Silo V2 debuts on Sonic, offering flexible and secure DeFi lending
Silo, a non -guardian decentralized financial market, announced on Friday morning the launch of its V2 protocol on Sonic, a high performance layer 1 network.
This means that users on Sonic can now use the loan markets where the risks are separated. This means that if a market meets trouble, it will not drag others. After spending several security audits, Silo V2 is now live and has already attracted $ 400 million locked up in the platform.
Silo V1 has made a big splash in the Challenge World, facilitating loans worth hundreds of millions of dollars on more than 50 markets, without any projection or solvency problems.
Anyone can create a loan market for any ERC-20 token and personalize parameters such as loan / value ratios, liquidation thresholds and interest rates. This means more flexibility for lenders and borrowers and allows users to adapt strategies to adapt to specific assets and market conditions.
Users control
One of the biggest upgrades with V2 is that users no longer need authorization to create a market, it is open to anyone.
Silo has also introduced what are called “hooks”, which allows users to add new features such as the connection of different markets, the redirection of inactive funds to other platforms for additional return or the configuration of long-term loans.
The use of the ERC-4626 standard also means that Silo V2 will be able to communicate with other DEFI applications, which facilitates the movement of funds and interact with different platforms.
Smarter risk management
To keep things safe, Silo V2 now uses a double oracle system to separate LTV and liquidation threshold calculations, which makes the risk reduction more precise and reducing the chances of bad debt.
Another unique feature is that market creators can gain interest costs and incentives via an ERC-721 token. This creates a new source of income for market manufacturers while encouraging the creation of more diverse and more competitive loan options.
Ahead
After Sonic, Silo plans to deploy V2 on Ethereum, arbitrum and base, expanding its scope and cement its place in the DEFI space. With its combination of flexibility, security and scalability, Silo V2 is about to make decentralized loans more accessible and friendly than ever.
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