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TRON Foundation Launches TRX Mortgage Lending Platform On Nile Testnet

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On January 20, 2020, Tron Foundation announced that the TRON TRX mortgage lending platform, a decentralized borrowing platform built on the TRON network, has been released for public testing.

The project is temporarily named DeLoan, and it has a management coin christened DLN, which is used for payment of loan interest. DLN is also used as a locked vote to adjust key parameters of DeLoan like interest rate, to be able to achieve a decentralized autonomy.

Moreover, the platform has a stablecoin, CRD (Credit), which is pegged to dollar like DAI of MakerDAO. To get a loan in CRD coin via the platform, users have to mortgage their TRX assets. However, this does not involve the users trading TRX directly for USDT in their hands.

CRD is regarded as a more decentralized USDT that offers a similar function with the latter. At the moment, CRD cannot be used to purchase other currencies like BTC & ETH, but the Foundation already has it in its roadmap to ensure flexibility.

The DLN token on the DeLoan platform is used for paying loan interest and for building a decentralized governing system on the platform as locking of DLN offers DeLoan’s voting rights on proposals. Via DeLoan, the richness of Tron ecology, is enhanced.

The DeLoan platform can increase the richness of Tron ecology and promote ecological prosperity.

Deloan Platform To Launch On Tron’s Nile Testnet

According to the announcement by Tron, the new platform is a test version set up on the Nile test network and will be different from the official version released in the future in terms of operation and experience.

A testnet is an alternative crypto blockchain used exclusively for testing. Testnet tokens are usually distinct from actual tokens and are not designed to have any worth. 

The testnet setup allows blockchain developers to experiment without having to use real coins. Therefore they don’t have to worry about the integrity and security of the mainnet.

TRON Foundation launched the project Nile Test Network in November 2019 to get the best feedback from its users.

How the Project Will Be Governed

A vote is the governance module for DeLoan, used to modify contract parameters like brokerage fee via proposal mechanism. 

Users need to hold DLN and lock the token in Voting Contract to participate in the governance process. After that, the token holder can vote for the Executive or Polling proposal. 

Locking one DLN token can get one vote, and all votes should be used up for a single proposal. 

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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