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October Update - Platform Stats, Tech Development, Marketing, Exchange Listings and LND Rewards
Platform News
Nov 2, 2021

October has been a very busy month for us and we have some exciting updates to share with you - let's get started!

Operating Performance - Month 1

Users

11% week on week growth, which we expect to see rise in November with the rollout of our Referral Program - more news to come on this

Ended the month with 400 active users

Deposits

Non LND deposits grew week-on-week by 71%

Monthly total non LND deposits exceeded $1m

BTC/ETH/USD deposits over the month were split approximately 10/65/25%

LND deposits topped 245m LND, close to a quarter of total supply

Earns

Assets locked into Earns grew week on week by close to 100%, lifting the monthly total above $850,000

Borrows

USDT borrowing experienced minimal growth in the week, and finished the week below $100k for the month

LND Rewards 

Our unique LND rewards program is distributing 150m LND to platform users, with monthly airdrops to recognise Staking, Borrowing, and Earning activity. This month, 15m LND with a market value of approximately $150,000 has been given away. With equal pools for each of the three categories, the relatively lower Borrowing activity has resulted in extraordinary good returns for those that were eligible, and we expect to see more people active next month.

LND Staking

A total of 5,000,000 LND was distributed, based on the size and date of their LND deposits

At month end, the total LND balance staked on platform was 245,778,060 LND, with an average daily balance of 184,445,765 LND

For a 100 LND deposit made at the start of October, this resulted in an LND staking reward of 2.448 LND, which is equivalent to a monthly interest rate of 2.45 %, or 29.38% annualised

Borrowing

A total of 5,000,000 LND was distributed, based on the size and start date of their Borrows

At month end, the total Borrowed amount on platform was just below 100k USDT

For Borrowers, the net impact of the reward meant that they were being paid a significant amount to borrow

Earning

A total of 5,000,000 LND was distributed, based on the size and start date of their Earns

At month end, the total Earning amount on platform was over $850k

For Earners, the net impact of the reward was to boost rates significantly

All rewards payouts have now been issued and if you qualified for a reward, you will see it under the transfers page here [https://app.lendingblock.com/app/transfers] 

Please note that the airdropped tokens are locked for 1 month so you will only be able to withdraw them on the 1st of December. 

Earn Interest payments

Automated interest payments on active Earns were made today at 12:00 UTC, users should receive email and platform notifications, and will be able to withdraw, re-Earn, or use as collateral for borrowing immediately.

Status Tier Updates

Status tiers for all platform users have been updated based on the Tier Qualification levels for November

Platform development 

In line with the previous updates, our technical team is still largely focusing on developing the internal exchange that would allow you to easily (and cost effectively) trade LND within the Lendingblock platform. The exchange function will also have an API that would allow sites like Coinmarketcap and Coingecko to pull data from. We are targeting the end of November for the initial release. 

Recently, we also released a number of minor features. For example, now all Borrows have an additional 3 hour repayment period at the end of their expiry date and time - this is to allow the possibility of covering the repayment proceeds from Earn funds. 

Marketing & Growth 

We have signed an agreement with a marketing firm that specialises in SEO and we are going to be focusing on pushing out content that features certain keywords (related to cryptocurrency lending and borrowing). We realise that SEO is a rather long term project, however, we wanted to start this process early so that we are more visible in search engine results in the future.

Further, we are exploring potential integrations with crypto projects that could compliment both ecosystems. These projects have a large following and the partnership news will expose Lendingblock to potential new users. 

Lastly, to diversify our community outreach, we have created a Discord server and you can join it here: https://discord.gg/KBWy9746Sb

Exchange Listings 

We are in talks with a wide range of centralised exchanges currently and have received listing offers that cost anywhere from low to mid six figures. While we appreciate the need for liquidity, paying such exorbitant amounts (especially when they have a significant opportunity cost) is not sustainable for a crypto startup like ours at the moment. We will continue to apply to other centralised exchange listings and will keep you updated. 

Conclusion 

We’d like to thank you for your support and dedication during the launch month. While we had some hiccups along the way, we are looking forward to sharing new developments that are in the works with you in a month's time. 


Kind regards, 

Lendingblock Team