Annex Finance - a decentralized marketplace for lenders and borrowers with borderless stablecoins.
Site description of Annex Finance
Every asset, supported by Annex Finance, is integrated through the aToken contract. By issuing tokens, users receive interest due to the exchange rate of the token, which increases in price in relation to the underlying asset, and are able to use the tokens as collateral.
There are currently two types of tokens: SErc20 and SEther. While both types provide an EIP-20 interface, SErc20 is a wrapper for an underlying ERC-20 asset. So the basic functions, related to passing an asset to a protocol, have slightly different interfaces, depending on the type.
Distinctive features:
| 1. | Access the immutable money market protocol directly on the web. |
| 2. | All Annex Finance resources are bound by the EIP-20 standard. |
| 3. | Powered by Cronos for fast, secure and low cost transactions. |
Funds, held under the protocol, can earn ANNs, depending on the market demand for that asset. Interest is earned by the block and can be used as collateral to borrow assets or mint stablecoins.
Each market has its own offered interest rate (APR). Interest is not distributed. Instead, by simply holding the tokens, you will earn interest. aTokens accumulate interest due to their exchange rate - over time, each aToken becomes convertible into a growing amount of its underlying asset, even if the number of aTokens in your wallet remains the same.
Control of the defi app
The Annex protocol is regulated and updated by ANN token holders by using three separate components: the ANN token, the Governor Alpha and Timelock. Together, these contracts allow the community to propose, vote and implement changes through the administrative functions of a token or controller. The proposals may include changes such as adjusting the interest rate model or adding support for a new asset.
Any address, delegated over 10,000,000 ANNs, can propose control actions, which are executable code. Once a proposal is created, the community can submit their votes during the 3-day voting period. If a proposal has a majority and at least 20,000,000 votes, it is queued in Timelock and can be implemented in 2 days.