OpenLeverage Launches on Arbitrum, Enabling Permissionless Money Market for Long-Tail Tokens!

OpenLeverage Fills a “Void” in the Arbitrum Ecosystem 

OpenLeverage is launched on Arbitrum with Permissionless Money Market to provide more support for “long-tail tokens” like $MAGIC, $GNS, $RDNT, and $GRAIL on April 18.

The protocol has partnered with GMX, Radiant Capital, Gains Network, and Buffer Finance to facilitate more liquidity for borrowers, lenders, and most Arbitrum projects.

“Our upcoming permissionless liquidity market will enable Arbitrum borrowers to provide any token as collateral to borrow majors, unleashing liquidity for long-tail token holders to capture more opportunities and help reduce volatility and token selling pressure,” OpenProtocol said in a statement.

According to OpenLeverage, the Arbitrum ecosystem lacks a “truly permissionless lending and margin trading protocol.” The lending protocol claims that OpenLeverage can fill this void and benefit both communities. 

With OpenLeverage, individuals on Arbitrum can create margin trading markets in the same manner as they create liquidity pools on DEXs by accessing depth from Decentralized Exchanges (DEXs) without permission, unlike traditional leveraging mechanisms available on centralized exchanges (CEXs). By using the lending protocol, one can create margin markets without requiring permission for any pair.

As of now, 95% of Arbitrum's 300+ protocols are eligible to lend and borrow money under its permissionless money market. There are several decentralized exchanges that offer depth and allow you to open long or short positions, including Uniswap V3, SushiSwap, and more.

As per the protocol, OpenLeverage provides lenders with higher interest rates than other lending protocols on Arbitrum, thus increasing yields and alpha.

Worth notin, since its Mainnet beta launch in May 2021, Arbitrum One has experienced explosive growth as a leading Layer-2 Ethereum blockchain with improved transaction speed and scalability. Arbitrum’s TVL currently stands at $3.78 billion, with GMX dominating 29% of it. Arbitrum ($ARB) is trading at 1.57, down 9.95% in 24 hours. On the contrary, OpenLeverage ($OLE) is trading at $0.02505, down 11.77% in 24 hours. 

BSC News reached out to OpenLeverage to learn more about the recent launch, but we didn't get an immediate reply.

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What is OpenLeverage:

OpenLeverage is a permissionless margin trading protocol that allows traders or other applications to efficiently and securely long or short any trading pair on DEXs.

The protocol's goal is to create a decentralised crypto securities service for retail and institutional clients, as well as decentralised lending, derivatives trading, and asset management infrastructure that integrates with the global DeFi ecosystem.

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Where to find OpenLeverage:

Website I Twitter I Discord