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Deepr Finance – The Pillar of IotaEVM Lending

What is Deepr Finance?

Deepr Finance is one of the first lending protocols introduced first on ShimmerEVM, and then later on IotaEVM.

The lending platform is a fork of the Compound Lending protocol, which several other large lending platforms utilize as a foundation.

The project already launched the token $DEEPR, which is rewarded for providing liquidity, borrowing and from staking $DEEPR.

The current marketcap sits at around around $7m, but not all tokens are in circulation.

You can purchase $DEEPR tokens on MagicSea.Finance.

And if you don’t have any funds on IotaEVM yet, then you can bridge assets using the Stargate Bridge.

The easiest way to bridge onto IotaEVM, is moving USDT from Polygon, Arbitum or Linea onto IotaEVM.
REMEMBER TO ADD GAS ON YOUR FIRST BRIDGE!

This can be done right above the “Confirmation” button to initialize the bridge.

If you forget to add gas, then you won’t be able to move your bridged funds afterwards.

After bridging your funds, simply swap the USDT into $DEEPR, and keep a few $IOTA in your wallet as well for future gas.


What services do Deepr Finance offer?

Well, it’s a lending platform..

But here is an overview of their features, borrowed from their own documentation:

  • Lending and borrowing: Deepr enables users to earn interest on their holdings while lending the platform their crypto assets. Users can also borrow assets from the protocol by pledging the assets deposited as collateral.
  • Market-driven interest rates: The assets available on Deepr are in demand and supply, which affects interest rates. The platform makes use of a dynamic interest rate model that responds to market situations in real-time.
  • Over-collateralization: A strategy used by Deepr to make sure that borrowers have enough collateral to support their loans. Users must deposit more assets than the amount of the loan they want.
  • Immediate access: There are no minimum deposit or withdrawal requirements for users to deposit into or withdraw from Deepr at any moment.

The supply APY rates on Deepr is very competitive, because of the current lack of liquidity.

Currently, there is only one USD stable-coin available, which is USDC.e.

The supply rate is right now 10.50%, but it has been moving between 7% and up to 35%.

This does not include the $DEEPR bonus rate, which is moving between 10% and 25%.

So even if you aren’t interested in buying some $DEEPR, then you’ll be accumulating them through both supplying and lending assets on Deepr.


Yay, another lending platform..

So in short, it’s a classic lending platform, which provides essential services to the IotaEVM chain.

You might think.. “But, it’s just another Compound clone, why is it special?”

And you’re right! It is “just” another Compound clone, but there is no reason to reinvent the wheel.

Without lending protocols, liquidity would remain scarce, which in turn stunts any attempt of growth a whole ecosystem.

IotaEVM is still very young, but more and more protocols are being launched on IotaEVM.

Some are simple clones, and others like Deepr, they actually develop further on the original codebase.


So, why is Deepr Finance important?

I mentioned it a second ago, but I want to elaborate a bit on my point.

Deepr Finance is one of the first protocols on IotaEVM, and also currently the biggest.

Their hard work, allows for liquidity to flow into IotaEVM and have a purpose.

Like it or not, for any chain to function, it needs to offer services and the infrastructure to sustain them.

If liquidity isn’t available on a chain, then users won’t bridge their funds onto the chain.

And development on both technical and community based innovation simply stops.

Memecoins, Protocols and Communities will not be able to flourish.

Without liquidity, everything stops..

I have said it in as many ways as I can.. I think.

Do you get it? No money, no funny.


So how is Deepr impacting IotaEVM?

Have a look at the charts below.

Sure, as of writing this article, the price of Iota has shot up, like the rest of the crypto space.

This does make the chart look insane, from this 6 months perspective.

Thank you DefiLlama for the charts and data

But even if you go back a couple of weeks, and really since the beginning, Deepr Finance has been at the top of IotaEVM, providing their essential service.

And as you can see, the top 2 protocols on IotaEVM are lending protocols, with the rest following as DEX and Perp platforms.

Thank you DefiLlama for the charts and data

What’s next for Deepr Finance?

The team is actively working on improving the platform.

The plan is to allow more assets to be used on the protocol, and the work to prepare for Iota-Rebased has also slowly begun.

Holders of the $DEEPR token will also be able to earn rewards from the fees earned from the protocol.

IotaEVM is still a young ecosystem, and Deepr Finance is one of the important protocols that keeps liquidity flowing into the ecosystem.

The potential is huge, and you’re lucky to be reading this now, instead of reading about Deepr on the big news sites. Because then it’s too late 😉

Have more questions about Deepr?

Join their Discord or ask them on their X account.

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