Introduction of Layer Protocol

Introduction

Layer is a DeFi contract that supports all BEP-20 asset deposits & loans. Users can deposit any BEP-20 token in the contract and gain interest yield from borrowers. Matching the demand of borrowing, users need to deposit supported assets as collateral before lending money from layer

Layer has many advantages compared to mainstream competitors:

a.Widely adopted all kinds of BEP-20 standard token assets.

b.Risk isolated among difference pools.

c.Creating the ability to go margin long/short on a large variety of tokens.

d.Fair launch with no pre-mining.

Core functions

Deposit:Users can inject assets into the lending pool and obtain interest income through the “deposit” module.The specific steps are as follows:

a.Login app.layer.cash, purse or other connection MetaMask wallet.( BSC& MetaMsk Wallet Setup Boot)

b.Switch to the loan pool for deposit/withdrawal operations.

c.Find the corresponding asset item in the “Deposit Market” asset list, and make a deposit with the “Deposit” button on the right.

d.The assets that have been deposited in the loan pool can be used as pledge assets when borrowing, or they can be withdrawn at any time when needed.

Borrow:

a.When borrowing through the Layer.cash platform, you must first inject mortgage assets into the agreement.

b.The operation of collateral asset injection is equivalent to the operation of depositing into the agreement.

c.After completing the deposit operation of the pledged asset, the agreement will calculate the maximum loanable amount of the asset that can be borrowed based on the market price of the asset and the pledge rate set by the fund pool.

d.After the user completes the pledged asset injection, the asset that needs to be borrowed can be found through the “borrowing market” list.

e.Click the “Borrow” button on the right and enter the amount of assets to be borrowed to submit a loan request.

Liquidation

When the market price of pledged assets (deposits) fluctuates, causing the borrower’s account to be repaid equal to or greater than the maximum loanable amount, the liquidation auction of the borrower’s pledged assets will be triggered to avoid the loss of the depositor’s assets due to the borrower’s default . When the user account asset data meets the following conditions, the clearing mechanism will be triggered:

ΣPledged asset price (market price)*Asset pledge coefficient ≤ total loan amount to be repaid (including interest)

Note: When the user’s asset “health value” ≤ 1, the liquidation process will be triggered.

Economic model

A.Protocol Token Information:

Token Name:Layer

Total circulation: 100,000,000

B.Token function

-Agreement governance:

Users who hold Layer will be able to participate in agreement governance. The scope of governance includes: adjustment of general parameters such as asset pledge rate, liquidation coefficient, and liquidation penalty; newly supported lending assets, etc.

-Participate in market-making mining

Provide liquidity and get market-making incentives

C.Allocation

The release of Layer tokens will take a completely fair start with zero pre-mining. The 80% (80 million) of the total issuance is owned by the community, and distribution will be completed within 4 years through liquid mining. The 10% (10 million) will be used as incentives for the development team to support the team’s continuous iterative optimization of the platform and protocol. The 10% (12 million) is used as an ecological development fund to provide necessary expenditures such as external cooperation and code auditing to assist project construction.

DAO Treasures (80% of total circulation)

Team incentive fund (10% of total issuance)

Ecological Construction Fund (10% of the total issuance)

D.Genesis mining
Within the first four weeks of the project’s launch, approximately 10 million $LAYER in the DAO Treasures will be allocated for community rewards. In the first week, 26.4 $LAYER will be distributed per block, and will be halved every week thereafter.

Agreement governance

In order to provide Layer users with a convenient experience of participating in governance to the greatest extent, the governance of the agreement will adopt the “zero gas cost” snapshot off-chain voting governance method.In the initial stage, snapshot voting will be initiated in a specific format after the team gathers community opinions. Unless otherwise stated in specific circumstances, users can log in to the voting page to vote within 24 hours after each vote is created. After the voting ends, the team will make corresponding contract adjustments based on the voting results and publicize them in the community.

Official links

Twitter: https://twitter.com/layerdotcash

Telegram: https://t.me/layerofficial

Website:https://layer.cash

Medium: https://medium.com/@layeroffical

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