Atlendis Labs Partners with Cicada Partners for Groundbreaking Private Credit Opportunities
We at Atlendis Labs are proud to unveil our strategic partnership with Cicada Partners, a milestone in the evolution of DeFi lending. This collaboration marries Atlendis' state-of-the-art lending protocol with Cicada's on-chain credit risk management prowess, setting the stage for a revolution in decentralized finance. Atlendis Labs and Cicada Partners bring together a unique blend of expertise. Atlendis’ novel order book design and revolving loan mechanism coupled with Cicada's deep understanding of credit risk present a powerful synergy.
Why Atlendis Chose Cicada Partners
Our choice to partner with Cicada Partners stems from their outstanding track record in underwriting and risk management. Cicada is an on-chain credit risk management company founded by a seasoned team of former buy- and sell-side credit professionals. Cicada’s team have deep crypto lending expertise, having underwritten $850m in loans at a 1.2% default rate in ‘21/‘22.
About the Strategic Partnership
The partnership aims to establish a transparent, secure, and scalable ecosystem on the public blockchain, enhancing lender access to lower-middle-market borrowers through managed risk. We share a vision of bringing greater access and transparency to the often opaque private credit sector, traditionally challenging to serve. Our focus will be on short-duration Asset-Backed Lines of Credit (ABL) with self-liquidating collateral. These credit facilities will benefit structurally from the separation of the corporate entity into an off-balance sheet Special Purpose Vehicle (SPV). Additionally, Cicada will perform real-time data monitoring, integrating data directly to facilitate timely resolution and proactive risk control.
Benefits for Lenders: Enhanced Security and Accessibility
Lenders stand to gain significantly from this partnership. Cicada’s comprehensive credit evaluations backed by Atlendis’ innovative lending protocol will enhance security and reliability in lending.
A New Era for Borrowers
Borrowers will benefit from Atlendis' and Cicada's partnership through more accessible borrowing options, fostering a fair and transparent credit assessment process. Our shared vision is to democratize access to private credit, especially for lower-middle-market borrowers.
As we embark on this journey with Cicada Partners, we are excited about the future of decentralized finance. Our partnership is more than a collaboration; it's a commitment to innovation, transparency, and efficiency in private credit lending.
Read the full details of our strategic partnership in the press release here.