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
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.
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.
Read more: Clearpool scales uncollateralized lending marketplace to Polygon
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.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: Unpacking crypto and the markets.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
