Q1 2023 Highlights 🚀

The first quarter of 2023 brought significant progress and accomplishments for Exactly Protocol. Milestones included raising $2 million in funding, deploying the protocol on Optimism, and unveiling a new tagline, “Decentralizing the credit market, today”. In addition, we decentralized The Graph services on Mainnet, improved Exactly’s user interface, updated the Interest Rate Model and OP Risk-Adjust Factor, and introduced a sleek dark mode for enhanced user experience.

$2M Fundraising 💰

We are proud to share that Exactly Protocol has raised a total of $5 million since its inception, with the latest funding round bringing in an additional $2 million.

Web3 pioneers such as Kain Warwick, founder of Synthetix, Daedalus, a web3 angel collective, and Esteban Ordano, co-founder of Decentraland, led this round. Other investors included Bodhi Ventures, Newtopia, NXTP Ventures, and Kaszek Ventures.

New UI & Dark Mode 🎨

Since we launched on Ethereum Mainnet, the team has been focused on gathering feedback from the community on Discord and Twitter to improve the user experience of the protocol. Aiming to bring Decentralized Finance (DeFi) to the end-user, the main goal of this process has been to provide a seamless and intuitive experience to beginners and intermediate users.

To simplify the often complex DeFi protocols, we have developed a new interface that displays the most relevant information clearly and concisely. This upgrade makes it easier for users to understand their interest rates, regardless of their DeFi expertise.

Additionally, we have introduced two community-driven innovations: a new Dark Mode and the “APR vs Utilization Rate” chart in “Advanced View.”

Exactly is now live on Optimism 🔴✨

Exactly is now live on Optimism, the leading scaling solution for Ethereum (Layer 2). This milestone is another step forward in DeFi’s quest for scalability and accessibility. By adopting L2 solutions, Exactly can grow, attract new users, and maintain security and decentralization while providing a seamless user experience.

Decentralizing the credit market, today 📣

We updated our tagline to “Decentralizing the credit market, today” to emphasize our core mission and commitment to making DeFi and its benefits accessible to a broader audience, including those unfamiliar with DeFi.

Interest Rate model & OP Risk-Adjust Factor Updates 🤓

To further enhance transparency, our team has publicly shared all changes made on the protocol’s parameters providing users with visibility into the protocol’s decision-making process, even though it does not yet have an official DAO (Decentralized Autonomous Organization).

Our Risk Management Team has decided to adjust the curve in the different IRM (Interest Rate Model) to reduce the probability of liquidity shortages. This change aims to ensure users can access their funds when needed and provide a more reliable borrowing and lending experience.

Our team also has increased the Risk-Adjust Factor of the OP token. Initially set at 0.35 during the launch of the protocol on Optimism, the Risk-Adjust Factor of the OP token has been adjusted to 0.58, which aligns with the current risk model.

Integrations & Partnerships 🤝

Exactly’s security is our top priority, and we are excited to announce that the protocol received a top score of 95% from DeFiSafety, placing Exactly at the top of borrowing and lending DeFi protocols on their ranking.

The DeFiSafety team has said, “Exactly Protocol does exactly the right steps in every aspect, getting a score of 95%, putting it in the top ten protocols we have reviewed! This is a serious, mature protocol that I would feel confident investing mine or others’ money into.”

In addition, to enhance Exactly’s performance, the protocol is now using The Graph’s Decentralized Network on Ethereum Mainnet to perform advanced queries and operations like aggregation, search, relationships, and non-trivial filtering.

Community & Events 🫂

Our first community grant has been awarded to the Anthias team to build crucial tools for our users. Firstly, they will integrate Exactly into the Anthias Table and Graph View, allowing users to monitor liquidation health scores.

Additionally, they will develop a new feature to download a CSV of the data sourced for Exactly on Anthias, allowing users to run their own simulations. Lastly, they will integrate the Wallet View with Exactly, providing users with a direct view of the collateral and debt assets for each position on Exactly.

Exactly has also partnered with Liquidity Protocol to develop a co-marketing experiment in social coordination, involving more than 30 DeFi projects showing our commitment to the core values of DeFi and Web3.

Our team also participated in ETHDenver, one of the largest Ethereum events, as both attendees and sponsors. The experience was truly remarkable, and we relished the opportunity to meet and connect with builders, founders, and supporters within the community.

Data Trackers 📊

This quarter, our team has been working to enhance Exactly’s Dune dashboard by adding Daily Transactions, Total Transactions, Users Analytics, and Liquidations insights.

We keep growing! Exactly’s portfolio is now tracked on DeBank and Zapper. We have also integrated Exactly’s pools on the DeFiLlama Yield Dashboard.

Protocol Stats 📈

Overview of Exactly Q1 Stats January — March 2023

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.