Aave Adds Support for Enjin and REN, and Brings Fiat Onramps

Aave Adds Support for Enjin and REN, and Brings Fiat Onramps

By Abhimanyu Krishnan | News | 17 Jul 2020

On July 17, DeFi lending and borrowing platform Aave (LEND) announced several new changes to its platform, including listing the Enjin (ENJ) and Ren (REN) assets. In addition, it has introduced fiat onramps and updates to its risk parameters. 

The announcement comes off of the heels of several updates that the Aave team has brought in recent weeks. On July 16, the team revealed that its two strategic investors 3 Arrows Capital and Framework Ventures would play a greater role in the development and growth of the platform. 

The two investors had bought in for a combined $3 million when Aave’s native token LEND was valued at 10 cents. The token has risen to $0.29 (at the time of publishing), bringing in over $4 million for the two investors. 

Aave also recently launched a credit delegation feature. The latter is a trusted borrowing feature where users can borrow assets without allocating collateral.

The updates to the risk parameters increases the Loan-to-Value (LTV) ratio to give more borrowing power to LEND holders, and decreases the liquidation bonus to 10% due to increased liquidity. These figures will periodically change according to market demand.

The fiat-to-yield onramps is powered by Transak, a product of ConsenSys and Ramp Network. Users can use fiat through a debit card and begin generating yield in a few minutes. Wire transfer is an alternative option, though this takes 1-2 days. Fees for this option start at 0.5%.

Lastly, LEND has been listed on the Loopring (LRC) exchange, bringing further exposure to the asset.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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