Credit marketplace Clearpool is headed for OP’s mainnet

The DeFi credit marketplace secured 150,000 OP tokens and will be launching undercollateralized lending products on Optimism

by Bessie Liu /

October 25, 2023 09:00 am

Ground Picture/Shutterstock modified by Blockworks

DeFi credit marketplace Clearpool will launch on Optimism’s OP mainnet after it secured 150,000 OP tokens, worth about $202,000, from the Optimism Foundation.

Clearpool is designed to let institutional borrowers create single-borrower liquidity pools and compete for uncollateralized liquidity from a network of decentralized lenders.

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Lenders can use supported wallet infrastructure to lend to whitelisted institutions and earn rewards without having to lock up their cryptocurrencies.

Clearpool is currently deployed on Ethereum, Polygon and Polygon zkEVM. It has a total value locked (TVL) of $31.32 million and a market capital of $7.71 million, according to information available on DeFiLlama.

The protocol will also work with Idle Finance, a yield automation protocol that also received 150,000 OP in grant funding to enable Yield Tranches (YTs) on OP mainnet.

YTs are capital pools which are designed to mitigate risks, they generate tranche yields through various market neutral yield strategies, allowing for the segmentation of risks and yields.

Matteo Pandolfi, founder of Idle, said that this latest launch is designed to advance the on-chain DeFi credit market, whilst creating new standards in risk diversification.

“Users have the power to customize their DeFi strategies to match their risk tolerance, enabling them to construct a yield portfolio that aligns with their financial goals and aspirations,” Pandolfi said in a statement.

Updated Oct. 25, 2023 at 12:45 pm ET: Clarified updated TVL.

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