Fantom Ecosystem Spotlight – The Granary
In many world cultures, grain and granaries symbolize wealth, productivity, and the individual right to land and its produce. Grain itself was used as a very early form of money. Little wonder, then, that the focus of this week’s spotlight has chosen such an archetype for its brand.
The Granary is a relative newcomer to Fantom, bringing exciting and profitable passive income opportunities to the ecosystem.
1. What is The Granary?
The Granary is the most community-focused multi-chain lending platform in existence.
2. How do you introduce The Granary to a DeFi novice?
The Granary is a simple and fun way to lend and borrow assets in a fully decentralized way.
The protocol specializes in two areas: Risk Management and Community Focus. We return most of the benefit/profit of the platform to the users.
To interact with The Granary, you simply need to deposit your preferred asset and amount.
Once you do that, you’ll immediately start earning passive income based on the demand in the market for borrowing the deposited token or coin. After depositing assets, you can collateralize and borrow against them as well.
3. How did you come up with The Granary, and what inspired you?
The Granary is a play on the original merchant banks, which arose during the Middle Ages, trading things like grain and cloth. The Granary is a way of communicating simple roots and a “humble farmer” style.
The fact that granaries were often used as a shared resource serving entire communities rather than one person really captures the ethos of this project.
4. What makes The Granary different from other lending protocols?
Our LTV (Loan-to-value) ratios are higher than our competition. In other words, our higher capital efficiency allows you to borrow a more significant percentage of your collateral to farm, trade, etc.
We offer improved gas optimization versus other platforms, and not least of all, we’ve worked with Byte Masons to secure the platform. We aim to be the number one native-Fantom, multi-chain lending protocol.
From the outset, our focus has been multi-chain, and our ultimate vision is to offer revenue sharing that rewards our users with protocol fees from all deployments of the Granary protocol.
5. What are the team members’ backgrounds?
Many of us are from Fortune 10/50/100 companies.
Most of us also have at least some security background. This is key: we place a high premium on keeping things simple, clear, and safe for our users.
6. How did you learn about Fantom?
We onboarded for the awesome developer tooling, including Chainlink and The Graph.
7. Why did you decide to build on Fantom?
Initially, the Granary team met to discuss building a decentralized lending protocol with one primary focus: to be the best possible deal for the user through earnings opportunities, revenue sharing, and more.
Other lending protocols take substantial fees from their borrowing and lending generated interest.
We vowed to build a protocol with a simple, easy-to-use UX offering best-in-class yields to the user. Fantom’s excellent developer landscape and retail community make it the perfect place to implement our user-focused solutions.
8. How did the Fantom community receive The Granary?
The Fantom community has been and continues to be the most supportive network we have deployed on. The community is incredibly engaged, and we’ve really appreciated the encouragement we’ve received.
We’ve been able to grow very quickly on Fantom, and users have been very supportive of our mission to create a low-fee, high-efficiency money market.
9. What’s coming up for The Granary? Free alpha!
We have a *still secret* NFT project approaching quickly. These NFTs will have utility and playability across The Granary protocol and beyond as well.
As indicated on our roadmap, one of the things that we’re working on long-term through the integration of other Layer 1s is cross-chain revenue sharing. We’ll offer more details when the time is right!
10. Where does DeFi go from here? What are your hopes for DeFi most broadly?
We believe DeFi is the path toward making self-banking a possibility. We hope DeFi protocols start to have more of a user focus, as that is supposed to be the point.
For us, user focus entails good UI, clear docs, and responsive support through social platforms like Discord. These things are somewhat obvious. But even more, user focus means prioritizing and extending benefits to users from the very outset. You’re not really decentralized if the only people in profit are the devs.
Engage with The Granary:
Website | Discord | Main Twitter | Backend Dev Twitter | Artist Twitter | Community Manager | Bus Dev | GitHub