PGP [23]: Refinancing our agEUR loan with a loan on Atlendis

TL-DR: Borrow 300,000 agEUR on Atlendis, pay-back angle and move our liquidity to Uniswap v3;

Context:
Back in may, we initiated a 500,000 agEUR under-collateralized loan with agEUR to bootstrap a euro pool on Uniswap v2. This was done in partnership with Angle and Ondo.
Looking back at the price action of the last few months, it is easy to see that LPing with debt at that point in time was not ideal. While the current situation is not dangerous in any shape or form for Paladin, I believe we should prepare a refinancing plan to de-risk the situation and protect our relationship with Angle.

Rationale:
The Uniswap v2 pool currently has 267,000agEUR out of the 500,000 we initially borrowed. The idea here is to borrow 300,000 agEUR at a reasonable rate on Atlendis (max 12%), pay back Angle fully with the 10,000 agEUR of interest we owe them, and move the PAL + the remaining agEUR to the Uni v3 Arrakis pool.
We then intend to ask for a gauge on Angle protocol and iterate on our Curve & Balancer yield strategy.

Means:
Create an Atlendis lending pool

Voting Options:
Yes / No / Abstain

5 Likes
  • Yes
  • No
  • Abstain

0 voters

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Sounds like a good idea.

  • Have you already initiated a discussion with Atlendis to find out more about the whitelisting process to become a borrower? It would be interesting to get an idea of the timelines to get the credit rating assessment done and if there are any other protocols waiting in the queue already.
  • when you say max 12% borrowing rate, that is the maximum that we would set at the time of the pool creation? What about the maturity? Would you suggest a monthly bond and renew it as needed or aim for a longer period from the get go?
2 Likes

love atlendis team !

it is useful for both

Credit assesment is currently in progress, I will post it here once ready.

Good questions, maybe someone from Atlendis could give us more details on this? But yes, the idea is that you can set a max amount to the credit interest’s rates.

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Hello, Alex from Atlendis Labs here.

Great proposal, two questions here:

  • How many maturities do you foresee going through for the whole repayment process to be complete ?
  • I would stick to the standard 15% max rate as in this case (you’re still able to borrow only what you want in the end), wdyt?

On the scoring side, our main partner is Credora but I’m afraid a DAO like yours won’t fit the criteria that’s why we’re exploring other solutions that fits more the DeFi landscape such as Prime Ratings for instance.
We’re discussing with them on that matters and can revert once we have a solid proposal on their end.

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Hi all, Lavi from PrimeRating here.
Happy to share our two reports that were written on Paladin:

In combination, this will result in an A rating according to our methodology.
The first report was created by DeFi Safety and the fundamental report was written by one of our top raters dabar90. We’ll upload both to our website this week and share the link in here.
Hope those insights will help to onboard Paladin to Atlendis. Let us know if there’s anything else we can support with, and please don’t hesitate to provide feedback regarding the reports. Thanks!

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As promised, here’s the link to our website for the full overview of both reports → Projects

For more information about the methodology follow this link.

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