After almost two months of preparation, internal testing, smart contract adaptation, and security audit, Qonstant is launching on Arbitrum One. Arbinauts, are you ready to explore the DeFi landscape with our recent deployment?
Meet Qonstant at Arbitrum
Qoda offers a new approach to decentralized cryptocurrency loans by bringing several innovations to the field.
First, Qoda uses an orderbook model rather than a pool model. This works similarly to centralized exchanges, where users populate the exchange with orders, indicating their desired price to buy or sell an asset. Qoda is a fully decentralized loan exchange where lenders and borrowers specify the terms and APR themselves to fill a market’s orderbook, which leads to better price discovery than liquidity pools, which are commonplace today.
However, if you don’t want to wait for someone to execute your quote, you can execute a quick trade (similar to a market order) instead. You can simply indicate the size of your loan, and the Qoda smart contracts will execute it at the best available APR based on the orderbook. All loans executed with Qoda have a fixed interest rate and maturity, a major differentiator from existing floating rate protocols.
Another advantage of the protocol is the separation of collateral- and market-tier assets. Assets that are enabled for collateral are distinctly segregated from assets that are enabled for lending/borrowing markets. The list of collateral assets is highly restrictive — typically only low-risk, high-caliber assets (e.g. stablecoin, BTC, ETH, etc.) are supported as collateral. Meanwhile, the list of market assets is much more permissive, allowing traders to borrow and lend riskier assets when their markets are opened on Qoda.
Initially, Qoda will support USDT, USDC and USDC.e markets on Arbitrum, allowing users to lever their portfolios. Over time, we will expand the list of markets to support more assets from the Arbitrum ecosystem. If you are building on Arbitrum and are interested in cooperation, please contact us via email hi@qoda.fi.
Start using DApp now: https://qonstant.fi/
Lend or borrow on Qonstant with fixed rates!
Meet innovative crypto lending platform where your interest is predictable.
Security Audit
Our smart contracts audit was performed by Halborn, a firm with extensive experience in web3 security audits since 2019. Halborn has worked with big industry names like Polygon, Solana, Avalanche, Sushi, BAYC, and others. We are humbled to be part of this list and appreciate the team’s dedication to securing Qoda’s smart contracts.
The full security report will be published in September 2023. Spoiler alert: all low security issues and above were resolved during the audit.
Why Arbitrum?
Qoda currently operates in the Moonriver (Kusama) and Moonbeam (Polkadot) networks. Arbitrum will become the 3rd network in the portfolio. Why are we choosing to deploy on Arbitrum?
Arbitrum is a mature L2 with fast and cheap transactions and is embraced by a great community. Its large, DeFi-centric ecosystem and user base can benefit from Qoda’s novel approach to on-chain loan markets.
Learn more on Arbitrum’s website and Defillama.
Let’s get started
Lenders can create quotes by specify the rate and loan terms they want, or they can choose to lend at the market’s best available rates by using Quick Lend.
Qonstant is a decentralized protocol, so all you need to interact with the DApp is to connect with a wallet.
Borrowers must first deposit collateral prior to borrowing in Qonstant’s markets. Similar to lending, borrowers can either publish a quote or execute a Quick Borrow.
And here’s a detailed video tutorial about how to borrow on Qonstant:
What’s next?
It will take a few more days to complete some administrative procedures, such as verification of contracts on Arbiscan, posting information about the project on the Arbitrum Portal, etc.
To celebrate the protocol’s launch on Arbitrum network, we are preparing a number of events for our Qommunity, including joint events with the Arbitrum Foundation team, AMAs, an incentivized program for early users, and much more. In the coming days, the relevant announcements will be posted on our social media. Follow us on Twitter and Discord so you don’t miss a thing.
As for the development plans, we are working on the Qoda DAO creation and the launch of QODA token according to the roadmap. More details will be available later.
We thank everyone who supports the protocol, follows our development, and is an early adopter. We are open to your feedback and are grateful to everyone who helps us to become better.
For reference
Qoda Finance
The Qoda Ecosystem consists of partner applications working towards a shared vision of making great financial services accessible to everyone. These applications can operate on any blockchain network. Currently, Qoda operates the Qonstant protocol with the following features:
- On-Chain Orderbook
- Isolated Collateral-Tier vs Market-Tier Assets
- Fixed Interest Rate, Fixed Maturity Loans With Automatic Position Netting and Early Exit.
These features give users more control and flexibility over their crypto portfolio. Qoda’s users have the freedom to lend and borrow across a wide variety of assets fully on-chain.
Visit our website for more details: https://qoda.fi/
Arbitrum One
Arbitrum One is a leading Ethereum Layer-2 scaling solution developed by Offchain Labs. An Optimistic Rollup, Arbitrum One provides ultra-fast, low-cost transactions with security derived from Ethereum. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 65%+ TVL in the L2 segment. 400+ DeFi and NFT projects are live in the ecosystem to date. In August 2022, Arbitrum One upgraded to the Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.