2023 Review


2023 Review

Atlendis Labs 2023: A Year of Innovation, Growth, and Strategic Partnerships

2023 has been a transformative year for Atlendis Labs, marked by technological advancements, strategic partnerships, and substantial growth. Our focus shifted to bringing real-world business use cases to DeFi credit markets.

Atlendis v2

A major highlight was the development and launch of Atlendis v2, enhancing the user experience and adaptability of our protocol. The protocol underwent three rigorous audits. Audits reports are accessible on our blog.

Atlendis Flow Creation

A pivotal development was the creation of Atlendis Flow, designed to facilitate direct crypto-to-fiat transactions, essential in integrating real-world use cases with blockchain technology. Atlendis Flow has the ability to assist its clients in interacting with Atlendis pools smart contracts and, thanks to its DASP registration from the AMF, Atlendis Flow will handle the on and off-ramping steps necessary to use the loaned funds in the real world. As a result, borrowers with little to no experience with blockchain technology can easily integrate with Defi, providing them with more flexibility and cheaper financing solutions.

BPI Funding

Another highlight of the year was securing 1 million euros in funding from BPI, which has catalyzed our growth and enabled us to scale our operations. This funding has been instrumental in developing our innovative solutions and expanding our reach in the DeFi market.

Asset-Backed Lines of Credit enabled by our Strategic Partnership with Cicada Partners Our partnership with Cicada Partners was also a key milestone, combining our lending protocol with their on-chain credit risk management expertise. This collaboration aimed to build out out a scalable underwriting framework, bringing together structuring, underwriting, and technical expertise.

We introduced asset-backed lines of credit through the creation of SPV (Special Purpose Vehicules). “Compared to the previous structure where the corporate served as the legal obligor, our new arrangement draws on the advantages of the traditional securitization framework, collateralizing the loan with a portfolio of diversified assets in an SPV and subjecting the assets to eligible criteria, robust portfolio covenants, and comprehensive legal recourse.” said Sefton Kincaid, the CEO and co-founder of Cicada Partners.

Borrower Success Stories

Fluna, one of our primary borrowers, successfully borrowed and repaid a total of 1.7 million in USDC over five loan cycles since onboarding in March 2023. Fluna’s success on the protocol serves as a compelling use case for web2 enterprises accessing capital markets on-chain to fulfill their working capital needs.

Fluna became the first borrower to experience our enhanced underwriting framework, launching a new lending pool on Atlendis in December and borrowing 750k. In the newly structured facility, financing takes the form of an Asset-Backed Line of Credit with a borrowing base of eligible trade finance receivables, ringed-fenced in Fluna SPV LLC, a Special Purpose Vehicle (“SPV”).

Industry Events and Community Engagement 

Atlendis Labs actively participated in various industry events, including DevConnect in Istanbul and EthCC in Paris where three of our team members were speakers.

Looking Ahead 

While 2023 was dedicated to aligning our infrastructure with our new client base, 2024 is poised to be the year where we scale our business by consistently connecting our lender base with carefully underwritten and high-quality borrowers. We're excited about the potential of Real World Assets in the crypto markets and are eagerly looking forward to continuing this journey of innovation and growth.

For more detailed insights into specific events and developments at Atlendis Labs throughout 2023, please visit the Atlendis Labs Blog.