2024.04.04
Background of the project
Avalon Finance is an innovative DeFi lending platform focused on the BTC ecosystem, aiming to create a one-stop DeFi financial service platform, integrating innovative functions such as loans, algorithmic stablecoins, uncollateralized products and derivatives trading, and providing users with diversified asset management and channels for obtaining returns. Avalon is characterized by an isolation pool mechanism for overcollateralized loans and diversified asset collateral. In addition, Avalon also integrates derivative trading, provides a platform for major liquid asset transactions, and provides algorithmic stablecoins that utilize lending protocols to improve users' capital efficiency.
Why is it worth it?
On March 15, Avalon announced the completion of a $1.5 million seed round of financing, including participation from SNZ Capital, Summer Capital, Matrixport Ventures, Spark Digital Capital and Web3Port Foundation. The funds raised in this round will be used for platform construction and technological innovation.
On April 4, Avalon launched a 20% $AVAF community airdrop plan. Users can deposit mainstream assets such as BTC, ETH, USDT, USDC, etc. into the Main Pool, and deposit inscription assets and NFT assets into the Innovation Pool. The first batch of supported assets also includes voya, etc. Voya who previously followed E-E-E can get other airdrops for free! It is worth noting that according to official information, Avalon Finance will soon support the access of all M-tokens, which will help E-E-Merlin's family to get more free stuff.
Details of this community airdrop plan
Regarding Avalon’s $AVAF airdrop, the main points are as follows:
1. Avalon will airdrop 20% of the total token supply to users who deposit and borrow in Avalon.
2. The airdrop will be carried out in three stages:
Phase 1: Temporarily disable the lending function, set up the main pool (mainstream assets) and innovation pool (innovative assets), users can safely deposit and obtain airdrops without involving lending risks.
Phase 2: Enable risk-adjusted lending functionality for the main pool, including mainstream assets such as BTC, ETH, USDT, etc.
Phase 3: Enable risk-adjusted lending for the Innovation Pool, which is dedicated to high-volatility, low-liquidity assets.
3. Airdrop points rules:
Deposit 100 USD worth of tokens and earn 100 points every day
Borrow 100 USD worth of tokens and earn 150 points per day
The main pool gets 2 times the points, and the innovation pool gets 1 times the points
4. Support various tokens and NFT participation: tokens can be directly deposited into the pool to obtain airdrops, and NFT holders can convert NFTs into tokens and deposit them into the innovation pool to obtain airdrops.
5. The first batch of supported asset categories include (to be launched in succession):
BEVM on-chain: BTC, SAT, etc.
Merlin Chain：
Tokens: BTC, MBTC, SOLVBTC, METH, MUSDT, MUSDC, MORDI, MRATS, MSATS, MMMSS, VOYA, HUHU, etc.
NFT：BLUEBOX, BITMAP, MUSICBOX, MINERAL, NODEMONKES etc
Operating procedures
Step 1: Log in to Avalon’s official website (https://app.avalonfinance.xyz/) and link to your wallet through browser wallet, OKX Wallet, WalletConnect, Coinbase Wallet, etc.
Step 2: Select the Main Pool or Innovation Pool based on the asset category. Merlin Chain’s Main Pool currently includes SolvBTC, M-BTC, BTC, M-USDT, M-ordi, and M-USDC, and the Innovation Pool includes VOYA, HUHU, and M-BTC. BEVM only has one asset, BTC, in the Main Pool, and no Innovation Pool.
Step 3: Click Dashboard to see the main interface of lending. Take Voya as an example. After selecting the innovation pool, click Supply to perform lending operations. Fill in the amount and Approve, and confirm in the wallet. Remember to change the Gas of the little fox to 0.05. Saving a few Gases can allow you to participate in Crazy Thursday one more time. Then Supply and sign to confirm once to complete the deposit.
Step 3: Click points in the upper left corner of the webpage, and your total points, ranking, deposit points and loan points will be displayed on the page.
Currently, the first phase only provides deposit functions. After reaching a certain deposit scale, the project party will open the loan function of the second phase main pool. What's interesting is that the main pool also supports assets such as SolvBTC. SolvBTC is a BTC liquidity strategy derivative launched by Solv Protocol. If you use MBTC to exchange SolvBTC, and then deposit and borrow on Avalon, the profitable revolving loan chain will be longer. Later, Ee Ee will also release tutorials on Solv Protocol, so stay tuned.
Project Summary
The overall recommendation index is 4 stars! All the VOYA or Seal assets pledged by E-E-Gee before can be deposited for mining. Not only tokens, but also NFT pledge pools will be opened in the future. E-E-Gee can't wait!
