Reaching the first $100 million dollars in deposits, Exactly Protocol achieves one of the major milestones of the protocol aiming to bring the benefits of DeFi to the end user, offering fixed and variable interest rates.
Exactly Protocol is a decentralized and open-source DeFi protocol that provides an autonomous fixed and variable interest rate market enabling users to deposit and borrow assets at fixed and variable interest rates for the first time in DeFi.
Launched on the Ethereum Mainnet in November 2022 and on OP Mainnet on March 2023, Exactly was founded in July 2021 by a team of experts with backgrounds in technology, economics, finance, and mathematics.
The project has also been funded by long-term capital partners with a history of supporting Web2 and Web3 ecosystems. Some of the current investors are Kazsek, BairesDAO, 6thManVentures, NXTP, Newtopia, Kain Warwick (Co-Founder of Synthetix), Esteban Ordano (Co-Founder ofDecentraland), Matias Woloski (Co-Founder of Auth0), Daedalus, among others.
“If you want to encourage someone to do something, make it easy.” ― Richard Thaler.
At Exactly Protocol, we believe DeFi should be accessible to everyone. We aim to democratize a new generation of financial services by offering simple, safe, open-source, and non-custodial solutions to empower users to control their finances.
Unlike other fixed-rate DeFi protocols that determine fixed rates based on the price of various maturity tokens, Exactly Protocol is the first to determine fixed rates based on the Utilization Rate of pools with different maturity dates.
This means the protocol does not need a custom Automated Market Maker (AMM) to trade maturity tokens; it only needs a variable rate pool that consistently provides liquidity to the different fixed rate pools.
Since Exactly Protocol was launched on the OP Mainnet, it has successfully handled over +86,000 transactions, averaging one transaction every two minutes. This remarkable volume underscores the growing adoption and trust in the protocol, marking a significant achievement in the DeFi landscape.
Exactly Protocol has also reached a major milestone, achieving the first $100 million in USD deposits. This figure not only reflects the trust and commitment of the community but also lays a robust foundation for the future, reaffirming the protocol as a standout player in the decentralized financial ecosystem.
All Exactly Protocol’s metrics can be tracked in the official Dune Analytics dashboard.
On the path to Exactly Protocol’s decentralization, the EXA governance tokenwas launched on July 18, 2023. The EXA token is the necessary means for achieving the fully decentralized status of the protocol and becoming a DAO (Decentralized Autonomous Organization). With the EXA token, community members can actively participate in the protocol’s governance by voting on proposals for changes and upgrades.
As detailed in the EXA tokenomics, which can be consulted here, 600,000 EXA tokens will be distributed this year. This allocation aims to foster community engagement and drive adoption through strategic partnerships by leveraging the infrastructure of other established protocols and dApps.
Keep yourself in the loop on Exactly Protocol’s developments and our goal to decentralize the credit market by following us on Twitter and Mirror and joining our lively communities on Discord and Telegram.