/idoLen

【Whitelist round】

Participation qualifications: Whitelist holders

How to obtain the whitelist:

  1. Users who have completed the “Metaverse Month” reward activity to obtain OAT
  2. Users who have participated in the Vanswap staking competition
  3. Users who have participated in the Vanswap trading competition
  4. Users who participated in the Vision voting pledge from October 1, 2022, to December 18, 24:00
  5. Users who have participated in the lenen testnet

Distribution: Each whitelist holder will have a 300VS subscription qualification

 The upper limit of the whitelist round is 4,050,000,000 LEN. Users who hold the white list can participate in the subscription period from 16:00 (PM) on December 20th to 16:00 (PM) on December 23rd, 2022 (UTC+8) (the complete list has been announced on the official Twitter). Each address that successfully participates in the private sale can guarantee a subscription quota of 300VS (that is, each whitelist-qualified person will purchase 810,000 $LEN).

Price: Whitelist holder price: 1VS=27000$ LEN

Time: Deposit time (72 hours): 16:00, December 20, 2022 (UTC+8) – 16:00, December 23, 2022 (UTC+8). During this period, whitelist holders can deposit $VS into the whitelist pool.

Token collection time: at 16:00 on January 12, 2023 (UTC+8), 20% of $LEN will be released at one time, and the remaining 80% will be released linearly in 8 months at 10% per month.

【Over-raise Round】

The upper limit of the over-raise round is 15,950,000,000 LEN (the remaining $Len tokens in the whitelist round will be transferred to the super-raising pool)

Over-raise Round price: 1VS=27000$ LEN

Time: Deposit time (144h): 16:00, December 23, 2022 (UTC+8) – 16:00, December 29, 2022 (UTC+8), during this period, everyone can deposit $VS to the public pool.

Token collection time: 16:00 on January 12, 2023 (UTC) $ LEN will release 20% at one time, and the remaining 80% will be released linearly at 10% per month for 8 months.

Earning Expectations

There is no lending project on the Vision chain now, Lenen is the first DeFi tool strategy product of the Vision ecosystem, and it is also the second IDO project of the Vision ecosystem after VanSwap. This IDO may have unexpected results, and the rate of return may surpass that of the first IDO of VanSwap. In addition, Lenen’s IDO releases 20% for the first time, and the initial liquidity is low, which reduces the selling pressure in a certain sense, which is more conducive to the rise of $LEN.

About Lenen

Lenen is the first decentralized, transparent and non-custodial liquid asset lending agreement under the Vision Chain ecology of Metaverse’s high-performance public chain. As a mainstream asset lending service provider built on Vision, Lenen integrates liquidity mining, pledge, lending, governance, and other functions, focusing on the incremental market of the DeFi ecosystem on the Vision chain, and uses USDT as the basic asset. Users can participate as lenders or borrowers in segregated lending pools.