Let’s take a look at what Gennix is, and how it tackles obstacles in the borrowing and lending space.
Gennix is a DeFi Layer 2 lending protocol. The project promotes end-to-end lending and borrowing of digital assets and related financial products, by operating on a decentralized network. A game-changing feature that distinguishes Gennix from other DeFi projects is its Trustscore and Blacklisting capabilities to provide a more transparent experience with other users.
Borrowing and Lending Problem
Limited Scalability And Slow Transaction Speeds
User adoption grows the Ethereum network but decreases transactions throughout the blockchain while fees grow. Every step of a transaction must be confirmed. To avoid double-spending, confirmation is required. Every confirmation must be awaited. At busy times, users can add more “gas” to speed up transactions. Gas fees are user-created fees. Miners must use a lot of computer power to process and validate transactions on the Ethereum blockchain. This limits Ethereum’s and its projects’ scalability. Ethereum is for smart contracts and DApps. Low adoption and scalability are hindered by high transaction fees and slow speeds.
High Gas Fee
A year ago, the total value of Ethereum protocols was only $1.25 billion. It’s now over $65 billion. The Ethereum network’s transaction costs have risen sharply in recent months due to rising DeFi costs.
Due to congestion, Ethereum’s network now costs more than $50 per transaction. Many open lending sites have lost popularity as consumers must now provide collateral and pay interest. A small loan may cost more than the interest due, resulting in a waste of time.
Lack Of Metrics To Authenticate Credibility
Borrowers are also cut off from their credit histories and identity maps. Conviction in multi-stakeholder partnerships is often linked to the collateral loss. DeFi lacks a credit score calculation method. Increasing leverage reduces winding-up incidents. However, inefficiency and missed business opportunities follow. Due to a lack of credibility criteria, institutions cannot decentralize lending and innovate financial products. Inefficient interest rates and higher operating costs are the results.
Lack Of Sophisticated Financial Products
Traditional capital markets offer many goods and services. However, organizations are easier to reach than consumers. Users must register to use an organization’s service. DeFi has rewritten the rules for mutual funds, term deposits, insurance, and stocks.
It empowers creators to produce and distribute these sophisticated financial tools and allows consumers to request apps they believe will benefit communities. Today’s decentralized financial market lacks these tools.
Yield Farms Only Benefitting Whales
Interest in high-yield farms has increased recently. Given their simplicity, user-friendliness, and annual percentage yield, yield farms have become a favourite among cryptocurrency investors (APY). However, due to high transaction fees, yield farms have become a haven for whales, similar to cryptocurrency trading.
Leveraging On Binance Smart Chain
With a dual-chain architecture, users can move assets between blockchains with ease. The Binance Chain allows users to trade instantly and build Dapps like Gennix. Users have numerous options due to universal connectivity. BSC allows other chains’ assets to be used in DeFi. By running on the BSC platform, Gennix offers increased scalability as well as faster transaction processing times.
Porting To Layer 2 Networks With Blockchain Infrastructure
The Gennix Protocol was built on BSC, which is interoperable and independent of blockchains. It also allows Gennix to “futureproof” its DApp against new blockchain developments. Finally, BSC’s high interoperability allows for seamless information sharing and communication between decentralized networks. The result will be permissionless, decentralized systems.
L2 Scaling Solutions & Sidechains
Anyone using the network on a side chain with a different validator set is presumed to be a validator on a state channel. Modification to non-custodial chain links occurs frequently.
A custodian side-chain transfers properties with its consensus and stability, while smart contracts guarantee non-custodial side-chain assets on the main chain. With Gennix, main chain nodes don’t need to keep track of every sidechain transaction. For example, users may enter the sidechain and leave with only one mainnet transaction.
Seamless Borrowing And Lending With Lower Collateral Ratios
Gennix uses BEP-20 tokens for BSC DApps. BSC allows for faster and cheaper transactions, as well as the ability to trade NFTs. Because BSC has lower operating costs, Gennix can move faster towards full decentralization by allowing community members to become validators. Unlike the Ethereum network, node operators needed a large cash base to become validators, which proved to be a barrier to entry.
By leveraging the BSC network, Gennix has made borrowing and lending easy and transformative.
They allow customers to deposit collateral and also offer a low-interest loan option that must be repaid before they can reclaim their collateral. A lower collateral ratio allows borrowers to borrow more, increasing the system’s overall usefulness. By allowing depositors to use their assets as collateral to secure loans to others they can generate income. Borrowers pay lenders’ interest, and lenders profit from the borrowers.
Because the crypto lending market has a glut of loans but little demand, the platform’s lower collateral ratios will give us a competitive advantage.
Trustscore Protocol & Blacklist Capabilities
Incorporating Gennix’s TrustScore is the final piece of the DeFi puzzle. When used properly. Those suspected of being fraudulent will be investigated further. These wallets and addresses will be blacklisted and easily identifiable. To protect the platform’s users’ interests, Gennix will notify consumers when other users are potentially fraudulent.
To determine a BEP20 address’s creditworthiness, TrustScore’s proprietary algorithms are used. TrustScore scans consumer activity on different loan platforms and protocols to only test credit behaviour using this whitelisted BEP20 address. The algorithm will only collect relevant financial data from users who need to be assessed when performing a specific activity. A layer of identification in a decentralized financial ecosystem solves over-collateralization. A separate paper outlining the detailed process will be published soon.
This protocol encourages under-collateralized loans, which lowers borrower barriers and increases lender returns.
Peer-to-peer lending has seen massive growth in demand for digital lending over the last two decades. Peer funding is widely used in microfinance. In addition, The need for micro-finance has become apparent since DeFi burst onto the financial scene. Micro-finance enables real-world fund deployment and significant value savings. Borrowing allows for micro-financing loans through a common pool and credit delegation to an option seeker who assumes the risk.
Gennix’s goal is to help lenders sell low-volume, under-collateralized loans. Current lenders bear a share of the risk of loan default and non-payment. Lenders have thousands of micro-credit portfolios as collateral. Spreading the exposure across multiple providers, it can protect the portfolio from catastrophic loss which allows DeFi to expand its lending markets to new markets.
Reward Users With NFT Yield Boosters
The potential of NFTs in this explosive new financial sector is limitless. They can be used as DeFi collateral or for more complex financial products like insurance, bonds, or options. Meanwhile, NFTs are typically used as collectables, they have incorporated them into our structure to provide utility and value to our investors.
New Upcoming Feature: Cross-Chain Stable Swap
Smart contracts can be used to lend, lease, and manage digital assets on cross-chain exchanges. Users can lend assets and collateral to blockchain networks without risking their tokens. In addition, a synthetic digital asset supply created by noncustodial collateral contracts blocks initial tokens or assets but allows network transfers.
During the borrowing period, the smart contract reconciles asset values across network nodes. Nuclear cross-chain swaps allow for instant exchanges between two tokens on different blockchain networks.
With these cross-chain bridges, real-time cross-chain atomic swaps are possible, so that lenders and borrowers can use blockchain networks to access multiple markets and financial products.
Total Supply: 1,000,000,000
As a $GNNX token buyer, you can use $GNNX to access the Gennix platform
- Stake $GNNX to generate additional capital
- Select Staking pools that generate the highest yield
- Interact with the borrowing and lending protocol
- Purchase exclusive Gennix NFTs
- Gain voting rights to set the direction of Gennix in the future
As a Lender on the Gennix platform
- Receive funds from loans back with interest, generating passive income
- Prevention of having idle funds
- Generate yield regardless of market conditions
- Experience higher interest rates on loans relative to traditional savings
As a Borrower on the Gennix platform
- Hold digital assets by using them as collateral for a loan, while having more capital for other activities
- Take advantage of arbitrage opportunities when borrowing on the Gennix platform and lending on other platforms
As a Staker on the Gennix platform
- Generate yield from Gennix staking pools
Ecosystem – 20% – 1-3 Years Locked
Team & Advisors – 20% – 3 Years Locked
50% Yearly After
Seed Funding & Initial Development – 10% -17 Months Locked
50% unlocked in Month 18, 5% Monthly After
1st Round Exclusive Sale – 5% – 14 Months Locked 50% unlocked in Month 15, 8% Monthly until month 21, last 2% to be released in month 22
2nd Round Private Sale – 10% – 11 Months Locked 50% unlocked in Month 12, 10% Monthly After
Reserved for Future Sale – 10% – TBC
Promotion & Referral ($GNNX Token Airdrop) – 5% – Unlocked 100%
Liquidity – 20% – Unlocked 100%