The TRON Foundation has announced that its new lending platform, DeLoan, is now available for public testing on the Tron Nile Testnet.
This platform will allow users to borrow a stablecoin (CRD) by offering TRX tokens as collateral, while interest will be paid in DLN tokens, which are currently not yet exchangeable on major exchanges.
The CRD token, whose full name is “Credit”, is an algorithmic stablecoin with reserve in TRX, whose value will be kept on par with the US dollar in a similar way to MakerDao’s DAI.
DeLoan will allow users to borrow CRD by offering TRX as collateral, while the lender will receive interest through the DeLoan token, i.e. DLN. The same DLN tokens will also be used to vote on the platform itself.
For now, CRD tokens can only be purchased with TRX, but DeLoan expects that in the future it will be possible to purchase CRD tokens with other cryptocurrencies such as BTC and ETH.
In addition, the DLN token will also be used to change interest rates on loans, allowing for decentralized management.
As such, DeLoan aspires to be a decentralized finance platform based on TRON’s blockchain, allowing users to lend and receive credit without intermediaries or restrictions.
At present, DeFi is still dominated by the Ethereum network, but projects like this show that similar projects can be developed on other networks as well.
The DeLoan project is currently being tested on the testnet and it is unknown when this phase will end.
Once completed, the platform will be open to the public.
There is another new feature being tested on the Tron Nile Testnet, the so-called Shielded Transactions, which automatically remove transaction details once completed in order to improve the privacy of the entire TRON ecosystem.