This whitepaper/originating information accuracy is in no way endorsed by Curious Cosmonaut Research. This paper’s content was aggregated from their website here on 1/13/2023 as part of a series to make content more accessible from one place in Cosmos.

LENO Network

Lending and Borrowing Platform | Self-Oracle | Price Chart | Lauchpad

Introduction

LENO, a fully decentralized, non-custodial liquidity protocol on Juno Network, enables users to easily lend, borrow and earn interest with their crypto assets. Depositors provide liquidity to the protocol to earn passive income and use the deposited assets as collateral to borrow another supported assets.

How to use Lending and Borrowing Protocol?

Users deposit their preferred assets supported  by the protocol. Depositing assets into Leno enable users to interest earning based on the market borrowing demand. Additionally, depositing assets allows consumers the ability to borrow other assets by using the deposited assets as collateral.The interest earned by depositing funds may help offset the interest rate users accumulate by borrowing.

Advantages

Leno creates a UI/UX friendly platform for users to maximize profit by leveraging their assets:

1. Easy to use: Connect your Keplr wallet, Deposit and ready to go!
2. Easy to borrow:

• Diverse selection of token pools
• Highly available liquidity in each token pool (based on an incentive program with governance tokens)

3. High Capacity Utilization Rate: optimize total allowed borrow from users’ assets.

4.Fixed Rates: No fluctuating interest rate for the borrowers or lenders.

5. Active Supports: Via a great supportive Moderator Team, users will get support whenever they need.

Risks

The potential risk related to the protocol include Liquidation. The team has taken necessary steps to reduce the risk to the minimum by keep updating the plaform and receiving users’ feedback to enhance users’ experience. Furthermore, we keep our protocol’s information public and easy to understand for everyone.For more information, please visit Risk.

Disclaimer:

These docs are a work in progress and are changing daily. Please continue to monitor them to understand more about the product specification as it evolves. It would be best to not take any of these docs as a fixed promise or commitment from the Leno Network Team. The contents and timelines of the releases of products may and will change dynamically as the market requirements evolve and as our planning evolves to account for more accurate product requirements and implementation constraints.We indeed are thankful for your Interest in Leno Network.

Main FeaturesOur goal: MAKE JUNO GREAT AGAIN

Leno Network is not only Lending & Borrow platform but also provide massive services for Juno Ecosystem.To achieve our goal, we have to try to attract money flow from other chains into the Juno Network.Therefore, besides lending and borrowing platform as the main product, we have developed more products to support the development.Here is our Product Roadmap without Specific Time. It's just an order of Product's release Time.

Lending & BorrowLenoLend is Here!!

The main product that Leno Network will launch is a decentralized overcollateralized lending product. With the goal of becoming the largest lending platform on the Juno Network, LenoLend aims for stability, low transaction fees, optimal liquidation penalty fees, collateral ratio and liquidation thresholds. We believe such a product would definitely be more user-friendly for borrowers and lenders bilaterally and will enable us to take a leading position in the Juno ecosystem.

Let's find out what Lending & Borrow platform is and how it works:

Deposit/Withdrawals

Deposit

There are no requirements about minimum or maximum deposits.Deposit assets will be use as collateral and users can deposit their favorite tokens (available listed) to

• Earn interest rates (from lending and $Leno incentive).
• Borrow another assets (use as collateral to maximize your investment).

Withdrawals

Users can withdraw assets as long as those funds are not currently being used for other purposes such as borrowing or withdrawing. Most importantly, the limit of protocol quantities being withdrawal could not make total pool come to empty.

Earning interest

Depositors will receive accrued earnings (interest) on their deposit assets. The earning rates adjust algorithmically for each asset based on their independent market conditions.

Collateral commitments

Before commitments, users are required to read contract thoroughly, and agree on risk acceptance, and conditions of deposited liquidity.

Borrow/Repayments

Borrow

User is required to deposit asset to be used as collateral. The deposited asset will be used as collateral for borrowing.The maximum amount that can be borrowed depends on the amount of collaterals on the user’s account.Borrow limit shows the maximum amount that can be borrowed by users. The general advice is to pay close attention to Borrow Utilisation to avoid being liquidated. More information about liquidation can be found Liquidation and Health Factor.

Repayments

Repayments can be done directly and immediately when users are able to and need to repay.

Parameters

Collateral Factor (Loan-To-Value Ratio)

The maximum amount a user can be borrow with a specific collateral. For example, the LTV for Juno is 60%, the maximum that can be borrowed is $60 for each $100 in Juno collateral.

Liquidation Threshold

Liquidation Threshold is the percentage by which a position is defined as collateral deficient. For instance, Liquidation Threshold of 80% means that if the value rises over 80% of the collateral, the position is collateral deficient. Then the asset might be liquidated.

Reserve Factor

Reserve Factor allocates a share of the protocol's interests to the collector contract as a reserve for the ecosystem.It is adjusted based on the risks of the asset. For example, stablecoins are assumed as less risky assets with low reserve factors while volatile assets are assumed to have more risks with higher factors.For example: a $100K borrow of Juno for a year, at 10% borrow APY and Reserve Factor is 15%, would result in $10 000 × 15% = $1 500 reserve fees for the protocol upon repayment.

Liquidation Bonus (Discount)

This is a bonus on the asset price paid to a liquidator when the liquidator purchases the collateral asset that has passed Liquidation Threshold.

Close Factor

The maximum amount that can be liquidated in a single transaction. For example, a close factor of 50% means that a maximum of 50% of a liquidatable account's borrow can be repaid in a single liquidation transaction.

Whitelisted Collateral

How does LenoLend work?

Health Factor

Users can borrow against their supplied assets. All positions must be over-collateralized. The risk of a position can be understood through the Health Factor, which represents the combined collateral ratios of the borrowed assets.

Computation

The Health Factor (HF) is computed per account instead of per asset.Each asset on Leno has a configuration value collateral factor which indicates the expected price stability factor.The higher the factor, the higher expectation of the stability of the price of the corresponding asset.To compute the current health factor for the account, we need to know the current prices of all collateral and borrowed assets.

If the health factor is higher than 100%, it means the account is in a good state and can't be liquidated.

If the health factor is more than 100%, it means the account can be partially liquidated and can't borrow more without repaying some amount of the existing assets or providing more collateral assets.

Interest Rate Model

Leno Network uses a compounding interest model similar to Aave.

Based on these values we define 3 points of utilization: 0%, target utilization and 100%. For each of these points we have the r constant: 1.0, target utilization APR and max utilization APR respectively.

where MS PER YEAR is the number of milliseconds in a year equal to 31536000000.Based on the current supplied, reserved and borrowed balances, the current utilization is defined using the following formula:

To compute the current APR, we need to find the current r constant based on the linear interpolation between utilization points:

• if Utilization≤Target  UtilizationUtilization \leq Target \; UtilizationUtilization≤TargetUtilization

if Utilization>Target  UtilizationUtilization >Target \; UtilizationUtilization>TargetUtilization

Note: TU APR = Target Utilization APR.To calculate the amount of interest acquired for the duration of t milliseconds, we can use the following formula:

You can refer to the picture below to better understand the mechanism as well as how to calculate the interest rate.

Liquidations

Introduction

A liquidation is triggered when an account's Health Factor goes below 100%, due to its collateral value not being sufficient to cover the debt value. This might happen when the collateral decreases in value or the borrowed debt increases in value. Leno's liquidation mechanism is designed to make liquidators compete for the profit that they make during liquidations to minimize the loss taken by unhealthy accounts. This is achieved by introducing a variable discount with variable liquidation size, Instead of offering a fixed profit that is used in other protocols.

Liquidation rules

The first rule only allows liquidating accounts in an unhealthy state. The second rule prevents from taking more collateral than the repaid sum (after discount). The third rule prevents the liquidator from repaying too much of the borrowed assets, only enough to bring closer to the 100%.A liquidation action consists of the following:

• address - the address that is being liquidated
• in assets - the assets and corresponding amounts to repay form borrowed assets
• out assets - the assets and corresponding amounts to take from collateral assets

Once the action is completed, we can compute the final values and verify the liquidation rules:

1. 1.health factor < 100%
2. 2.discounted collateral sum ≤\leq≤ repaid sum
3. 3.new health factor < 100%

Liquidation example

Address juno123...456 supplied to collateral 1000 Juno and borrowed 4000 axlUSDC.Let's say (note: the numbers are hypothetical for illustration purposes only):

• the price of Juno is 10
• the price of the axlUSDC is 1
• the collateral factor of Juno is 0.5
• the collateral factor of axlUSDC is 1

Launchpad

Leno is also the major micro and small cap decentralized launchpad on Juno Network.Leno Network will support crypto and blockchain project that aspires to launch on Juno Network. Bringing the stability, safety and future of Juno to you with LenoPad.

IDO - Intial Dex Offering

It's LenoPad

Introduction

LENO is motivated by strong desire to help others, our vision is straight forward to build a Decentralized, safe and easy to use launchpad on Juno Network. We will offer projects that are willing to launch on Juno Network and investors, to get an opportunity to get involved in the launch of the project on our platform.

What Problems Is LenoPad Aiming To Solve?

PROBLEM: Not all launchpads focus on the security of their investors. They don’t take all the necessary steps to ensure their projects are safe and worthy before exposing their investors.SOLUTION:

• Any project team who wish to be eligible for launch, MUST pass INTERNAL KYC.
• Projects will need to pass audit by Leno Team.
• Liquidity and Project tokens will be locked for adequate time via DaoDao.
• Only projects with usecase will be considered for launch.

LenoPad has been developed and put together by the team behind many successful projects and through our existing network of contacts, experience and dedication, LenoPad will be propelled to the next-level.

Tier Allocation

To be eligible to participate in IDOs, users will need to hold and stake $LENO tokens. Lenopad will have 3 tiers and all tiers will guarantee an allocation.

How Does The Tier System Work?

As an example, let’s say we have 100 participants in this IDO and we have 1,000,000 tokens for sale, let’s calculate how many tokens will be available for each investor based of every tier. 55 Bronze, 35 Silver, 10 Gold tiered participants.(Pool equation = Participant x Pool weight)

Bronze: 55 x 1 = 55

Silver: 35 x 7 = 245

Gold: 10 x 50 = 500Total Weight: 800-----------------------------------------------------------------------------------------------------

Weight equation = Tokens / Total weight or 1,000,000 / 800 = 1250(Pool equation x Weight equation)Bronze: 55 x 1 x 1,250 = 68,750Silver: 35 x 7 x 1,250 = 306,250Gold: 10 x 50 x 1,250 = 625,000-----------------------------------------------------------------------------------------------------

Each Participant will receive token base on their Tier.(Weight equation x Tier pool weight)Bronze: 1,250 x 1= 1,250 Tokens per participantSilver: 1,250 x 7 = 8,750 Tokens per participantGold: 1,250 x 50 = 62,500 Tokens per participant

What's LenoPad goals?

The goals of LenoPad are two fold, they are:

1. Project Support Goals: Providing innovative projects with the support and resources they need to succeed. Such projects are either supported in early seed funding stage through our incubator program or in the market entry stage through our LaunchPad.                                                                                                                                              

The Incubator program provide selected projects with development funds and other resources such as experienced developers to help build products, marketing team to aid with business growth and any other kind of supports that such a project might need.                                                                                                                                                                    

The LaunchPad help projects which already have products and are ready for market entry. The LaunchPad helps these projects to run quality and well coordinated IDO or token generation events. LenoPad adopts a solid marketing strategy to ensure that the IDO events are highly successful.

2. Best Earning and Investment Opportunities for Users: Users of LenoPad gain early investment opportunities to high quality and innovative projects on a regular basis. Our users can invest in these projects at the seed funding stage through our novel decentralized incubator protocol or in the market entry stage by participating in IDO or token generation events held in our LaunchPad.  This gives our users entry points to maximize the turnover of their investments. In addition to these, users also earn great staking and liquidity mining rewards.

Oracle

Overview

Leno Network will provide price feeds prior to the completion of lending and borrowing protocol.Decentralized oracle technology is a key component of any lending protocol as it is vital to have a live pricefeed within smart contracts for the calculation of interest rate algorithms and precise liquidations.The initial price feeds being launched include: Atom, axlUSDC, Juno, Osmo. Additionally, Leno will launch additional Price Feeds to support the growth of Juno Network in the future.

Products

1. Price Feeds of 4 tokens: Atom, Juno, Osmo, Raw.
2. Additional Features.
3. Price Feeds of tokens on Juno Ecosystem.
4. Price Charts.
5. Optimize Oracle across Centralized and Decentralized exchanges.

How to secure Leno's Oracle system?

Leno aims to get asset data across the biggest centralized and decentralized exchanges to ensure tick-based liveness and accuracy. Security is our top priority and we have built comprehensive fallback systems, safety switches, and internal 24/7 notification systems to monitor the health of our oracles. Additionally, we are extremely selective on the assets that we list based on factors such as the richness and reliability of token data and liquidity.

NFT Lending

Coming soon

Overview

LENO is the native token of Leno Network.

Symbol: LENO

Network: Juno Network

Token Type: CW20 - Standard

Decimal: 6

Total Supply: 100 000 token

Token Address: juno18gxsdfrhxdyy4699a3gqdgd8cl5fsku2rsdj6az0w3f7ltue2pxs77vs4u

Usages

LENO is a native token on Leno Network. $LENO will be used as:

• Governance Token: Empower Stakers to decide Protocol’s future: Protocol Fees, Whitelisted Tokens,…
• Staking: Staking Platform will be built to bring more benefit to Holders.
• Earning Protocol Fee: 70% Protocol Fee will be distributed to all Tiers weekly with specific Conditions.
• Tiers: To encourage holders to hold $LENO, there will be 3 tiers with many attractive benefits.

Tokenmetric

Team

Our Team

Hubert Wilson: CEO - FounderHubert has more than 8 years in Venture's Research Team, including 3 years when he was a major contributor and managed the team building rating-board for judging Projects easier. Hubert joined Crypto Business in 2019 and he was former CEO of 2 tech-startups.

Roderick Davis: CTO - Co FounderRoderick started his career in 2015 at a huge IT company in Singapore, following winning a prize at IT SPS competition in 2016. In 2018 Roderick joined Crypto Currency as an IT Engineer and crypto investor, where he was responsible for building many core features for many projects.

Leno Network

Website - https://lenonetwork.io/​

Twitter - https://twitter.com/LenoNetwork​

Discord - https://discord.gg/JVpCT5B9Te​

Github – https://github.com/LenoNetwork​DaoDao:https://daodao.zone/dao/juno10zwd5hepqw8qmkwcx29khk6llhzekx7khrhmv9exul753kuqp3qskdksxp​

Medium: https://lenonetwork.medium.com/