An expanding ecosystem of DeFi applications on NEAR Protocol has now been broadened even further with the introduction of PembRock Finance’s leveraged yield farming application.
Supported by the NEAR Foundation, Ref Finance, and many other respected supporters, the project has gone from strength to strength, with successful early investor sales of the native $PEM token and over $2 million worth of investment in just a few days of the lending functionality being released.
With farming functionality being added to the application, NEAR users now have a way to make the most of their crypto holdings with up to 3x leverage for yield farming, all within a user-friendly interface. Making the most of NEAR’s security and speed, we anticipate a greater number of new users, who will help to grow the liquidity of NEAR-based tokens.
What is PembRock Finance all about?
PembRock Finance aims to do away with the clunkiness and confusion that surrounds current DeFi applications, helping to bring in both experienced and new users to speed up the inevitable transition to Web3, of which decentralized finance will play a big part.
Leveraged yield farming is a relatively new entrant to the sector, but provides great opportunities for both lenders and farmers alike:
Lenders can provide funds that are used to farm, earning stable yields with their funds protected by the platform.
Yield farmers can maximize their crypto by accessing undercollateralized loans to farm more profitably.
What we see is a mutually beneficial relationship where each participant plays an important role. There is no need for one side to profit at the expense of another’s failings or naivety.
A community-driven project
PembRock is a project that aims to put NEAR’s rock-solid community first, taking on users’ feedback to constantly improve the platform, producing educational content to upskill users, running incentivization programs for early adopters, and putting a DAO at the core of operations (which will be introduced later as part of the team’s roadmap).
Lending functionality successfully launched on the mainnet
July 14 saw the launch of PembRock’s lending functionality on the mainnet. With seven lend pools currently available, the protocol saw $2 million TVL in four days — a phenomenal result considering the leveraged yield farming functionality was yet to be launched.
As Igor Stadnyk, the CEO of PembRock Finance had to say:
We are really happy to see that so many people are coming to leveraged yield farming through our project. It validates our hard work and shows that we really were correct in our choice of blockchain. The NEAR Foundation and a whole host of NEAR-native projects have been fantastic partners, inspiring us to create the best possible project.
Next steps
With a successful launch completed, the PembRock team is not slowing down; immediate next steps include:
- Implementation of comprehensive external smart contract audits for total security (PembRock has already undergone a full audit with BlockSec).
- Implementation of the profit share mechanism for PEM holders.
- Launch of the PembRock DAO
- Full integration with Ref Finance and further exciting partnerships within the NEAR ecosystem of Dapps.
- Improved UX
- PEM token listings on a greater number of decentralized and centralized exchanges.
To get started with PembRock Finance, simply visit our app and connect your NEAR wallet. It’s that simple!