The Qoda protocol is a decentralized loan exchange that allows users to borrow and lend cryptocurrencies in a trustless and decentralized manner. Recently, Qoda has been launched on Moonbeam, a cross-chain smart contract platform that enables the creation of applications that can connect with assets and services on every chain. This article will explore Qoda’s features and the advantages of being on the Moonbeam network.
What is Qoda?
Qoda is a decentralized loan exchange that allows users to borrow and lend cryptocurrencies without the need for a centralized intermediary. It is built on the Moonbeam network, which provides the necessary infrastructure for cross-chain interoperability. Qoda’s features include:
On-chain Order Book
Qoda features an on-chain order book that allows users to place orders and execute trades on a decentralized platform.
Isolated Collateral Tier
Qoda offers an isolated collateral tier, which allows users to secure their loans with market-tier assets.
Qoda allows both overcollateralized and undercollateralized borrowing options for its users. Users can choose from fixed interest rates and fixed maturity loans.
Repayment Redemption Ratio (RRR)
The Repayment Redemption Ratio is a key feature of Qoda that ensures that the borrower has sufficient collateral to pay back their loan.
What is Moonbeam?
Moonbeam is a cross-chain smart contract platform that enables the creation of applications that can connect with assets and services on every chain. It combines the capabilities of Ethereum, Cosmos, Polkadot, and others onto a single platform. Moonbeam’s primary goal is to enable interoperability between different blockchains.
The conventional token for Moonbeam is GLMR. It is used for transaction fees and is also required to deploy and execute smart contracts on the Moonbeam network.
Qoda on Moonbeam
Qoda has been launched on Moonbeam, which provides the necessary infrastructure for cross-chain interoperability. This allows Qoda to connect with assets and services on every chain, providing users with a more comprehensive decentralized loan exchange experience.
Following Qoda going live on Moonbeam, major alterations are being made to the basic functions of Qoda. These include the conventional token backing and the Talisman wallet incorporation. Qoda is also backing two networks: Moonbeam and Moonriver.
Changes to the Design
Changes are being made to the design of Qoda, including a minimum and maximum backing of form fields. There are also updates on some form field backing and validation texts to bring about further clarity. Design changes are being carried out for the backing of new wallets as well as multi-network. Currently, Qoda has no token on the Moonbeam network.
As a part of their future plans, Qoda will be actively engaged in developing an incentive-based program targeted towards liquidity providers, such as lenders, borrowers, and others associated with the platform. Qoda will also be indulging in fresh collaborations and incorporations. They are already contemplating the idea of a DAO.