LENDLE

LENDLE Review

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Lendle Token

Everything you want to know about the Lendle Token

$LEND is Lendle's native token, with a total supply of 100.000.000 tokens, deployed on the Mantle Blockchain.

It can be bought on the open market and/or mined through providing liquidity on the Lendle market.

$LEND token compliments Lendle by incentivizing the supply and borrow of the assets in the Lendle markets. The $LEND rewards will vest over a period of 3 months, and users will share in the protocol's revenue during this period.

The model incentivizes the locking/staking/vesting of $LEND token to create sticky liquidity. Users that want to unlock their rewards before the vesting period ends will incur a 50% penalty on the amount they wish to unlock. The penalty is redistributed, in full, to those who lock their $LEND.

More info on locking/staking and how $LEND token gives you access to farm bluechips is explained here:

Revenue Share

Lendle will be generating revenue:

By providing access to flash loans;

Through liquidations that occur on the Lendle markets;

By taking a share of the borrowing fees that are generated on the platform;

By redistributing the 50% penalty fee on rewards towards $LEND lockers.

Lendle V1 fee distribution model

There are 2 revenue streams if you will, the $LEND incentives and the Platform fees.

$LEND incentives are generated continously and distributed through different ways, of which you can read more throughout our docs. ALL $LEND that will be distributed, from rewards, airdrops, etc.. will be subject to a vesting schedule of 3 months.

All the protocol fees generated go towards the MultiFeeDistribution Contract. Similairly, all the $LEND tokens that have been vested, go towards this contract first. Through the

you can see your tokens vesting and their respective unlocktime.

We allow people to bypass the vesting, by unlocking inmediatly, however they are only getting 50% of what was vesting. The other 50% is sent to the staking contract and will be rewarded to people who have locked their $LEND.

The protocol fees generated, which are paid for by the borrowers, are distributed in the following fashion:

50% will be distributed as supply APY for that asset, allowing for more capital to enter the pool.

40% will be distributed to investors who's $LEND token is either vesting (from rewards, airdrops, etc..), staked in our flexible staking contract and/or locked in our stake-lock contract.

10% will become protocol revenue, of which 5% goes to the dev wallet, securing a sustainable runway to operate the protocol and the remainder 5% is allocated for revenue sharing and as reserve.

$LEND token flow in the Lendle platform

Token Allocation

Lendle Token Distribution

Private sale -> Pre-minted and used to sell to a small number of investors under a 6 months linear vesting to secure project runway

Initial liquidity event -> Pre-minted and paired with the proceeds from the public liquidity event

Partnerships and Community -> Pre-minted / Secured by Multisig

Liquidity Incentives -> Distributed by MultiFeeDistributor to Lendle markets

Reserve Treasury -> Pre-minted / Secured by Multisig

Team -> Cliffed for 3 months, vesting over 24 months in vesting contract

Airdrops -> Reserved for initial and future airdrop campaigns

Max supply: 100.000.000

Emission schedule: 5 years

Public Liquidity event

Details:

Where:

When: Starting at 10:00 AM UTC on Thursday 31/08

Duration: 24 hours

Price: $0.1 per token until we reach $300,000 raised, after which the reverse dutch auction-style formula takes over for price discovery, until the $500,000 raised hardcap

Liquidity Event Supply: 3 million $LEND tokens

Vesting: None; all tokens become available immediately after event

The Reverse-Dutch Auction Model: A New Model for Fair Token Distribution

Introducing our innovative model, designed to level the playing field and provide everyone an equal opportunity to acquire tokens without the usual price volatility concerns associated with token listings. Our primary goal with this model is to ensure that each participant has an equal chance to secure tokens before they hit the open market.

Transparent Price Determination

So, how is the token price determined? Let’s break it down:

The fair launch auction kicks off with a set Fully Diluted Valuation (FDV).

Tokens are initially priced at a minimum of $0.1 per $LEND token.

Once the auction raises a predefined amount of $300,000, the intriguing phase of price discovery begins.

Price Discovery: The Heart of Reverse Dutch Auctions

During the price discovery phase, the price of each token continuously adjusts with every purchase made. This groundbreaking mechanism ensures that the price remains equitable, reflecting the evolving market demand. The formula is elegantly simple:

Price = Total Amount Raised / Liquidity Event Circulating Supply

It’s worth noting that every participant in the liquidity event, including whitelisted addresses, will be awarded tokens at the same final price. This price is based on the concluding valuation of the auction, guaranteeing a level playing field for all.

Airdrop

Lendle has allocated 0.1 % of the total supply towards an airdrop, incentivizing our Zealy campaign and rewarding users that tested and provided feedback on our Lendle testnet.

Airdrop recipients receive their $LEND vested, in the same way as $LEND earned via protocol use. Receivers may choose to pay the 50% penalty in order to receive their $LEND immediately, or wait for three months to receive the entire balance — while also earning a portion of the protocol revenue.

Airdrops have a limited claim period. When a new airdrop is created, the total claimable $LEND is temporarily locked for distribution to that specific airdrop. Potential recipients then have two weeks to claim their $LEND. Any tokens left unclaimed after this time are released/clawed back and may be distributed via another future airdrop.

The math to determine your allocation would be:

Your Total Crew3 XP / Total XP farmed by all Crew3 participants * Total Amount of $LEND allocated

i.e. if you got 2500 XP and the Total XP is 100.000:

2500/100000*300000 = 7500 $LEND

* The team reserves the right to disqualify accounts that are deemed to 'sybil' the airdrop campaign.

Roadmap

If you want to stay up to date on our roadmap, goals and achievements, check out our socials.

Q3-'23

We're happy to report that we've achieved the short-term roadmap in this Quarter, as laid out in September:

Q4-'23

Integration with partners

New campaigns

Adding new reserves

New UI

RWA focus

Q1-'24

Focus on security module

Adding new reserves

New cross chain capabilities

More oracle integrations

R&D on CeFi integration

Dashboard

On the Dashboard you can:

Get a breakdown of your deposited funds & borrows

Withdraw & deposit assets from the Lendle markets.

Borrow any assets vs your collateral (supplies)

Repay any loans

If you are new to Lendle, we highly advise you to read

as there are different, more granular, ways to supply and borrow assets on Lendle

In the top left you'll find whatever assets you have supplied to the Lendle market. You can withdraw and supply using the buttons and the following dialogue popup.

In the top right you will find all your borrows, which can be repayed or increased by using the buttons.

In the middle you'll see the amount of $LEND you have accrued and are waiting to get vested, on the

page.

In the bottom left you'll find the wallet balance of any asset that can be supplied to Lendle.

And lastly, in the bottom right you can open new borrow positions and see how much is available for you to borrow. The availability depends on both market size and your

Markets

On the Markets screen you can:

See the statistics of the Lendle protocol

Vest any Lendle tokens that were rewarded

Open each individual market by clicking on the asset logo for:

more granular statistics

to supply and/or borrow an asset

See how much APY/APR a certain market yields

The APY/APR is split into 2 numbers

The first one being the APY that is either being paid (borrow) or given (supply) in lendle native assets

. The amount depends on the market size and protocol fees generated.

The second one being the APR, indicated by the Lendle token Icon. These rewards come from the Liquidity Incentives and are in our native token $LEND.