CEO/Co-Founder of Tender.fi

Username

Alexander Gierczyk

Grant Description

Tender.fi is looking for a grant to help fund the development of the project. 100% of funds will be dedicated to scaling our engineering team for the development of smart contracts to facilitate the margin trading protocol, which will enable decentralized margin trading across DEXes and other DeFi protocols via wallet-like smart contracts.

Overview

Tender.fi is an open-source decentralized borrowing and lending protocol. It will launch in three phases, beginning as a simple liquidity protocol similar to Aave and Compound and expanding into an advanced undercollateralized loan protocol for existing DeFi protocols – your DeFi margin account.

The problem we plan to solve: Undercollateralized loans / margin accounts in DeFi.

Currently, undercollateralized loans are largely unavailable in DeFi, and where they are available (DyDx, Alpha Homora) their use is limited and cannot be used across protocols. Undercollateralized leverage is the last major missing component from CeFi that has yet to be implemented in DeFi. Margin accounts are ubiquitous in the traditional financial world, making up ~90% of account values (source: FINRA). Comparatively, undercollateralized leverage only makes up ~2% of the decentralized economy (source: DeFi Pulse).

How are we going to solve this issue?

-Wallet-like smart contracts that take custody of borrowed assets and act as a margin account for DeFi protocols

-The ability to interact with all DeFi primitives in the decentralized economy: tokens, LPs, NFTs, options, derivatives

-Retaining assets in a secure smart contract allows the protocol to liquidate assets if a loan becomes unhealthy

Value to Synthetix

Users will be able to use Synthetix’s protocol’s assets in composition with other protocol’s assets for margin trading and other financial derivatives, greatly increasing trade volume/TVL on the Synthetix protocol and enabling creative trading strategies, such as pseudo-delta neutral strategies.

Project Implementation Plan

We currently have an MVP for a lending market, which we are initially launching on Metis (an advanced L2 for Ethereum) in June as the predominant lending platform on that chain, thanks to a community vote in our favor.

Late Q3 of 2022, we will launch an undercollateralized lending protocol.

In Q4, we will incorporate multi-chain support for larger chains such as AVAX, FTM, etc., as well as supporting additional asset types including NFTs, options and derivatives.

In 2023, we plan to launch a capital-efficient fiat on-ramp, our own financial derivatives such as interest rate swaps, cross-chain lending, and other utilities.

Additional Information

Pitch Deck, Product Deck, Whitepaper: https://docsend.com/view/s/in8wr5aczkpm26yk Website: https://www.tender.fi/ Email : bd@tender.fi Telegram: http://t.me/tender_fi Tender.fi Github https://github.com/tender-finance Tender.fi Twitter https://twitter.com/tender_fi

Executive team:

Alex Gierczyk - Operations & Finance DeFi Degen. Bored Ape Owner. Over 10 years of experience as a serial entrepreneur founding and exiting multiple companies. Formerly: Founder of ANG Ventures, eCommerce with over $100M in sales. Growth Director at Darkcoin. Creator of Starific mobile game. Entered cryptocurrency in 2011.

Eli Sakov - Engineering 10 years of experience in Silicon Valley. Active DeFi Investor. Founder of TransparencyDAO, Organizer of DAODenver. Formerly: Software Lead at Unspun, Lead Developer at Ondaka, Engineer#1 at Kaliber.ai, Founder at Invisible Analytics. Advisor to Sunya, Resnet.io, VIIRA.io, Crypto Castle.

Mitch Trale - Director of UX A four-time founder and executive with an open, progressive posture towards teamwork and technology. Formerly: Partner at Startup.dev, Head of Infrastructure at HackerOne, Director of Engineering at Dictionary.com, CTO and Co-Founder at PucaTrade, Founder at MCT.

Ben Kanbour - Cryptomancer Solidity Smart Contract Developer. Game Theory and Design specialist. DeFi Degen. Professional Swing Trader and Educator. Crypto Advisor. Former Restaurant/Club Owner. Co-Founder at Mini Metis.

Matt Cameron - Marketing & Community Founder & CEO of QuestBourne and Cameron Digital Consulting. Extensive expertise in SEM, Paid Social Advertising, SEO, Organic Social, Email Marketing, and Website Development. Over $100M in eCommerce sales.

Funding Request

We’re asking for a grant of $10k in SNX. Funding will be used for the development of the project only.