In this post:
- Altitude has announced that the private beta testing for its Collateral-Optimized lending platform has concluded and is now open to the public.
- Altitude is the first DeFi platform to offer rebalanced borrowing for users based on collateral prices, such as BTC and ETH.
- The DeFi lending platform raised $6.1 million in funding from leading Web3 VCs, including Tioga Capital, New Form Capital, and GSR.
Altitude announced today that it has concluded the private Beta testing for its Collateral-Optimized lending platform and opened it to the public. It’s the first DeFi platform that offers rebalanced borrowing for users based on collateral prices, such as BTC and ETH. Altitude raised $6.1 million in funding from a series of Web3 investors, including Tioga Capital, GSR, and New Form Capital.
DeFi users can now use Altitude’s automated strategies to control their collateral efficiently for lending and borrowing purposes. The company announced that whitelisted participants could test its capabilities during the beta phase, which took eight months to complete. During the beta phase, the protocol attracted a Total Value Locked (TVL) of more than $5 million.
Altitude offers automatic rebalancing borrowing for users
The collateral-optimized lending protocol was launched to offer efficient management of on-chain borrowing, ensure greater capital efficiency, and prevent loans from being under-collateralized. Its dashboard reveals the health of each loan based on the Loan-to-Value ratio (LTV) with controls for changing desired parameters. The protocol has been recognized as the first DeFi platform to offer automatic rebalancing borrowing based on collateral prices such as BTC and ETH.
DeFi users borrow at an average LTV of 40% – 50%, resulting in a significant amount of capital effectively lying idle. Beta users of the protocol have reported greater capital efficiency available, coupled with the removal of complexity usually associated with borrowing, freeing them to focus on yield generation and DeFi opportunities.
Altitude improves capital use by borrowing against increasing capital and using it to generate yield, which reduces the accrued interest. Alternatively, a decrease in collateral value prompts the protocol to return the funds to the lending pool to ensure optimum LTV. The protocol’s automated borrowing identifies preferred lending rates and adjusts positions to ensure users get the most affordable and attractive rates.
A series of leading Web3 VCs, including Tioga Capital, New Form Capital, and GSR, raised $6.1 million in funding to support Altitude’s lending platform. The Investors were impressed by Altitude’s solution for giving DeFi borrowers peace of mind while enabling them to generate the maximum available yield safely.
Altitude protocol grants users control without constant monitoring
DeFi users can control their lending and borrowing activities by interacting with the intuitive UI without constantly monitoring their positions. Altitude has empowered its users to earn attractive yields on their assets amidst an ever-changing crypto market.
Altitude’s core principle is the belief in creating a community-owned platform. The protocol currently has centralized elements, mainly for security and safety. The team at Altitude believes that community governance is the future, and the company focuses on implementing a strategy that maximizes Altitude’s potential to achieve that vision.
