Hey r/CryptoCurrency community — here to provide a quick project update related to Bonzo Finance, the first lending & borrowing protocol based on Aave v2 for the Hedera DeFi ecosystem. Found below are some quick project updates! Let us know if you have any questions, we're here to help ????

Hedera DeFi Ecosystem Overview

Hedera's DeFi ecosystem has seen an influx of adoption throughout 2023 & 2024 — TVL is up 122% YTD and DEX volume (lead by SaucerSwap, operating Uniswap v3) is at all time highs. Detailed information about the Hedera DeFi ecosystem can be found in Messari's Q2 Hedera DeFi research report: https://messari.io/report/hedera-defi-ecosystem-analysis

Bonzo Finance: Lending & Borrowing on Hedera

To further expand the functionality of the Hedera DeFi ecosystem with lending & borrowing, Bonzo Finance is launching on mainnet in Q3 of 2024. The testnet instance of the protocol is already live with over 400 unique accounts already trying it out, providing invaluable feedback, and helping us test.

Verifiable, Auditable Points using the HCS-20 Points Standard

Inspired by Kamino & Marginfi on the Solana network — points are designed to reward users for protocol engagement & help usher in DeFi 2.0 on the Hedera network ????

The Bonzo Finance points campaign starts day one of mainnet launch & runs for three seasons, each lasting ~6 months. Throughout each season, users are rewarded points for lending & borrowing activities. At the end of each season, accumulated points are converted to airdrop rewards ????

The introduction of HCS-20 points (auditable points standard on the Hedera network) provides an additional incentive for Bonzo Finance users to supply liquidity to and borrow liquidity from the protocol. This reward system utilizes the native HCS-20 standard, ensuring transparency and audibility of points, increasing the adoption of the Hedera network’s native functionalities.

Projects on other networks can employ the HCS-20 points system for their protocols, instead of using a database, and we're happy to chat with project leads about implementation of this.

Roadmap / Development Updates

• Testnet Deployment | Completed
• Safety Module Development | Completed
• Flash Loans Template Development & Testing | Completed
• NFT Collectibles (INO) Sale | June 17th, 2024 - June 24th, 2024 [Link]
• Formal Smart Contract Audits | June 20th, 2024
• Mobile UI/UX Design / Implementation | July 10th, 2024
• HCS-20 Points System Design / Implementation | July 20th, 2024
• Mainnet Launch | Q3 2024

Resources

As always, happy to answer any questions about the Bonzo Finance protocol, DeFi 2.0, and the points system described above. You can join our Discord and learn more about Bonzo Finance via the following resources:

Website | https://bonzo.finance
Docs | https://docs.bonzo.finance/
Discord | https://bonzo.finance/discord/
Litepaper | https://docs.bonzo.finance/bonzo-finance-litepaper/
???? | https://x.com/bonzo_finance