Within just 7 months of launch, iLoop has attracted over 47,000 users, becoming one of the most notable DeFi platforms in the community. Currently, the platform manages over $1.5M in TVL, playing a vital role in supporting the sustainability of the Solana ecosystem. iLoop's mission is to expand its influence, strengthen the ecosystem, and enhance activities across Solana by supporting LST/LRT assets.

$LOOPAI: The Key to Unlocking Solana’s Liquidity Growth — Owned by the Community

After more than 7 months of product development and community building, iLoop proudly introduces $LOOPAI, the platform’s native token. $LOOPAI is designed to drive decentralized governance, foster DeFi collaboration, and accelerate liquidity.

With strong support from top-tier partners within the Solana ecosystem, iLoop ensures a tokenomics structure without VC allocations. This ensures that all rewards and benefits are distributed directly to the community and $LOOPAI holders. This approach reflects a commitment to decentralization, fairness, and empowering genuine users.

By empowering its community, iLoop invites everyone to join in building a more sustainable and community-driven DeFi ecosystem on Solana.

Overview of $LOOPAI

• Name: iLoop

• Ticker: $LOOPAI

• Blockchain: Solana

• Maximum Supply: 1,000,000,000

$LOOPAI Allocation

Incentives (55%): Rewards allocated to users participating in the iLoop ecosystem, including staking, farming, and completing various tasks to ensure sustainable ecosystem growth.

Liquidity/MM/CEX (10%): A liquidity fund designed to create and maintain trading capabilities on decentralized exchanges (DEXs) and centralized exchanges (CEXs) while minimizing price volatility.

IDO (15%): Public token sales aimed at raising funds and increasing community participation. This provides an opportunity for everyone to contribute to and support the project.

Marketing (5%): A dedicated budget for promotional campaigns, community building, and boosting iLoop's brand recognition in the market.

Airdrop (5%): Free token distribution programs designed to improve accessibility and attract new users to the ecosystem.

Contributor (10%): Rewards and incentives allocated to the development team to ensure their ongoing commitment and long-term involvement with the project.

$LOOPAI Use Cases

• Governance: $LOOPAI holders can vote and influence decisions shaping the platform’s development.

• Staking: Stake $LOOPAI to earn rewards and actively support the ecosystem.

• Revenue Sharing: Share the platform’s revenue with token holders and stakers.

Unlock Schedule

$LOOP TGE Plan

From January 17 to January 22, 20% of $LOOPAI’s total supply will be distributed through a community airdrop and two presale rounds, with the TGE scheduled for February 7.

Community Airdrop

Since day one, our loyal community has been the cornerstone of iLoop's success, sharing a strong belief in our vision and driving our achievements. To show our appreciation, 5% of $LOOPAI is allocated for a community airdrop, rewarding your support and inviting you to actively participate in shaping iLoop’s future governance.

Token Presale

Round 1: Whitelist Sale

Available to active contributors and key partners of iLoop at a valuation of $10M FDV. All tokens will unlock 100% at TGE.

Round 2: Public Sale

Accessible to community members not eligible for the whitelist round, offered at a valuation of $12.5M FDV. All tokens will unlock 100% at TGE.

1/ Contribute to iLoop and Earn Rewards

At iLoop, our goal is to provide users with a platform to maximize returns on their LST/LRT assets. By participating in the Point Program, you directly contribute to our vision of building a hub for LST/LRT assets, addressing key challenges in the Solana ecosystem: low DeFi adoption and unappealing APY rates. By tackling these issues, we aim to bring a fresh wave to the Solana ecosystem.

The Point Program is designed to reward early contributors by offering points for users who interact with the product, paving the way for the mainnet launch. This program not only ensures essential liquidity for iLoop's successful launch but also helps kickstart on-chain activity. The Point Program enhances fairness by allowing anyone to join and earn rewards proportionate to their efforts. The more you contribute, the greater the benefits you'll potentially unlock when the system goes live on mainnet.

Holding iLoop Points may qualify you for exclusive, valuable rewards on the platform in the future. Early participants stand to gain the most, with the potential for unique rewards and benefits. Don’t miss out on the journey with iLoop, where contributions are rewarded with well-deserved returns.

2/ How It Works

We invite users to deposit SOL or supported LST assets early on iLoop. Once iLoop launches its Beta Mainnet, depositing assets will begin, and you'll start earning Points, accumulated hourly. Your account will be credited with points, which can be tracked through a dedicated portal.

Our formula is based solely on user contributions, so anyone participating at any stage can earn points equally.

Supported assets: jupSOL, bSOL, mSOL, jitoSOL and INF.

Participants earn points hourly based on their total position, multiplied by a fixed multiplier depending on whether they are Lending or Looping (1.5 for Lending and 1 for Looping). Future partnerships may introduce additional multipliers, with announcements shared via @iLoop_HQ on X. The greater your contribution and duration, the more vLOOP you earn.

Formula:Lending: vLOOP Earn = Total Position × 1.5 × Held HoursLooping: vLOOP Earn = Total Position × 1 × Held Hours

Example:

User A lends 100 SOL from 1 AM on November 1 to 1 AM on November 2. The held hours are 24 hours.vLOOP Earn = 100 × 1.5 × 24 = 3600 vLOOP.

User B loops with a total position of 100 SOL from 2 AM on November 1 to 2 AM on November 2. The held hours are 24 hours.vLOOP Earn = 100 × 1 × 24 = 2400 vLOOP.

With iLoop Points, we’re building a sustainable and fair reward mechanism for everyone participating in the Mainnet launch. Our aim is to establish a platform that delivers long-term value, aligned with Solana’s innovative and groundbreaking ecosystem vision, and we invite you to join us in this program.

*Note: If you hold JSOL or sSOL, you will receive an additional 1.5 multiplier.

3/ Referral Mechanism

By referring friends, you can earn additional points proportionate to the points your friends accumulate. For every point your friend earns, you'll earn 10% of their points at the end of each hour. For example, if you refer 10 friends who collectively earn 100 points per hour, you’ll earn 10 points per hour. If friends you refer then refer others (e.g., A refers B, B refers C, C refers D), a group will form automatically, unlocking new earning milestones.

If no referral code is used, the base point formula applies. Using a referral code adds a "Boost" multiplier: vLOOP Earn * Boost.

• Boost is 1.2 if total position = $20,000

• Boost is 1.4 if total position = $40,000

• Boost is 1.6 if total position = $60,000

• Boost is 1.8 if total position = $80,000

• Boost is 2 if total position = $100,000

*Note: Metrics update hourly.

4/ What is iLoop?

iLoop Protocol is a decentralized lending platform on the Solana blockchain, designed to offer users a secure and reliable means of accessing leverage and optimizing capital efficiency. By prioritizing robust risk management strategies, iLoop stands out as a safe and reliable choice for users navigating the complexities of the DeFi ecosystem.

iLoop Protocol aims to address the critical need for secure and efficient lending and borrowing solutions. Its suite of permissionless smart contracts enables seamless interactions and transactions, providing users with the tools they need to leverage their assets effectively. The protocol's commitment to real-time risk management ensures that users can confidently engage with the platform, knowing their investments are safeguarded against potential risks.

5/ Conclusion

The iLoop Point Program is more than a rewards initiative; it's an opportunity for users to join us on our journey in growing the Solana ecosystem. With incentives through Lending, Looping, and referrals, everyone can maximize benefits through participation. This program is our way of appreciating early contributors while fostering sustainable and equitable community growth.

We hope the iLoop Point Program becomes a solid foundation to realize our vision of creating a hub for LST/LRT assets on Solana, generating a new wave in the DeFi space.

Before concluding the Testnet, we launched the 'Check Your SOL Wallet' program to show appreciation to users who contributed to the Liquid Staking & Restaking sector in the Solana ecosystem. The results we gathered were truly astounding...

Reaching these impressive milestones during such a pivotal moment wouldn’t have been possible without your support. We are deeply grateful, as your encouragement is our greatest motivation to continue building iLoop and delivering value to Solana users.

1/ Abstract

Currently, Solana ranks second in Staking Market Cap, showcasing its immense appeal and potential to both communities and investors. This second position isn't surprising given Solana's proven capabilities in the blockchain space, attractive Reward Rates, and network security.

According to data from @21co__, currently approximately 6.78% of SOL (~$3.82B) is staked through liquid staking providers, significantly less than Ethereum's 40% market share. However, this figure remains largely untapped with significant potential for growth in the future. Ethereum, with its longevity and popularity, has a well-developed staking ecosystem, readily available for LST holders.

iLoop Protocol is a decentralized lending platform on the Solana blockchain, designed to offer users a secure and reliable means of accessing leverage and optimizing capital efficiency. By prioritizing robust risk management strategies, iLoop stands out as a safe and reliable choice for users navigating the complexities of the DeFi ecosystem.

iLoop Protocol aims to address the critical need for secure and efficient lending and borrowing solutions. Its suite of permissionless smart contracts enables seamless interactions and transactions, providing users with the tools they need to leverage their assets effectively. The protocol's commitment to real-time risk management ensures that users can confidently engage with the platform, knowing their investments are safeguarded against potential risks.

Initially, the protocol will support three assets: mSOL and jupSOL. Additional LSTs will be proposed to the community for feedback and reviewed by the iLoop team.

2/ How Does It Work?

iLoop offers two main features: Lend and Loop.

Lend

Lenders contribute their LST and other SOL-backed assets, such as jSOL, to an isolated reserve pool. In return, they receive interest payments based on the borrow rates in the market, which are driven by the supply and demand dynamics of the isolated reserve pool. This is in addition to maintaining their staking yield.

Loop

In the simplest terms, Looping involves repeated borrowing and lending actions to achieve a desired leveraged position, with the ultimate goal of earning additional rewards.

For example, a user might:

• Deposit SOL on Solend to borrow USDC,

• Swap the borrowed USDC for SOL,

• Deposit the newly acquired SOL back into Solend, and

• Repeat this process until reaching the desired position.

Example: How Looping Works

In money markets, borrowing typically requires over-collateralization, meaning you can only borrow a smaller value than your collateral. For instance, if you deposit 100 SOL (~$1000) on Solend with an 80% LTV, you can borrow up to 800 USDC. The process can then be repeated until achieving the desired leverage.

Loop 1:

• Deposit 100 SOL

• Borrow 800 USDC

• Swap 800 USDC for 80 SOL

Loop 2:

• Deposit 80 SOL

• Borrow 640 USDC

• Swap 640 USDC for 64 SOL

...

Loop 15:

• Deposit ~4.39 SOL

• Borrow 35.12 USDC

• Swap 35.12 USDC for ~3.51 SOL

After 15 loops, the initial position of 100 SOL increases to approximately 485.89 SOL.

Why Automation Matters

Manually executing these actions can be time-consuming and complex. That's why iLoop has developed an automated strategy to simplify and optimize the process for users.

Looping is a single-click vault product that enables you to leverage your exposure to yield-bearing assets. In iLoop Finance, borrowers can use their LSTs as collateral to increase their exposure to yield and points from the underlying assets.

By using staking-specific underwriting to eliminate price volatility, the risks of compounding rewards are reduced, making it safer and cheaper for borrowers to enhance their collateral exposure.

3/ How To Join Mainnet Beta

During the Testnet phase, we continuously refined display errors and logic to deliver the best possible user experience.

Now, the numbers speak for themselves! Tens of thousands of users engaged with iLoop's test network, and over 20,000 participants joined our Check Your SOL Wallet program.

There’s no better time than now to officially launch the Mainnet Beta. Joining iLoop is incredibly simple:

• Visit here!

• Connect one of the supported wallets.

• Start Lending or Looping!

4/ Why Did iLoop Launch on Solana?

We choose to build on Solana because we see it as the hub for financial transactions in general, and specifically for LST assets. Solana's perfect design makes it an ideal platform for widespread application, boasting high scalability and low transaction costs, suitable for billions of users.

Additionally, Solana's developer community and ecosystem are exceptionally large and high-quality, unlike any other ecosystem. Developers have pioneered groundbreaking, highly useful products, integrating blockchain into everyday life. This massive community exemplifies Solana's revolutionary development, transforming it from a technological platform into a community aiming to revolutionize and enhance how people interact with blockchain technology in daily life.

Solana is assembling the pieces of a complete ecosystem and continues to add groundbreaking elements that other blockchains lack. This is evident in its daily user growth and transaction volume leadership, fostering a network effect where more products attract more users, leading to increased liquidity within the ecosystem. As liquidity flows into the ecosystem, it spreads across various projects, especially LSDs, an underexplored but promising niche.

We believe Solana will grow stronger than ever with products like Jupiter, Sanctum, Raydium, Drift, SolBlaze, etc. These reasons drive our desire to become a part of this remarkable ecosystem, allowing users to optimize their LST assets.

5/ Security Commitment

We successfully passed an audit by leading security firm SlowMist. Your assets are protected, and so is the protocol.

With a zero-tolerance policy for vulnerabilities, iLoop's smart contracts have undergone rigorous inspections by top-tier security companies.

6/ What’s Next?

In the near future, we plan to enhance community programs to drive iLoop's growth. On the product side, we will evaluate additional LSTs for listing on the platform, making it more accessible and user-friendly.

To deliver real value and build trust, we will continuously update and improve our product, actively listening to and addressing feedback and suggestions from the community.

As LSDs on Solana continue to expand, offering more opportunities for users, iLoop is poised to play a pivotal role in adding further value to this evolving sector.

1/ About the 'Check Your SOL Wallet' Program

The 'Check Your SOL Wallet' program is created to honor individuals who have contributed to the growth of Liquid Staking & Restaking on the Solana network.

By distributing vLoop points, the program aims to build a strong community and encourage users to continue contributing to the development of Liquid Staking & Restaking.

2/ What is a vLoop point?

vLoop points are off-chain points earned by completing actions and making positive contributions to the growth of iLoop. Holding vLoop points may qualify you for future protocol rewards.

3/ How it works?

We invite eligible participants who hold at least 1 LST or are members of the communities listed below. We will analyze the number of LST assets you hold and convert them into vLoop points. The more you hold, the more points you receive.

We will airdrop points to holders and the following communities:

• LST: INF, vSOL, dSOL, JitoSOL, JSOL, rkSOL, picoSOL, bSOL, jupSOL, xSOL, AeroSOL, PathSOL, HealthSOL, BonkSOL, hubSOL, lanternSOL, strongSOL, camaoSOL, SOUL, phaseSOL, mSOL. hSOL, LST, uptSOL.

• Restaking: fragSOL, sSOL.

• Solana Community: Radiant, Solana ID.

For the Community, each wallet will receive a fixed 500 vLOOP. For LST holders, points will be based on the number of tokens held, regardless of the specific project. For example, 1 vSOL and 6 JitoSOL will receive the same points as 3 vSOL and 3 JitoSOL. Holders will be divided into the following tiers:

• Tier 1: 1 - 9 LST receives 500 vLOOP.

• Tier 2: 10 - 59 LST receives 1000 vLOOP.

• Tier 3: 50 - 99 LST receives 1500 vLOOP.

• Tier 4: 100 - 399 LST receives 2500 vLOOP.

• Tier 5: 400 - 999 LST receives 3500 vLOOP.

• Tier 6: >1000 LST receives 4500 vLOOP.

If a user holds jSOL or sSOL:

• Tier 1: 1 - 99 jSOL or sSOL receives an additional 20% of the total vLOOP.

• Tier 2: 100 - 299 jSOL or sSOL receives an additional 30% of the total vLOOP.

• Tier 3: 300 - 599 jSOL or sSOL receives an additional 40% of the total vLOOP.

• Tier 4: 600 - 999 jSOL or sSOL receives an additional 50% of the total vLOOP.

• Tier 5: >1000 jSOL or sSOL receives an additional 60% of the total vLOOP.

With iLoop points, we are creating a sustainable reward mechanism for those who contribute to the Solana and iLoop ecosystems. Our aim is to establish a platform that delivers long-term value, aligned with Solana’s innovative and groundbreaking ecosystem vision, and we invite you to join us in this program.

Important Note: To receive vLoop points, participants must meet the above conditions before Nov 11.

4/ How to Claim vLoop Points

• Step 1: Go to the app: https://app.iloop.finance/airdrop.

• Step 2: Connect any wallet containing LST/LRT.

• Step 3: Claim.

5/ What is iLoop?

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, offering solutions to optimize LST stakers' holdings directly on a single platform.

Join us on this exciting journey with iLoop. We're dedicated to continuously enhancing and evolving our services to provide the best experiences in the Liquid Staking/Liquid Restaking field on Solana.

6/ Conclusion

The 'Check Your SOL Wallet' program is not only an initiative to reward experienced users within the Solana ecosystem but also a token of gratitude to all long-standing members, encouraging them to continue participating in the promising Liquid Staking/Restaking space.

Among the numerous development initiatives in the blockchain space, Liquid Staking is considered one of the most groundbreaking since 2017. First introduced by Lido in 2020, Liquid Staking quickly reached the milestone of $1 billion in total value locked (TVL) and currently has a TVL of $24.5B. Since then, Liquid Staking has expanded rapidly to various Proof of Stake blockchains, leading in the DeFi sector with $42.82B in TVL, of which Solana accounts for $4.72B.

What is Liquid Staking?

Liquid Staking refers to protocols that allow users to stake a blockchain's Proof of Stake assets, such as ETH, MATIC, SOL, SUI... The protocol then issues a representative token for the staked assets at a 1:1 ratio. However, in the case of Solana, this ratio may not always be balanced.

Benefits of Liquid Staking

1/ Provides Liquidity for Staked Assets

To make it easier to understand, when users stake directly or delegate to validators, the staked assets become non-transferable and illiquid. For example, it's like depositing money in a bank to earn interest without receiving any equivalent assets, leaving you waiting only to receive interest from the bank.

This situation leaves users with two choices:

• Stake to the network for block rewards: This enhances network security but does not optimize capital efficiency.

• Stake on DeFi platforms: This increases capital usage but decreases the security of the network.

Both options have their pros and cons. Liquid Staking resolves this by issuing a representative asset, allowing users to use it to earn additional yields in DeFi or continue trading. This helps optimize capital utilization while maintaining network security.

2/ Flexibility

When users choose Native Staking by self-staking or delegating to validators, they need only run dedicated software or send SOL tokens to a stake account and delegate them to one or more validators (this is how staking works on Solana). However, an issue arises when users want to withdraw their assets: they have to "wait". If the market fluctuates significantly or there are large unstaking requests, the waiting period can be extended.

Liquid Staking solves this by providing liquidity, allowing users to redeem their original assets immediately. For example, if you deposit 10 SOL into Jito and receive 10 jitoSOL, you can swap it in the pool to get back SOL immediately without having to wait.

3/ Mitigates Validator Risks

In addition to benefiting both the network and users, Liquid Staking also helps users avoid the risks associated with malicious validators. On Ethereum, if a validator misbehaves, the staker bears the penalty. Similarly, on blockchains with delegation mechanisms, when a validator acts maliciously, the delegator also bears the penalty.

Liquid Staking mitigates this risk by delegating to multiple validators, reducing the potential for asset loss when issues arise. Moreover, Liquid Staking platforms often have a protection fund to compensate users when necessary.

Jito

Jito is a Liquid Staking service for Solana that distributes Maximum Extractable Value (MEV) rewards to holders. The Jito Stake Pool enables users to stake SOL and receive JitoSOL in return. This token provides liquidity while earning both staking and MEV rewards. JitoSOL has two unique aspects:

• It provides additional rewards from MEV transactions on Solana.

• It exclusively stakes with validators running software designed to improve network performance, reducing congestion.

Marinade

Marinade is an automated staking platform that monitors all Solana validators and delegates to over 100 of the best-performing ones. Users can optimize their SOL staking rewards through Marinade's automated strategy. Marinade offers two options: traditional staking or Liquid Staking to receive mSOL. Both options involve staking with the same set of high-performance validators.

SolBlaze

SolBlaze is a fully non-custodial stake pool protocol supported by the Solana Foundation. By staking SOL through SolBlaze, users receive bSOL—a token that can be used in DeFi applications. SolBlaze automatically delegates SOL to multiple validators to enhance Solana's decentralization. bSOL is designed to appreciate relative to SOL every epoch, corresponding to staking APY.

Jupiter

JupSOL represents staked SOL with Jupiter's validator, which is managed by Triton. Jupiter passes all validator rewards and 100% of MEV to stakers for maximum yield. JupSOL is issued through Sanctum.

The Role of iLoop

iLoop was established with the goal of enhancing the value of LST assets. Currently, the barrier for a Liquid Staking project to operate in the market lies in liquidity and adoption in DeFi projects. With Sanctum's solution, these barriers have been removed, transforming the entire Liquid Staking sector on Solana, making it easier for projects to launch their LSTs.

However, there is still one more issue to solve for LSTs to be more perfect—the ability to generate returns. If a project launches with an average APY of 6% - 8%, and then adds it to Sanctum's Infinity Pool or lends it on Kamino, it is not particularly attractive. iLoop has identified this issue and provides the ability to optimize the value of LSTs with leverage up to 15x, significantly increasing demand for staking through Liquid Staking platforms, which typically only offer ~6% yield.

About iLoop

iLoop is a next-generation lending and borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.

Highlight

Testnet Launch

On September 13, 2024, the iLoop testnet officially launched, initially supporting 6 LST assets: jitoSOL, mSOL, jupSOL, bSOL, INF, and rkSOL. This marks an important milestone after a long period of research and development.

Just one week later, we contacted partners to support their assets, adding hubSOL, picoSOL, vSOL, strongSOL, and picoSOL to our platform. This aims to diversify the asset portfolio and provide users with a better experience. This number will not stop here and will continue to be reviewed for expansion, as we always listen to feedback from the community.

After two weeks of running the testnet, iLoop achieved a milestone of $9.9M TVL with over 2,000 users. As of the time of writing, this number has surpassed $10M. Given this start, we consider this figure extremely impressive. The enthusiastic support from the community drives our passion to make iLoop a valuable product for Solana.

Solana Breakpoint 2024, Token2049 & Korean Blockchain Week

For Breakpoint 2024, iLoop will not participate in a live presentation, targeting this for next year. The purpose of this trip is to connect with Liquid Staking projects and learn from other initiatives. We aim to foster discussions and exchanges of information among the parties involved. Ultimately, iLoop has secured partnerships that will be announced after the mainnet launch. With these collaborations, iLoop hopes to expand its ecosystem and create new value for its users.

Upon returning and until now, we have immediately begun developing specific partnership plans. These connections are crucial for the next steps in iLoop's development and will benefit the user community.

Bitget x Solana x Superteam Vietnam Hackathon

At the Bitget & Solana Hackathon, co-hosted with Superteam Vietnam, competing against projects with groundbreaking ideas was not easy. However, our team made every effort and excelled by securing second place. We are very proud of what we have achieved, from developing the idea to refining the product.

We believe this success is just the beginning of greater advancements in the future. The iLoop team will continue to develop and improve our product to deliver tangible value to the community.

What’s Next?

In October, we will begin designing community programs following the mainnet launch. Additionally, we are reaching out to auditing firms to prevent any potential issues and ensure the best possible experience for our users.

About iLoop

iLoop is a next-generation lending and borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.

Visit https://www.iloop.finance/, connect your wallet, and get started. iLoop’s testnet will currently support 6 LST assets: jitoSOL, mSOL, jupSOL, bSOL, INF and rkSOL. Additional partners will be integrated onto the platform in the coming weeks.

Innovating for Future Readiness

iLoop is the first platform focused on LST assets to offer consolidated returns, opening up an entirely new future for Lending, Liquid Staking, and Restaking on Solana.

The ‘Loop’ feature allows users to leverage up to 15x. However, it’s important to choose the right strategy to maximize profits—maximizing leverage doesn’t necessarily mean maximizing returns. Basic features will be rolled out for testing first.

As a member of the most vibrant ecosystem, Solana, we have made optimizing LST assets one of the core ideas in building iLoop. ‘Loop’ represents next-generation design with future-oriented goals. Unlike older designs, ‘Loop’ has the potential to achieve breakthroughs that have not yet been attempted.

Objectives of iLoop Testnet

With the live iLoop testnet, users have the opportunity to experience the Lend and Loop features and develop strategies before iLoop launches on the mainnet. During this period, the iLoop team will observe and gather feedback on the product during testing to make necessary adjustments before the mainnet launch.

Steps to Participate in the Testnet

Step 1: Visit https://www.iloop.finance/

Step 2: Connect Wallet

Step 3: Faucet SOL: https://testnet.iloop.finance/faucet

Step 4: Use ‘Lend’ or ‘Loop’

By participating in the testnet, users will utilize the basic features provided, such as "Loop", to test whether leverage operates smoothly across all available pools. This helps ensure that no issues arise during operation.

Community Feedback Drives iLoop’s Development

The testnet is not just a place to experience the product but also a call for collaboration. All community feedback is valuable. Here’s how you can contribute:

• Bug Reports: All reports will be addressed through Discord. Details can be submitted in any form such as screenshots or videos.

• Ideas: All proposed ideas are highly valued. iLoop always listens to suggestions to improve the product.

What’s Next?

The launch of iLoop’s testnet is not only a significant milestone but also a glimpse into what a dynamic community can achieve. During the testnet phase, iLoop will conduct tests. If no vulnerabilities are found in the test reports, the mainnet launch will proceed as scheduled in October.

Follow @iLoop_HQ and join the iLoop Discord to stay updated with the latest information.

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.

1.1/ Lending in CeFi

The two most common types of loan in CeFi are secured loan and unsecured loan.

Secured Loan

This is a type of loan where the borrower must pledge a valuable asset as collateral for the loan. The collateral can be any asset that the borrower owns, such as a house, land, car, etc. These assets serve as a recovery mechanism for the lender in case the borrower cannot repay the loan. For example, you mortgage your house to a bank to borrow money for personal activities. If you cannot repay the loan by the due date, the lender will sell your house to recover the loan.

Unsecured Loan

This is a type of loan where the borrower does not need to pledge any assets to access the loan. Not everyone can access this type of loan; only individuals or large organizations with high creditworthiness can use this form. In the event that the borrower is unable to make payments, the lender cannot seize any of the borrower's assets to recover the loan.

For example, a bank lends an unsecured loan to a reputable organization in the region. If, after a period of time, this organization goes bankrupt and cannot repay the loan, the bank cannot claim any other assets of that organization.

1.2/ Lending in DeFi

The operating model of lending platforms in the DeFi market is quite similar to traditional markets, but there are some notable differences. Anyone can participate in these platforms without the need to prove income or credit score.

There are three main types: P2P, Over-Collateralized Lending, and Under-Collateralized Lending. However, most platforms operate on the Over-Collateralized Lending model, similar to secured loan in the CeFi market. In this model, the borrower can only borrow an amount less than the value of the collateral. This ensures that platforms avoid bad debts.

In the event that the borrower is unable to repay the loan or the value of the collateral falls below a certain threshold, the platform will sell the collateral at a discount to partially repay the loan. This process is called liquidation.

Flash Loan

Flash loan are unsecured loan that allow borrowers to access funds as long as the borrowed assets are returned to the lender at the end of the transaction.

*The nature of transactions on a blockchain. A transaction can consist of multiple sub-transactions within it. In the blockchain space, most ordinary users only execute one sub-transaction, such as transferring tokens or buying and selling.

2/ How do flash loan work?

Like many other concepts, flash loan are an exciting new financial primitive. They allow borrowers to draw from a pool of on-chain assets without the need for any collateral, provided that the initial borrowed amount and transaction fees are returned in the same transaction. If the initial borrowed amount is not returned at the end of the transaction, the loan, along with all subsequent actions, will not be executed, and the contract will be reverted. This mechanism opens up new opportunities and increases accessibility to capital in various scenarios.

Example: A user borrows 100 USDC on Aave, then swaps 100 USDC for 10 ETH, then swaps 10 ETH for 110 DAI on Uniswap, swaps 110 DAI back to 125 USDC on Curve, and then repays the 100 USDC to Aave plus transaction fees. In the end, the borrower makes a profit of 25 USDC. This is one of the use cases of Flash Loan.

3/ Applications of Flash Loan Flash loan were created with various purposes to address the shortcomings still existing in DeFi and CeFi mechanisms. At the time of its launch, flash loan emerged as a powerful feature in the DeFi market. Here are the most common use cases:

• Arbitrage: Arbitrage traders often use flash loan the most as it allows them to profit from price differences between different DEXs.

  • Example: ETH on Uniswap is priced at $3000, but on SushiSwap, it's priced at $3010. At this point, traders can take advantage of this price difference to profit as follows: The trader flash loan 10 ETH at a price of $30000 on Uniswap and sells it on SushiSwap for $30100, then repays the 10 ETH on Uniswap, and finally, the trader earns a profit of $100.

• Collateral Swaps: DeFi users can take advantage of swapping collateral in lending platforms.

  • Example: A user is borrowing USDC on Aave and using ETH as collateral, but then the user wants to use WBTC as collateral and withdraw ETH. First, they will borrow the amount of USDC they borrowed previously, repay the USDC to the loan on Aave to get ETH back, swap ETH for WBTC, and then collateralize it back on Aave to borrow USDC again.

4/ Flash loan and price oracle attacks

Although there are useful use cases, flash loan are also a tool for carrying out a series of attacks, draining funds from platforms. After discovering a vulnerability, attackers will manipulate certain functions of a transaction to control the funds in the vault. Since flash loan do not require borrowers to provide collateral, attackers do not need to spend any assets for the attack but can still withdraw funds from the protocol.

Attacks have different methods depending on the vulnerabilities of the protocol, but most flash loan attacks target protocols that use price feeds from a single DEX. For this reason, attackers can easily manipulate the protocol, leading to losses. The price of an asset is easily volatile when witnessing a large sell-off, and relying on only one DEX is easily exploitable.

Here's how an attacker exploits a platform that supports flash loan but only uses a single DEX price feed:

• Step 1: The attacker borrows a large amount of token A.

• Step 2: The attacker swaps token A for token B, causing the price of token B to increase and the price of token A to decrease.

• Step 3: The attacker deposits token B as collateral on another platform that also uses the same single DEX price feed to borrow token A. At this point, a large amount of token A has been borrowed compared to the initial amount.

• Step 4: The attacker repays the amount of token A to the original platform, and the attacker keeps the profit from the price difference.

• Step 5: When the price of token A and token B returns to normal, the platform will suffer losses.

5/ Notable Attacks

According to Certik's data in 2023, the lending platform Euler Finance on Ethereum was attacked using flash loan, resulting in a loss of $200 million, including USDC, WBTC, stETH, and DAI. The good news for Euler is that the attacker returned the funds.

Another unfortunate case was Platypus Finance on Avalanche, which was drained of $8 million by an attacker but did not have a happy ending like Euler Finance. These are two of many projects attacked using flash loan, indicating that flash loan can be seen as a 'double-edged sword' for platforms if not thoroughly vetted.

This is one of the most common types of flash loan attacks in the early stages of the DeFi era. Currently, projects have enhanced their price feeds to prevent manipulation. iLoop is one of the platforms that uses its own oracle price feed, independent of DEXs. This means that even if the price of an asset fluctuates significantly, positions are not affected.

For example, if you deposit 1 jitoSOL into iLoop and borrow 0.93 SOL, but the price of jitoSOL is heavily influenced by a large sell-off from Raydium, causing 1 jitoSOL to equal 0.6 SOL, iLoop's positions will not be affected by the price on the DEX, so the loan remain safe.

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.

With the tremendous success of the iLoop Kickstart Quest Campaigns, we have observed a great deal of interest from the community. Therefore, we are pleased to announce our next campaign: iLoop Pre-Hype: Season 1.

iLoop Pre-Hype: Season 1 will feature even more valuable and enticing rewards compared to the recent iLoop Kickstart Quest Campaigns. This campaign will include additional tasks and activities, with larger rewards for more active participation. The ultimate prize will be the OAT.

Campaign Detail

Time: 2024-07-24 => 2024-08-08 00:00 GMT +07:00

1/ iLoop Pre-Hype: Season 1 - Episode 1 | Get 1 Entry & 50 Points

• Follow @iLoop_HQ on Twitter

• Have the Loopies Noobies role in iLoop Discord Server

• iLoop Space User

• Drop your $SOL wallet here

• Subscribe to iLoop'Mirror

• Join the @iloophq on Telegram

2/ iLoop Pre-Hype: Season 1 - Episode 2 | Get 1 OAT & 100 Points

• Follow @iLoop_intern on Twitter

• iLoop Space User

• Drop your $SOL wallet here

• Subscribe to iLoop'Mirror

• Join the @iloophq on Telegram

3/ Get 1 OAT & 20 Points

• Refer Friends Participate in the Quest

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.

In the DeFi market, these issues have been addressed. Borrowers no longer need to rely on trust in lenders or prove income to access capital. Imagine living in a world where you can freely engage in activities like earning interest or borrowing assets with just a few simple steps, all automated. There are now numerous Lending & Borrowing platforms in the DeFi market such as Aave, Compound, Solend, Kamino, enabling universal access to financial markets.

What Is Cryptocurrency Lending & Borrowing?

This is one of the fundamental activities in the DeFi market, akin to traditional lending and borrowing activities. It allows users to lend their assets to others for a specified period and predetermined interest rate. After this period, they receive back their principal plus interest.

For example, if you have $100 idle and want to earn from it, you can lend it to someone who needs it for their activities. In return, you earn interest over a specified period, such as 10%. At the end of the term, you receive back $110. In DeFi, you can deposit funds or borrow them on platforms like iLoop, Kamino, Marginfi, and Solend.

For borrowers, they need to collateralize a certain amount of assets to secure their loans. This process is similar to pledging assets in traditional bank loans but instead uses a diverse range of digital assets as required by the platform.

Key Forms of Lending in DeFi:

The robust development of the DeFi market provides various opportunities and mechanisms for users to easily access assets. Despite challenges, platforms maintain community interest, especially Solana post-FTX bankruptcy. Currently, the three main forms in the market are:

1. P2P: Direct lending between two parties without a third-party intermediary. Specific terms are agreed upon, and loans are executed via smart contracts if both parties meet the conditions.

2. Over-Collateralized: The most common form where collateral exceeds the loaned assets. This method safeguards the lender's assets, but market volatility can lead to losses for lenders.

3. Under-Collateralized: Contrary to over-collateralized, this form requires less or no collateral to access loans. While seemingly impractical, platforms operating this way primarily lend to highly reputable organizations, with limited projects using this method.

Important Metrics:

Interest Rate: This is the most important index in the Lending platform. Whether a platform can attract deposits depends on its Interest Rate; platforms compete on Interest Rates to attract funds. Simply put, this is the interest that lenders receive after a certain period.

Lending Time: The lending period is calculated from the start to the end of the loan, when users receive both the principal coin/token and interest. During this period, the lender's coins/tokens are locked. Typically, lenders can choose their preferred lending period. Specifically, lending periods can be 7 days, 14 days, 28 days, 30 days, and up to 90 days. During the lending period, users are not allowed to withdraw their funds until the borrower's term expires.

Lending Asset: This refers to assets that users can lend and borrow. Different platforms may support different assets. It's important to note that different assets carry different risks.

Lending Total Valued Lock: This is the total amount of locked assets. The more assets are locked, the more trustworthy and popular the lending platform is perceived to be in DeFi. A high Total Valued Lock (TVL) indicates that many users are willing to stake their assets in the platform for lending or liquidity provision, reflecting trust in the platform's security and profitability.

Loan-to-Value (LTV) This is an important index used to determine the amount a borrower can borrow, measuring the percentage ratio of the loan amount to the collateral asset value. Traditional lenders like banks evaluate borrowers based on credit scores and repayment ability. Unlike traditional lenders, lending platforms do not evaluate users; access is open to anyone. LTV is pre-set for each type of asset, varying with different risk levels.

For example, an LTV of 80% means you can borrow up to 80% of your collateral asset's value. If you collateralize $1000, you can borrow up to $800.

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, offering solutions to optimize LST stakers' holdings directly on a single platform.

Join us on this exciting journey with iLoop. We're committed to constantly improving and developing our services to deliver the best experiences for the community in the Liquid Staking field on Solana.

Since Jito's airdrop revived Solana's LSD strongly, it currently leads Solana in terms of TVL. There are now 53 LSD projects in the ecosystem, facilitating liquidity influx into Solana.

The current achievements of LSD projects on Solana reflect continuous efforts by developers and the community. As capital flows into LSDs, we believe Solana will develop comparably to Ethereum, with explosive growth in user base, liquidity, and LSD protocols in the near future.

iLoop will provide LSD users opportunities to optimize LST asset profits, offering unprecedented yield farming possibilities. Unlocking these features requires efforts not just from iLoop but also from the broader Solana community and LST holders.

Why Solana

We choose to build on Solana because we see it as the hub for financial transactions in general, and specifically for LST assets. Solana's perfect design makes it an ideal platform for widespread application, boasting high scalability and low transaction costs, suitable for billions of users.

Solana aims to ensure accessibility and scalability to meet real-world demands. With its ultra-fast speed and unclogged mempool, Solana processes transactions at one of the highest rates currently, approximately 50,000 transactions per second.

Additionally, Solana's developer community and ecosystem are exceptionally large and high-quality, unlike any other ecosystem. Developers have pioneered groundbreaking, highly useful products, integrating blockchain into everyday life. This massive community exemplifies Solana's revolutionary development, transforming it from a technological platform into a community aiming to revolutionize and enhance how people interact with blockchain technology in daily life.

Solana is assembling the pieces of a complete ecosystem and continues to add groundbreaking elements that other blockchains lack. This is evident in its daily user growth and transaction volume leadership, fostering a network effect where more products attract more users, leading to increased liquidity within the ecosystem. As liquidity flows into the ecosystem, it spreads across various projects, especially LSDs, an underexplored but promising niche.

Unlike any other blockchain, Solana has established partnerships with external organizations such as PayPal, Shopify, TipLink, and others. This not only expands the platform's community and real-world usage but also demonstrates confidence in Solana's ability to efficiently meet transactional needs and scale.

We believe Solana will grow stronger than ever with products like Jupiter, Sanctum, Raydium, Drift, SolBlaze, etc. These reasons drive our desire to become a part of this remarkable ecosystem, allowing users to optimize their LST assets.

Why are we focusing on LST assets?

Currently, Solana ranks second in Staking Marketcap, showcasing its immense appeal and potential to both communities and investors. This second position isn't surprising given Solana's proven capabilities in the blockchain space, attractive Reward Rates, and network security.

According to data from @21co__, currently approximately 6.78% of SOL (~$3.82B) is staked through liquid staking providers, significantly less than Ethereum's 40% market share. However, this figure remains largely untapped with significant potential for growth in the future. Ethereum, with its longevity and popularity, has a well-developed staking ecosystem, readily available for LST holders.

This data underscores that staking on Solana remains largely untapped. For an LSD project to succeed, it must meet two critical conditions: liquidity and the application of LST in DeFi platforms. When an LSD protocol meets these conditions, users and capital begin to flow in. The greatest evidence of this success is Lido.

When LSD protocols are supported by Sanctum's liquidity, our product aims to optimize profits for LST assets. With this strong combination, we anticipate a shift of new users and native staking users towards LSD protocols, positioning us as the endpoint for LST assets.

What next?

Currently, we're striving daily to launch in August, with much work ahead to help LST holders optimize their assets. As we're in the early stages of product development, there's substantial potential for exploration.

iLoop will take its first steps in August, and we have exciting plans immediately post-launch. On the product side, we'll provide lending pools for leading LST assets like jitoSOL, mSOL, bSOL, and others in the near future. As funds pour into LSDs, demand for DeFi projects optimizing yield for LST will rise, where we'll stand as the preferred destination for LST holders.

For early community and user engagement, we've designed engaging campaigns for those genuinely interested in the project, rewarding active contributions to iLoop appropriately.

To deliver real value and build user trust, we'll continuously update and upgrade our product, promptly listening and responding to all feedback and suggestions from the community.

In the future, LSDs on Solana will continue to grow stronger, offering more opportunities for users, where iLoop will be well-positioned to add further value to this field.

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, offering solutions to optimize LST stakers' holdings directly on a single platform.

Join us on this exciting journey with iLoop. We're committed to constantly improving and developing our services to deliver the best experiences for the community in the Liquid Staking field on Solana.

iLoop are thrilled to share exciting news with you all: the launch of our iLoop Kickstart Quests Campaign! This campaign marks a significant step forward in iLoop's commitment to building and nurturing our community.

The iLoop Kickstart Quests Campaign is designed to not only attract but also actively involve our community in meaningful ways. Through a series of quests and activities, iLoop aims to create opportunities for participation, learning, and collaboration. Whether you're a seasoned member or new, there will be plenty of chances to engage, contribute, and grow together.

The iLoop Kickstart Quests Campaign will feature a variety of tasks and activities to earn rewards, aiming to foster engagement and collaboration within the community. Exciting rewards await participants.

Campaign Detail

This campaign will unfold across Galxe and Zealy:

• Galxe: 2024-07-03 => 2024-07-17

• Zealy: 2024-07-11 => 2024-07-29

On Galxe, users will complete tasks and earn corresponding points. After completing tasks, 20 qualified individuals will share a total reward of 500 $USDT. The detailed tasks include:

• Follow the iLoop Galxe’s space users to begin your journey. (5 Points)

• Follow iLoop’s official Twitter account for the latest updates. (5 Points)

• Follow @iloop_intern on Twitter to get insights from the helm of iLoop. (10 Points)

• Quote the tweet and tag a friend to spread the word. (70 Points)

• Join iLoop’s announcement Telegram channels for exclusive news. (30 Points)

• Get role iLoop's Discord Official channel. (40 Points)

• Visit the iLoop website. (30 Points)

• Visit the blog. (40 Points)

On Zealy, users will also participate in answering questions to earn corresponding points. After the event concludes, 21 individuals will share a total prize pool of up to 200 USDT. The detailed tasks include:

Main task:

• Follow iLoop Twitter  (30 Points)

• Follow iLoop Intern (30 Points)

• Visit iLoop website (20 Points)

• Visit iLoop Galxe Space for Airdrop (20 Points)

• Join iLoop Official Telegram (30 Points)

• Join the iLoop Discord 👾 (50 Points)

Social Tasks:

• Like iLoop Post (20 Points)

• Retweet iLoop Post (20 Points)

• Zealy Daily connect 📆 (10 Points)

Discord Tasks:

• Daily connect 📆 (2 Points)

• Reach level 5 (Learner Looper) (300 Points)

• Reach level 10 (Master Looper) (500 Points)

• Reach Level 20 (Lengendary Looper) (1200 Points)

Referral Tasks:

• Invite 1 friend (10 Points)

• Invite 5 friends (50 Points)

• Invite 10 friends (100 Points)

• Invite 20 friends (200 Points)

• Invite 50 friends (600 Points)

Extra quest / NFT Whitelist Reward

• Subscribe iLoop mirror (100 Points)

• Being active member to claim OG role (Learner Looper Role)

• Boost Discord level (Alpha Loopies Role)

Looking Ahead

Beyond these initial reward programs, iLoop is taking its first steps towards innovating in Lending & Borrowing focused on LST assets within the Solana ecosystem. This initiative will act as a catalyst, driving economic activity and enhancing utility for LST assets.

iLoop is designed to foster innovation, creativity, and active participation. These initiatives encourage LST stakers to contribute to the innovative economy on Solana. By engaging in these opportunities, LST stakers can optimize the value of their LST assets.

About iLoop

iLoop is a next-generation Lending & Borrowing platform focused on the Liquid Staking market within the Solana ecosystem, providing solutions to optimize the holdings of LST stakers directly on a single platform.

Join us on this exciting journey with iLoop. iLoop is committed to continuously improving and developing our services to deliver the best experiences for the community in the Liquid Staking fields on Solana.