(Edit Dec. 22: The incentives rewards were announced after the original article was published. The changes have been updated below.)
Demex has integrated bNEO lending and borrowing into Nitron, the non-custodial exchange’s multi-chain permissionless money market. Each of the lend and borrow pools will have US $2,250 in bNEO incentives, which will be distributed as rewards over the next four weeks. At the time of press, approximately 31,500 bNEO has been pooled, which users can borrow at a 2.13% interest rate.
Demex is a fully non-custodial exchange offering spot, margin, and derivatives trading that launched in Dec. 2020. It is built on the Carbon blockchain, a standalone scalable layer-2 solution capable of handling up to 10,000 transactions per second. Users can access the platform with a Ledger, MetaMask, Keplr, or a Demex self-custody wallet. The non-custodial exchange was developed by Switcheo Labs, the team that won COZ’s first hackathon in 2018 and built the first non-custodial exchange on Neo Legacy.
Nitron launched in Nov. 2022 and is a decentralized money market that allows users to lend digital assets and earn interest if the asset is borrowed. Users can borrow digital assets in an over-collateralized manner, meaning borrowers have to first supply a higher value of whitelisted collateral than they borrow. The Demex team has released a guide to lending and borrowing, which can be found on their Nitron documents page.
Additionally, when users borrow digital assets from Nitron or deposit whitelisted assets, they can use that as collateral to mint the USC stablecoin. The USC stablecoin will be modeled after MakerDAO’s DAI token, which uses over-collateralization of digital assets to ensure its peg is held to US $1.
Looking forward, the Demex team will release more information about the incentives for bNEO lending.
The announcement can be found at the link below: