Blueprint has built Concrete Protocol, a native on-chain credit marketplace that protects borrowers from liquidation. Courtesy of Narges Tanquebris
Blueprint Finance, which emerged from stealth after raising $7.5 million in funding led by Hashed Capital and Tribe Capital, today announces Concrete Protocol, an on-chain credit marketplace that protects borrowers from liquidation. while providing yield to liquidity providers to fund short-term capital needs.
“My goal for 2024 is to be irresponsible about everything.” [crypto borrower] We need to do it in ways other than our protocols,” said Nick Roberts-Huntley, co-founder and CEO. luck.
Blueprint Finance expects DeFi to approach a major tipping point and see a significant increase in lending activity, and is looking to collaborate with retail users, enterprises, liquidity providers, and others alike.
“We can help anyone in the cryptocurrency space,” Roberts-Huntley said. “If you are a casual user and want to start borrowing money with cryptocurrencies, you would be crazy not to use us.”
Blueprint Finance was founded in 2022, when the collapse of FTX shattered much of the industry. Robert Huntley recalled that watching everything unfold, the team recognized the need for a more robust and capital efficient DeFi market.
“The collapse of centralized lenders has created an opportunity for a significant increase in on-chain financial market trading volume,” the company said in a statement. However, the team found that there was a “void” in solutions and liquidity for protecting positions when DeFi users leveraged against volatile assets, often leading to asset liquidation. Ta.
Concrete is a protocol layered on top of the existing $20 billion lending market for cryptocurrencies. Its purpose is to protect leveraged positions from collateral depreciation and minimize the need for capital on hand. At the same time, it provides yield opportunities for liquidity providers to fund their positions.
But unlike other lenders in the space, Concrete will absorb some of the gas bill and also offer liquidation protection. “When you take out a loan through us, you have the option to purchase liquidation protection as it is brokered through smart contracts. This is effectively a fully automated transaction between you, the borrower, and the protocol, Concrete It’s a deal,” Roberts-Huntley explained.
Liquidation protection is created using a set of quantitative techniques. Essentially, Concrete calculates the probability that collateral will depreciate over time and creates automatic protection contracts to fund positions that approach liquidation thresholds.
“Blueprint is building decentralized software that will help protect future traders from major market events,” Tribe Capital Managing Director Boris Levshin said in a statement. “It's very important for sexuality and growth.”
Participating investors include SALT, Hypersphere, Lightshift, Portal Ventures, and Awesome People Ventures.
