Summary
We launched Ribbon Lend [1] three weeks ago. Since then Lend’s TVL has rapidly grown to $45M across the Wintermute and Folkvang pools and currently has $35M [2] in open loans. Ribbon Lend has found significant traction, offering 12% (7% interest + 5% RBN emissions) lending APY on USDC.
Now is a good time to introduce more pools onto the platform to offer users more choice. The community needs to decide the next two institutional borrowers to onboard onto the platform. Other institutions will be voted on and their pools rolled out in the following weeks.
Voting
The four borrowers are:
- Parallel Capital [3] (Credit Rating: AA). Founded in 2018, Parallel Capital is an algorithmic, high frequency proprietary trading firm that specializes in providing liquidity within the cryptocurrency markets 24/7/365. Parallel Capital is a major though under-the-radar player in the cryptocurrency market making ecosystem, founded by industry veterans from both Wall Street and Silicon Valley in a melding of finance and tech. Parallel Capital profitably trades tens of billions of USD per month with zero monthly drawdowns since inception, outperforming much larger and better funded teams.
- Auros [4] (Credit Rating: A). Auros is an algorithmic trading and market-making firm founded by derivatives traders and trading system architects with over 20 years of experience, generating daily notional turnover in billions of dollars. Auros’ technological heritage combines sophisticated pricing models and state-of-the-art execution capabilities, delivering robust and reliable trading performance. Our unique partnership-based approach to external liquidity provision has rapidly established us as a go-to market maker for token projects. Auros also has deep expertise in structured product trading, DeFi optimization, and liquidity-led investments.
- Amber Group [5] (Credit Rating: A). Amber Group is a leading digital asset company operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading. Amber Group is backed by prominent investors including Sequoia, Temasek, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com. Operating at the center of markets, Amber provides a full range of digital asset services spanning liquidity provisioning, trading, financing, and investing. Across all products and categories, Amber Group has turned over $1T in volumes since inception. Amber Group works with companies ranging from token issuers, banks and fintech firms, to sports teams, game developers, brands and creators.
- Nibbio [6] (Credit Rating: A). Nibbio is a leading crypto-currency-only, market making and arbitraging firm. After several years as high-frequency traders and developers in top-tier banks, we started our crypto journey in 2017 by developing our algos and risk management systems and were connected — at the time — to more than 150 crypto exchanges. Since then, we have gone through all the stages of developing a leader in crypto market efficiency, starting from basic triangular arbitrages to market-neutral strategies on derivatives, where we now provide liquidity across all the major trading venues — trading more than $5 billion volume daily.
Note that all the choices presented have undergone KYC/AML and have completed credit underwriting with Credora [7] with strong credit scores [8] .
Voting
This proposal will be posted on the forum for 5 days prior to voting. Voting will then be open on Snapshot for 5 days. Each voter will be able to vote for two of the four options. The top two voted market makers will be part of the second cohort.
References: