Statement to the Atlendis Community: Closure of the Banxa Pool

06/06/2023Blog

Statement to the Atlendis Community: Closure of the Banxa Pool

Atlendis Labs announces the closure of the Banxa USDT pool.

Timeline of events 

On May 16th, Banxa opened a USDT pool on the Atlendis protocol, with a $2,000,000 borrowing capacity. 

According to the recently announced statement of financial results, Banxa is fully focused on relisting the BNXA stock on the TSX Ventures Exchange in the coming weeks. Banxa’s financials show great improvements and are focused on increasing shareholder trust. As of right now there is no immediate need for Banxa’s pool, Atlendis Labs will close it to prevent idle capital for lenders on the protocol. 

Next steps 

The Atlendis Labs team will be closing Banxa’s pool on June 6, to stop the possibility for lenders to deposit into this pool. Lenders who deposited into the Banxa pool are encouraged to withdraw their funds from the Banxa pool. “Closed” pools are not directly displayed on the Atlendis protocol’s interface, however, lenders can find closed pools by using the pool status filters as shown on the following screenshot:

Banxa and Atlendis Labs have built a strong relationship and Atlendis Labs will be happy to have them as a borrower in the near future. 

For more information please contact Banxa directly or reach out on Atlendis’ Discord server.

Transparency is one of our core values at Atlendis Labs. The Atlendis Labs team will continue to work proactively on providing transparency on the financial health of borrowers on Atlendis, especially in volatile times, to help lenders be able to make informed credit decisions.

About Atlendis

Atlendis is a decentralized credit protocol that enables peer-to-institution lending. Lenders have control over their exposure by choosing their borrower and over their return by choosing their lending rate. Lenders earn high interests paid in kind on actively loaned out capital, while unused capital is placed on a trusted third-party yield protocol like Aave, so that capital is always active. Institutional borrowers have instant and revolving access to their dedicated line of credit, with no intermediaries and with flexible and competitive loan terms. Liquidity pools on the Atlendis protocol are similar to revolving lines of credit, giving borrowers flexibility for recurrent and short term liquidity needs. Atlendis enables trusted borrowing and lending, opening a wide range of use cases for borrowers and lenders.

Additional Resources

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