Ionise, a new, decentralised money market protocol built on Zilliqa EVM, has officially launched on the Zilliqa mainnet. This platform allows users to lend or borrow tokens running on the Zilliqa EVM network and is completely non-custodial, meaning users retain full control over their holdings.
The launch of Ionise marks the first deployment of an EVM-based money market protocol on the Zilliqa blockchain, a milestone achievement that follows extensive work on introducing and expanding EVM compatibility on the network.
Ethereum Virtual Machine (EVM) is the software platform used to build applications on Ethereum and other protocols that have implemented EVM compatibility.
This is a major development in paving the way for a flourishing DeFi ecosystem on Zilliqa, encouraging more users to interact with applications on the EVM-compatible network and subsequently driving transaction volume.
At launch, the platform supports borrowing and lending for two tokens, zUSDT and ZIL, with plans to add support for more tokens going forward. Ionise remains in an early stage of its ongoing development and new functionality will be steadily built out in future, with added features being subject to the development roadmap and governance decisions.
Ionise offers users the ability to borrow tokens and stablecoins with no credit check and fast origination directly on Zilliqa, and to supply tokens and earn a variable APY for providing liquidity to the protocol.
Users are able to supply and borrow tokens through Ionise without the need for an intermediary, as all transactions are computed through smart contracts running on the Zilliqa EVM network. No central authority has access to your funds and your loans are instead secured by collateral which you supply to the protocol.
APY, or Annual Percentage Yield, refers to the estimated return suppliers can earn for supplying liquidity to the protocol. This supplied liquidity can be locked in as collateral, allowing users to borrow other tokens up to a certain limit.
It is important to note that borrowing a high amount of funds relative to your collateral will increase the risk of liquidation, in which case the collateral you have supplied will be forfeited to the protocol.
As the first EVM-based money market protocol built on Zilliqa, Ionise includes support for popular Web3 wallets that can be used across other EVM networks. Wallets supported at launch include MetaMask, Coinbase, Ledger, and Brave.
The Ionise protocol does not guarantee liquidity, but instead relies on the interest rate model to incentivise users to supply liquidity to the protocol. As the liquidity of an asset declines, the APY for supplying those assets increases, encouraging users to supply more liquidity to the protocol and earn higher returns.
The price of assets available to lend and borrow through Ionise is maintained by a price oracle, and the protocol delegates the ability to set the value of assets to a committee that pools prices.
Ionise ensures security through public transparency of its codebase, which is a fork of a highly reliable protocol which has been battle-tested and proven in real-world applications.
While Ionise is still in early stages of development, there are a number of exciting features planned to roll out in future which will greatly expand DeFi opportunities for users and the number of assets available on the platform.
Visit the official Ionise website to begin your DeFi journey on Zilliqa or check out the following guides by Ionise on Medium for step-by-step tutorials on how to use the platform:
- Getting started with Ionise using MetaMask
- How to supply and withdraw assets on Ionise
- How to borrow and repay assets on Ionise
To learn more about how Ionise works, watch the tutorial below for an overview of the platform’s features.