Over the past months, we have been working hard to update the protocol, front & back end to ready everything for the opening up of the protocol to the public. Two weeks ago we announced the Alpha Test Phase on Mainnet and the FLR/EURS Curve Pool through which selected crypto native groups (members of the LobsterDAO & DegenScore community) can access and test our protocol and provide feedback prior to full public launch/access. Given all this progress, we also felt it prudent to complete our very first smart contract audit with Pashov a well-known independent security auditor, and we are pleased to say there were no major issues.
So, notwithstanding the strong bear-market vibes at the moment, we continue to build... Not only the protocol but also the underlying lending activities. In the last quarter, we added a new loan to the Stelder Group and extended the Co-Med facility for another year, whilst adding 250k to their existing loan. We continue to see robust loan application growth and (funding permitting) look forward to scaling our lending operations going forward. TVL currently stands at €4m yielding an average APR of 8%. As can be clearly seen in the development of interest rates received over time, the rising rate environment is presenting us with increasing interest income and we look forward to building a robust and more diversified high-yielding loan portfolio over this cycle.
We are actively looking to secure additional funding for the various LoanVaults so if you like what you see and are interested in some uncorrelated yield in your crypto portfolio, please reach out to become a whitelisted primary funder and/or visit the CurvePool once it opens up for all.
This week we have opened up the Whitelisting process through a Zealy campaign to help grow our community in preparation for a full public launch. Go and check it out and complete the tasks in order to get whitelisted and be eligible for testing the protocol, early testers will be rewarded.
The overwhelming feedback has been that people like what we are doing but that gas fees on Ethereum are preventing mass participation. We have purposefully put off the migration decision to date, but now that we are feature complete and the L2 leaders are becoming easier to identify, it feels this will be the next step we need to take to make our platform a leader in the RWA space.