Themis: Multi-Chain Supported P2P&NFT Lending Protocol

06/03/2023·1years ago

Today we introduce an NFT lending protocol - Themis, which was selected as one of the future projects worth paying attention to by the top IDO platform DAOMaker last year, and Themis will also launch an IDO on DAOMaker.

Themis itself is a DeFi protocol developed based on smart contracts, and it is the first mover to bring the highest demand for DeFi services to the booming Metaverse and GameFi economy. Themis's mission is to bring liquidity to the originally illiquid metaverse:

It allows NFT collateral lending, NFT leverage, and GameFi liquidity through historical NFT trading data, and users will be able to earn DeFi yields driven by games and consumption.
It allows users to borrow, lend, stack yields, auction, and borrow stablecoins using UNI-V3 NFTs, and also provides leverage for users to amplify their earnings to the maximum extent possible.
It provides scalable liquidity for liquidity providers, launchpads, and long-term holders.

Themis Features Introduction

Themis Protocol is a decentralized, multi-chain supported P2P\u0026lending platform. Its biggest difference from custody-free liquidity protocols is that users can not only provide liquidity as suppliers or borrowers and earn passive income, but their idle funds can also be lent directly to collateral holders through limited partners, thus creating a new money market.

1. LendingPool

Users can earn interest-bearing SP tokens tToken by depositing assets into the pool, and there is a 1:1 anchoring relationship between tToken and deposited assets, which can be safely stored, transferred, or traded. After depositing, the corresponding borrow power will also change. Each asset has a corresponding Max LTV, which means that deposits of that asset can borrow the corresponding value in USD. For example, if the LTV of DAI is 80%, when a user deposits 100 USD in DAI, they will get a borrowing capacity of 80 USD.
The agreed interest between the lending pool and the deposit will automatically adjust based on the utilization rate of the lending pool.
Users can use the provided assets as collateral to borrow from assets provided by other users in the list. Borrowing at a stable or variable interest rate will correspond to a 1:1 minting of sToken or vToken. s/vTokens grow with the lending pool algorithm, so users will need to repay more tokens in the future to completely destroy s/vTokens, and the additional part can be understood as loan interest. s/vTokens cannot be transferred without permission, and their balance in the wallet is constantly changing, and the amount changes with each settlement.

2. Peer-to-Pool Lending

Mainly supports the collateral lending of Yield Bearing Tokens, such as AMM LP Tokens, Staked Tokens, or redeemable cross-chain bridge assets. These assets can support transfers, such as EIP-20, EIP-4626, EIP-721, EIP-1155, etc. Specifically, LP Tokens of protocols like Uniswap V2, Sushiswap, Balancer, Curve, and NFTs of Uniswap V3 (EIP-721), LP certificates of Solv Protocol's Invoice (EIP-3525), etc.
Each collateral category is considered as a separate pool. Here, the pool refers to the collateral pool itself as a third-party protocol. For example, the management contract address 0x... of Uniswap-V3-POS USDC/USDT 500 is a pool, and all Token IDs under its directory belong to the same Category, and similarly, the contract address of UNI-V2-LP USDC/USDT is also a Category.
In order to prevent P2P lending collateral from occupying too much liquidity of the LendingPool, each collateral asset will have a Max Borrow Limit, which is the total value of the asset that can be borrowed. If a new loan would cause the total debt of the collateral to exceed the Max Borrow Limit, the loan will be rejected. The remaining collateral deposits and lending rules are basically the same as those of the LendingPool.

3. Price Oracle

The Themis protocol calculates the collateral assets based on the composite calculation of the underlying asset prices. The prices of the underlying assets are updated by Chainlink Data Feeds. It is a code repository hosted on GitHub and maintained by the community. It mainly combines Chainlink aggregators and Uniswap V3 oracles for quoting, and the Uniswap V3 oracles can provide TWAP (Time-Weighted Average Price) as needed.

4. Liquidation Module

When the market is down, the protocol allows users to repay a portion of the loan first to lower the liquidation trigger line. If the value of an account's outstanding loan/collateral value reaches a certain threshold, the Themis Protocol will execute a liquidation procedure to eliminate protocol risk, and this threshold will create a price difference between the liquidated assets and the assets to be repaid, thus creating an auction market. If the collateral price continues to fall in the auction, a forced liquidation procedure will be triggered.

Token Economics

Most of the specific information about the token economic model has been revoked in the current white paper, and it should be adjusted for the protocol to better build ecological governance on the quota, distribution, and ownership period of the token. The previously disclosed token information can be used for reference: Token $ The total supply of TMS is 800,000,000, and the allocation chart and specific content are as follows:

35% - Allocated to miner participants;
15.25% - Liquidity, Staking, Market making, Incentives for liquidity/equity pledge/market making/incentives
12% - Allocated to team rewards;
8% - Reserved for foundation reserves;
8% - Airdrop and early farm participants;
8% - Allocated to partners and advisors;
7.75% - Allocated to seed round private financing;
2.5% - Allocated to strategic private financing;
2.5% - Allocated to LBA (Lockdrop + Liquidity Bootstrap Auction) lock + liquidity bootstrap auction;
1% - Allocated to SHO (Strong Holder Offering) IDO public sale portion; Financing and team information Themis was founded in 2021, and the founders are: David Braut and Vincent Lee.
David Braut is a serial entrepreneur and advisor in emerging technology fields such as DLT/blockchain, AI/ML, big data, and IoT. As the Managing Director of Navancio, he is responsible for establishing customer relationships with the federal government and strategic relationships with large and medium-sized enterprises. He is also the Managing Director of Kroleo, with extensive experience in helping clients design, implement, and formulate strategies, using the latest mature technology solutions.
Vincent Lee is a product technology expert who developed the first decentralized P2P lending pool protocol that complies with ERC-721/ERC-1155. He also designed risk control models and algorithms for secure protocols supporting a TVL of one billion USD.

As of now, Themis has completed one round of financing. According to news on November 10, 2021, Themis announced the completion of a $2 million strategic private financing round, with participation from DAO Maker, NfX, Chain Financial, and LD Capital, as well as other investors. All of these investors have provided deep liquidity for the lending protocol, which will ensure the effective operation of the protocol with millions of borrowable capital from DeFi NFT collateral providers.

IDO Information

The IDO launch of the Themis protocol has been brewing, and it was originally planned to conduct an SHO mode IDO on the partner DAOMaker in Q1 2022, but it has been continuously postponed for unknown reasons.

The IDO price of each token is set at $0.0375/$ TMS, and the specific IDO date has not been announced, but it is expected to take place in 2023. If you are interested in Themis lending or its subsequent IDO and want to learn more about it, the following media can be used:

Official website:

https://themis.exchange/

Official Twitter:

https://twitter.com/ThemisProtocol

White paper:

https://docs.themis.exchange/

Discord:

https://discord.com/invite/ThemisProtocol

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