Apricot Finance Announces Public Launch Of Mainnet For October 19th
The next generation lending platform is giving users access to cross-margin farming, a brand new concept in DeFi
NEW YORK, USA, October 19th, 2021 - Apricot Finance, a brand new lending protocol built on Solana, is set to launch its public mainnet on October 19th. Apricot Finance’s mission is to maximize its users' yields while also protecting their downsides. Apricot Lend, Apricot X-Farm, and Apricot Assist are the three separate functions that make up the first-generation Apricot Finance ecosystem. Each of these tools will provide a different service to Apricot users and form part of a comprehensive DeFi lending package. In addition to that Apricot has been audited by Halborn Security and is also working with other security firms to complete additional security audits of their smart contracts’ security.
Apricot Finance provides a comprehensive lending platform that allows investors to cross-margin yield-farm while simultaneously protecting them from downside risk. The three tools that make up Apricot Finance each fulfil a different function that allows the protocol to deliver this service. Built on Solana, the platform hopes to take advantage of the low cost and fast transactions to create a next generation experience.
The first tool is Apricot Lend which, as the name suggests, is the tool that provides lending and borrowing. Lend is the protocol that the rest of the Apricot platform is built on. It allows users to deposit selected crypto assets and earn interest on them. Alternatively, users can borrow from the platform using their deposited assets as collateral. One key difference about this protocol is that it is cross margin. Users can deposit any assets in order to gain borrowing power.
The next layer of Apricot’s service is Apricot Cross Farm (X-Farm). This allows users to enter into yield farming leveraged x3 even if they don't own any of the underlying tokens. In order to mitigate the risk of impermanent loss, many of the first pairs will be stablecoins or pegged assets.
Users can deposit any crypto assets and use them to contribute to this pair. In other words, X-Farm allows users to deposit non-stablecoin assets as collateral and in doing so, contribute to both sides of a stablecoin liquidity pool with up to 3x leverage. No conversion is necessary which optimises the process and allows users to retain control over their assets.
The final tool that makes up Apricot is Apricot Assist. This is the fully customisable tool that protects Apricot investors from liquidation. Apricot Assist allows investors to select when to sell or begin redeeming their collateral assets, what assets should be sold or redeemed, and how much of these chosen assets should be sold or redeemed. Apricot Assist is fully programmable to trigger in the events of the underlying collateral asset falls in value. It allows users to automatically manage their own risk and maintain their positions even when not logged in to Apricot.
Apricot Finance has already received $4 million in the latest financing round. A security audit report from Halborn Security will be released prior to the public launch of Apricot’s mainnet. Additional reports from other security firms will follow a few weeks after the public launch. Until the additional audits have been completed the contract will remain closed source to ensure the safety of investor funds.
Apricot is launching its mainnet October 19th.
About Apricot Finance
Apricot Finance is a next generation protocol built on Solana that gives users access to leveraged yield farming whilst simultaneously giving them the tools to minimize their downside risk. With the imminent release of security audits from two separate blockchain security firms, Apricot is committed to ensuring the safety of all value locked in their smart contracts.