With coin issuance imminent, will Pac Finance, the leading lending protocol in the Blast ecosystem, be a big deal?
Blast is one of the high-profile ecosystems this year. According to Defillama data, its on-chain TVL has exceeded 1 billion US dollars. Previously, more than 3,000 teams participated in the BIG BANG competition hosted by Blast. In the end, only 47 Winner championship projects were announced, including a total of 8 lending agreement projects. Today we will introduce one of the Blast ecological lending championship projects: Pac Finance.
Source: Difillama - Blast TVL
Pac Finance is the first self-paying lending and margin trading protocol built on Blast L2, featuring dual automatic compounding and one-click leverage. To ensure the security of the protocol, Pac Finance is a fork based on AAVE v3, and all of its code has been audited. DefiLlama data shows that Pac Finance TVL has achieved breakthrough growth since March, soaring from US$30 million in early March to now exceeding US$247 million.
Source: Defillama - Pac Finance TVL
It can be seen from the Blast ecological lending protocol TVL ranking that the top three are Orbit Protocol, Pac Finance and Juice Finance. Their TVL is far ahead of other protocols in the top ten, and Pac Finance is currently in second place.
Source: Defillama - Blast Ecological Lending Protocol TVL Ranking
Pac Finance project features
Pac Finance byParallel NetworkThe team is incubated under a real name. The team has previously raised a total of US$30 million from first-tier funds such as Sequoia Capital (USA), Polychain Capital, Blockchain Capital, Coinbase Ventures, and Founders Fund. Parallel Finance, one of the largest lending protocols operating on Polkadot, had a peak of US$800 million. TVL. Although Pac Finance has not publicly raised funds, it has reached strategic investments with several early Blast investors and VCs, including senior VC Manifold Trading, including CL.
Rigorously audited and hardened for security, Pac Finance stands out for being completely open source. This openness allows for seamless integration and interaction with the Ethereum blockchain via smart contracts, user interface clients, or APIs. Pac Finance’s open source framework empowers the development of custom services and applications by third parties, facilitating rich interactions with the protocol.
Not only that, Pac Finance, as the first self-pay lending and margin trading protocol built on Blast L2, provides users with the following innovative features:
Hybrid Lending
Provides multiple lending models such as peer-to-peer and peer-to-pool. This model provides users with a reliable and mature mechanism, effectively ensuring the liquidity and stability of the lending market. In addition to this, its peer-to-peer lending system introduces a more customized lending experience. It allows users to interact directly with each other and set their own lending conditions. This customized approach is suitable for those looking for customized financial solutions, which may not be readily available in traditional peer-to-pool systems.
Native Yield
In Pac Finance, Liquidity Providers (LPs) can earn rewards in two main ways: supply annualized rate of return (Supply APY) and local income. These two methods together form its core incentive mechanism, and users can earn more through native income methods. Unlike traditional lending agreements, Pac Finance encourages long-term investing. Over time, users’ local earnings as a liquidity provider will gradually increase, significantly increasing users’ total returns compared to other protocols.
Gas Refund
The gas fees that Blast returns to developers will be fully returned to users by Pac Finance. In order to reduce the burden of gas fees on users, Pac Finance will refund 100% of the gas fees generated by all transactions on the platform to users. This strategy effectively solves the high cost problem faced by users during the transaction process. Pac Finance has become the world’s first lending protocol to implement a zero-gas fee model. This groundbreaking initiative is expected to attract widespread attention in the DeFi field.
Developer Points Sharing
The points airdropped by Blast to Pac Finance will be fully returned to users by Pac Finance. The following will introduce Pac Point, Pac Finance’s points airdrop activity. Participants need to stake their liquidity provider tokens (LP tokens) to participate in mining. Allocation of these airdrops will be based on staking size and duration, incentivizing long-term participation and support of the Pac Finance platform. Pac Finance is committed to recognizing and rewarding developers who contribute to its ecosystem by distributing Blast points airdrops.
One-click Leverage
One-click operation can increase the leverage of the users position, thereby earning more points. With the one-click cycling feature, users can easily adjust their leveraged positions. As long as users maintain a safe leverage ratio, the risk of triggering the liquidation mechanism during increased leverage is minimized, making margin trading easier and safer for a wider user base.
Automatic repayment (Self-repaying)
Pac Finance allows users to use future earnings to offset current debt. To simplify the repayment process and increase user convenience, Pac Finance has introduced an innovative feature that allows users to offset a portion of the loan interest using the interest earned on their deposits. The mechanism is designed to lower barriers associated with loan repayments, ensuring a more user-friendly and financially efficient experience.
As can be seen, Pac Finance is committed to supporting a wider range of asset classes, expanding possibilities for borrowers and lenders. This inclusion of diverse assets not only broadens investment opportunities, but also introduces more mortgage options to meet the various needs of users. Through various innovative initiatives, Pac Finance strives to improve the lending field by providing more efficient capital utilization, customized lending options and diversified asset portfolios, thereby improving the overall user experience in the DeFi space.
Pac Points Airdrop Event
As the Big Bang Competition Winner, Pac Finance will receive huge Blast developer airdrop rewards, and 100% of these rewards will be airdropped to early users of Pac Finance. From the distribution method of airdrop rewards, we can see Pac Finance’s importance to community users and developers. Pay attention to.
Pac Finances airdrop activity Pac Points has been launched on February 29, 2024, and the end time will be determined based on the activity. Users can now obtain double point airdrops from Blast and Pac Finance by depositing assets, inviting friends, and earning points, which can be used to redeem Pac Finances future token airdrops.
According to team insiders, Pac Finance is currently negotiating with a number of centralized exchanges, including many of the leading exchanges. Pac Finance expects to issue coins in the next week or two.
activity description
There are four types of points in Pac Finance: Initial Points, Daily Points, Referral Points, and Team Points.
Initial Points: All Blast Leaderboard users will receive points worth 10% of their Blast deposit after registering through the invitation code.
Daily Points: Participating in Pac Finance interactions every day (lending, borrowing, and looping) will receive points rewards proportional to the transaction amount.
Referral Points: After users invite friends to join Pac Finance, they can receive 20% of the inviters points as a reward. If the invited friend continues to invite others to join, the original inviter will receive 10% of the friends inviter points as a reward.
Team Points: After reaching team milestones, you can earn up to 30% additional bonus points from your total team points.
How to participate
1.Open app.pac.finance/leaderboard, enter the invitation code
2. Connect wallet
3. Complete the tasks of connecting the Twitter account, following the Pac Finance official account, and forwarding the Pac Finance Twitter
4. Enter the main page of the App and click Deposit and other interactions
5. View points: Click Leaderboard above
How to create a team
Open Leaderboard → My Team → View the invitation code on the upper right → Copy and paste to share → New users are hereapp.pac.finance/leaderboardEnter the invitation code on the login page to join the team
Join the Pac Finance Community
