Today, on the 5th of February at 5 pm CET, INLOCK will enter a scheduled maintenance mode and will be temporarily unavailable. It is estimated that this maintenance period will take only a few hours. This maintenance will install the latest version of the platform. All assets are secured and safe during this maintenance.
The new version will include several visible changes the main purpose of which is to make the platform much easier to use. The withdrawal function will be completely overhauled. The process of lending and borrowing will also be significantly simplified. In addition, the platform will provide significantly more help for the lending process.
However, two completely new features will be added to the platform, which we will just briefly introduce, but you will soon get a more detailed summary.
Managed Lending: This feature allows you to do nothing in the future other than deposit your USDC if you want to earn interest. If you want to earn interest on your USDC. Transferred USDC amounts will be automatically credited to Managed Lending, for which interest is credited each week. On the INLOCK platform, interest periods start every Wednesday and end on the following week’s Tuesday. Anyone who withdraws all or part of their savings from Managed Lending may receive interest at the end of the interest period up to the last closing day. In accordance with that, interest rates for the following period will be published on Tuesday each week and will be paid to all participants at the end of the period, on Wednesday.
INLOCK Stake: Thanks to our improvements, the INLOCK platform will allow you to earn yield not only on your USDC savings but also on other supported cryptocurrencies, including the ILK token. Stakes are fixed-term deposits for which the platform pays a predetermined interest. Unlike Managed Lending / ProLending, Stake is not continuous, a stake option will only be posted periodically in which a limited amount of cryptocurrencies can be placed on a first-come-fist-serve basis.
The purpose of INLOCK Stake is that the users provide free liquidity to the platform itself. Why is this necessary? INLOCK was originally created in such a way that under no circumstance could it risk the collateral of the borrowers. For this reason, the platform is only able to provide loans within the limits of its own assets, since we lock in collateral for every loan agreement issued at INLOCK and place an equal amount from our own stocks in the collateral management function. We do not want to change this self-regulating principle in the future, but we must also ensure that INLOCK’s growth is sustainable. This question will be solved by the INLOCK Stake feature, through which anyone can participate in sustaining the platform by providing a loan for the platform itself for a fixed period of time. Why is this good for you? You will get a pre-announced amount of yield on tied stakes.
It is important to note that a deposit does not mean a suspension of the right of disposal, since anyone can break their stakes at any time, thereby gaining access to its values. Unlike in the case of Managed Lendings and ProLending, however, in the event of a Stake break, the customer must forfeit the full term yield. Following the releases, only ILK-based Stake options will be available, but additional cryptocurrencies are expected in the near future.
ProLending: The peer-to-peer lending function of the INLOCK platform has been renamed ProLending, thus separating the Managed Lending and ProLending functions. We believe that the two products will fit comfortably next to each other and that both functions will be able to function meaningfully. It is important to note that individual lending position in the Managed Lending pool and in the ProLending will compete with each other in the same way, so they do not take precedence over each other. Borrowers will continue to receive their bids at the current lowest interest rate available.
We hope that both new features and enhancements to existing ones will serve the satisfaction of the INLOCK community and further enhance the confidence in us!