Apricot Finance is our Project of the Month! October 2021

18 Oct 2021
Apricot Finance is our Project of the Month! October 2021 Banner
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MarketSquare is the new homepage for the decentralized web, and as such, we have plenty of great projects that have already joined us. From Blockchain games and DeFi protocols to NFTs and entire ecosystems, MarketSquare has it all. Every month we highlight some of the best performing projects and show them some much-deserved love and attention. Apricot Finance is a next-gen DeFi platform built on the Solana Blockchain. Having only been around for a few months, Apricot has already gained massive traction and is very close to its mainnet launch. For this reason, we have selected them for our October 2021 Project of the Month!

DeFi Done Differently and Definitively

A few weeks ago we released a DeFi Spotlight article on Apricot Finance explaining its unique mechanics and why it provides lenders and borrowers with a significant edge when yield farming on leverage. In principle, Apricot’s offering consists of three interrelated parts, namely Apricot Lend, Apricot Cross-Farm (X-Farm) and Apricot Assist. Without getting into the real nitty gritty, we’ll briefly summarize the functions of these three components:

  • Apricot Lend - Since Apricot is cross-margin, users can deposit any cryptoassets, including LP tokens, and gain borrowing power in the process
  • Apricot X-Farm - A ‘logical extension’ for a lending protocol, X-Farm allows users to start leveraged yield farming without ever having to actually own any of the underlying tokens. Users can deposit non-stablecoin cryptoassets as collateral and borrow both with up to 3x leverage
  • Apricot Assist - An ‘automated self-deleveraging assistant’ and arguably the finest part of Apricot’s arsenal, Apricot Assist allows users to decide under what conditions, which assets and what portion of said assets should be sold or redeemed in order to prevent positions being liquidated

If you would like to find out more regarding the above, be sure to check out our DeFi Spotlight on Apricot. The above summary is something of an oversimplification, but it covers the fundamental aspects of the protocol. Apricot themselves have also been kind enough to provide their own summary from their most recent Medium article covering their upcoming mainnet launch:

Apricot Finance is a next-generation lending protocol on Solana , offering cross-margin leveraged yield farming and an automated self-deleveraging mechanism that enables users to maximize returns while maintaining downside protection. In the future, Apricot plans to tap into the concept of securitization in traditional finance to explore sustainable solutions for bad debt processing.

While the underlying mechanics behind Apricot are suitably complex, virtually all of the grunt work is handled by the protocol itself. The result is a highly intuitive and easy-to-use DeFi platform that allows users a greater amount of freedom while significantly bolstering their personal financial security. By eliminating barriers to entry and introducing novel technologies to the the lending and borrowing mix, Apricot Finance has effectively reimagined DeFi and opened it up to a much wider audience in the process.

Imminent Mainnet Launch

The inertia within and behind the Apricot Finance team is nothing short of immense. Having secured $4 million in funding as recently as August 25th 2021, Apricot has blazed the proverbial trail and is already on the precipice of its mainnet launch having enjoyed a successful testnet release on September 10th. In fact, the mainnet launch is billed to occur on October 19th at 10 AM EST. The amount of time and effort that has been plowed into reaching this enormous milestone is undeniably massive, and we have every confidence that the team has worked tirelessly to ensure that the final product is everything users hope for and then some.

New Features

You can be sure that the Apricot team hasn’t stopped their development work and are constantly reviewing feedback and considering the value of their overall offering. The following briefly outlines the main updates to the protocol since we first covered Apricot in our Spotlight article:

  • Assist History Archive - As you might have guessed, this relates directly to Apricot Assist, which will automatically trigger and deleverage a user’s account when their Borrow Limit Used exceeds the Trigger Level as defined by the user themselves. As long as Assist is enabled, users are largely protected against the possibility of liquidation. Since the world of crypto never skips a beat, Assist may trigger when a user is asleep or busy with some other activity. For this reason, Apricot’s team has introduced a record that details all Assist trigger actions so that users may review said actions and determine exactly what occurred at a given point in time.

An example of how a triggered event is recorded within Apricot’s platform

In addition to the above, in order to make Apricot Assist function more efficiently within the mainnet environment, each time Assist is triggered, exactly *one *action is carried out rather than a string of actions. In most instances, this single action is sufficient to bring a user’s account below Assist’s Trigger Level. However, if this is not the case, Assist will simply trigger numerous times, and with each new triggered event, a record will be logged in the Archive for a users to review at their leisure.

  • Light Color Mode - A number of testnet users requested the addition of a light color mode for Apricot’s platform. For this reason, the team has delivered a theme intended to instill a sense of tranquility and comfort in end users. To this end, Apricot’s light mode should help its users to enjoy a largely stress-free yield farming experience.

Apricot’s new light mode will definitely brighten up your day

New Partners

Apricot, much like MarketSquare, is all about partnerships and collaboration. Apricot is dedicated to the development of Solana’s growing DeFi ecosystem and is working in tandem with its partners to achieve all-new milestones. These new partners include:

  • Wallets - Once Apricot’s mainnet launches, support for Phantom, Sollet, Coin98, Solflare, Slope and Math will be added
  • New Asset Pools - Apricot already has a a pipeline of collateral assets and farming pools they are actively working to bring online as soon as possible. Users can visit their Discord or Telegram and tell the team exactly what elements they would like to see supported first

Here’s to Apricot Finance!

With such an active team and engaged community, not to mention a replete protocol with all the bells and whistles, Apricot Finance is more than deserving of MarketSquare’s Project of the Month for October 2021. Having personally engaged with the core team on a number of occasions and followed their swift progress closely over the past few months, we can confidently say that Apricot Finance is entirely legitimate and set to make a major impact within the world of Decentralized Finance. Congratulations, and here’s the a bright, decentralized future!

Brynn is the Content Manager at ARK.io, lead DeFi writer for MarketSquare and die-hard metalhead. When not researching yield farming, he spends his time crushing demons in DOOM or shredding his favorite axe.
Tags:
Project of the Month
DeFi
Apricot Finance

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