Summary

In Q1-Q2 2024, we saw a hot start to the year and then a decline in lender liquidity due to market conditions and several user experience frictions as I outlined in the last report. In Q3-Q4 2024, the protocol expanded to multiple chains, found some product market fit in select pools, and burned over 2 million AJNA.

The good; 2m+ AJNA were burned, we executed a major multi chain integration that provided Ajna a permissionless incentive system for individual pools (Merkly.xyz), 4 incentive campaigns outside of Summer.fi and Juiced.app, 5 new chain deployments, 189 new pools, and  improved liquidity for the AJNA and bwAJNA tokens, with permanent liquidity being added on both mainnet and Base.

The bad; While issues have been well identified, their solutions have been taking longer than expected. Protocol usage is down ~70%.  We began Q2 at 12.92m TVL, 7.94m lent, and 4.89m borrowed. Q4 completed with 3.72m TVL, 1.21m lent, and 704k borrowed.  Juiced.app is being shut down, due to demand for their Vault products shrinking. It’s been difficult to find partners willing to run incentive campaigns for Ajna pools, and lenders to provide liquidity in new and existing pools.

More context; AARKs remain highly anticipated and are expected to release in Q1 of 2025. The Secondary market for lender positions is code complete and is in the process of gaining front end support by Ajnafi.com, expected to release sometime in Q2 2025.

Successes

Multiple Deployments

The Ajna Protocol was deployed on Avalanche, Rari Chain,  Linea*, Binance Smart Chain*, and  Filecoin FVM*. These deployments are supported by Ajnafi.com.

* not added yet to info.ajna.finance (1/16/25)

Merkl Integration

We successfully funded and executed an integration with Merkl, giving most of the Ajna deployments a permissionless incentivization system for pools. Now anyone can incentivize borrow or lend activity in any pool.

Incentive Campaigns

Several incentive campaigns ran;
Summer.fi continued,
The syrupUSDC/USDC pool on Ethereum mainnet,
The mBASIS/USDC pool on Ethereum mainnet,
and for Rari Chain as a whole.

AJNA and bwAJNA Liquidity Deployment on Base

1m AJNA of permanent liquidity was successfully deployed to Uniswap pairs:  AJNA/USDC and bwAJNA/USDC on Base using Charm Vaults as the result of a grant.

AJNA/USDC
500,000 AJNA

https://alpha.charm.fi/base/vault/0x09709fb6a38FB66F63F2664625F0e01fF3F8DCf5

https://basescan.org/address/0xdbb975d6c449d2ac63a23ae3cbc80e40054b8921

https://app.uniswap.org/explore/pools/base/0xDBB975D6c449D2ac63a23Ae3Cbc80e40054B8921

bwAJNA/USDC
500,000 bwAJNA

https://alpha.charm.fi/base/vault/0x3Eaf2e544Cdcb7738C08cC01effAae1c7e0fB8a0

https://basescan.org/address/0x22698579b63e6d64b629af7e8c8caa7d449e6970

https://app.uniswap.org/explore/pools/base/0x22698579B63E6d64B629Af7e8C8caa7d449e6970

CEX Listing: Ascendex

In July the AJNA token was listed on Ascendex, formerly known as BitMax, a tier 2 exchange. The listing did not generate much real volume, however the token now has a venue for investors to access AJNA tokens outside of Ethereum mainnet and Base.

Organic Pools that found Product Market Fit

We saw a handful of pools gain usage on their own; PRIME/USDC on Ethereum MainnetsUSDe/DAI on Ethereum Mainnet
WBTC/DAI and WBTC/UDSC on Ethereum Mainnet
COW/DAI on Ethereum Mainnet
YFI/DAI on Ethereum Mainnet
rETH/DAI on Ethereum Mainnet
HAI/USDC on Optimism
USDC/DEGEN shorting market on Base
wstETH/WETH on Base
cbETH/WETH on Base

Challenges

Lack of lead conversion

Conversion is defined as an integration of Ajna or an action taken on the protocol such as starting a pool, depositing lender liquidity, borrowing tokens, or participating in auctions. Out of 180+ engaged leads, we converted 10 of them, for a 5% conversion rate.

Continued Lack of traction

Ajna’s usage continues to decline despite continued efforts to find and kickstart new pools and integrations.

Juiced Vaults Shutting Down

Juiced is in the process of shutting down.

Token Launch Platform - Moon Inc

We are working on finding a partner to fund the development of the UI to come closer to feature parity with pump.fun.

Ajnamatch

Ajnamatch.com has not found much usage among potential Ajna users. More promotion is needed for the tool to gain traction.

Business Development Strategies

Unchanged since last report

1. Deploy Ajna on popular EVMs

2. Approach and educate potential users and integrators

   1. Approached large lenders

   2. Approached new projects with tokens

   3. Approached assets offboarded from other Defi protocols

   4. Approached memecoin communities

   5. Approached token issuance platforms

   6. Approached vault protocols

3. Explore novel use cases

   1. Token Launchpad

   2. Stablecoin issuance

   3. Perps

   4. Permissioned pools

   5. Fixed Rates

4. Push for solutions to key problems

   1. Passive lender UX product

   2. Notification tools

   3. Incentive system

   4. Open source liquidation bot

5. Improve Token Liquidity

   1. Pursued CEX Listing

   2. Approve grants for the PMM

   3. Attract proposals for additional solutions

Retrospective look at Problems & Solutions

Active Management User Experience Puts Off Lenders

Problem
The active management required for lender positions makes Ajna unattractive to lenders, especially large lenders like Spark and Frax who require minimal hands-on interaction. Ajna's oracleless design presents a significant user experience challenge: lenders cannot passively provide liquidity but instead must actively monitor and adjust the price bucket of their assets, effectively assuming the role of an oracle. This friction is exacerbated by situations where deposits freeze or lenders are left holding collateral.

Active management reduces Ajna's appeal compared to platforms with passive experiences, despite the removal of oracle exploit risk. Many prefer the risk associated with relying on an oracle over the burdensome task of position management.

There is currently no product on top of Ajna that enables an automated, trustless, passive lender experience. Juiced attempted to do this with their vault product but could not scale and did not have a true decentralized solution to this problem.

Solution
Automation would offer a superior user experience. A lender position automation tool, called AARK, is being built by Prototech Labs. The tool can be used to manage a lender position in a single pool or across multiple pools, optimizing for yield.

Update
The release target date has been extended to sometime in Q1-Q2 2025.

High Yield Environment Affects Ajna’s Attractiveness

Problem
Lenders leave when there is more money to be made in easier fashion. The Ajna Protocol TVL began a major downtrend when MakerDAO hiked the Dai Savings Rate to 15%. Lenders could now get a near risk-free, fully liquid, passive product to generate 15% on their capital. Today, the DSR is at 11.5%, still a quite attractive rate for stablecoin owners. This along with other opportunities like Ethena’s sUSDe attract a huge share of lender liquidity in Defi.

This problem also affected the start of new pools. Since new pools could only offer a maximum starting rate of 10%, it is difficult for them to attract lenders in such a high yield environment.

When a pool is no longer attractive to lenders they leave, utilization spikes, borrow rates rise, and borrowers close positions. As liquidity becomes available to withdraw, more lenders leave. This negative feedback loop occurred in a number of pools since the last published report.

Solution
One approach could be the growth of the long-tail asset market segment. These assets should command higher interest rates by default, offering lenders an option for a higher yield, higher risk product. However, when high yield is offered for low risk it is very difficult for Ajna to compete, though conditions like that are not expected to last for long.

Update
We have found it difficult to kickstart pools in the long tail asset segment due to lack of willing lenders, since they are the ones that have to price the collateral, which is volatile and often lacks liquidity. As a result the lender’s risk is too great, and the borrow demand is usually unproven or non-existent.

Max Starting Rate of 10%

Problem
New pools have a difficult time finding product-market-fit due to the 10% maximum starting interest rate. This makes it difficult to attract lenders in cases where the desired rate is greater than 10% or during periods of low-risk 10%+ yields.

One of Ajna’s primary target markets is long tail assets, which, in theory, should command higher rates than large liquid assets like ETH and BTC. These long tail asset pools can’t start at their implied market rates.

Solution
The current solution is for someone to lend and borrow a small amount to create the conditions for interest rate hikes and then hike the rate themselves. This is far from easy UX, and could cost a considerable amount in transaction fees. The alternative is for a lender to enter into a pool at the 10% rate, expecting borrowing utilization to be high enough that the rate will reach its true market price in a reasonable span of time.

A possible solution is to create a system that automates the rate adjustment process for a new pool. No one is working on this yet.

Update

We are looking for someone to build this.

New Pool Chicken and Egg Problem

Problem
New pools require a willing lender to commit quote tokens in exchange for paying a small lender deposit fee of 8 hours of interest and earning 0% lend APR until a borrower appears. New pools discourage lenders from entering due to the opportunity cost, small upfront expense, and lack of guaranteed borrowers.

Solution
Since Ajna targets assets that don’t have lending or borrowing facilities, it’s important to have a tool that can match borrowers and lenders off-chain. For this, my colleague and I developed and released ajnamatch.com, a way for borrowers and lenders to advertise or find opportunities without dealing with upfront costs.

Another solution is to partner with a lender who is willing to take risks in search of niche lending opportunities. Such a party has recently become available and is hunting for new high yield pools to lend in.

Update
Ajnamatch.com has seen little real usage, despite efforts to promote it. We have partnered with a group called LTCP (Long Tail Capital Partners) to seed new pools. As a result we’ve managed to gain lender liquidity between 10k and 100k  for at least 3 new pools.

AJNA Liquidity and Price Reduce Effectiveness of Incentives

Problem
The effectiveness of incentives is declining due to a lack of liquidity to sell into and a low AJNA price. The underlying problems are low AJNA demand and low liquidity due to insufficient market making.

Solution
A solution for the low token price is to grow protocol usage so more AJNA gets burned, increasing demand for the token. If this happens, speculative demand could also rise.

There are a few solutions for improving liquidity: One approach is to provide permanent liquidity on a decentralized exchange using tokens from the protocol’s treasury. The Ajna Perpetual Market Maker(PMM), which was deployed in March 2024, is set up to do just that. This smart contract system holds AJNA and makes it available for flash loans resulting in better efficiency and UX for Claimable Reserve Auctions. More related, the PMM can create permanent AJNA liquidity by LPing its holdings permanently on Uniswap once a specific AJNA price is reached. The PMMs have not released any AJNA yet, but will in the future when the price hits 20,000 AJNA per ETH & 1,000 AJNA per ETH.

Another approach is to make AJNA liquidity available in new places like L2s and centralized exchanges. This would enable people to purchase AJNA without incurring large transaction costs associated with Ethereum Mainnet and it would provide access to the token to new segments of people; namely those who aren’t using Ethereum Mainnet.

Update

Double2win proposal failed to pass in Cycle 3. Ascendex AJNA listing deal was successful but has not contributed much retail demand.I partnered with StableLab to execute the Aerodrome AJNA and bwAJNA Liquidity Deployment proposal, which passed in Cycle 3, and is being topped up as a result of Cycle 4; it adds permanent AJNA and bwAJNA liquidity against USDC on Base via Charm Vaults. They have been performing well for the last quarter.

Friction Setting Up Incentives

Problem
The problem was the inability to permissionlessly set up incentive campaigns.

Solution
Complete

Update
An integration with Merkl.xyz was done. Now we have a reliable and user-friendly incentive system for Ajna on Ethereum, Arbitrum, Base, Optimism, Polygon POS, Mode, Gnosis, Blast, and Avalanche.

Lender Deposit Availability & Cost

Problem
Rephrasing what kfedoseev wrote here; Withdrawals can be unavailable due to ongoing liquidations, high utilization or long periods of rate inefficiencies. Multiple days of near 100% utilization are very likely to happen due to how Ajna is designed. Unavailability of withdrawals for lenders increases the risk of forced liquidations, which are counterproductive for both sides: lenders, since they act as kickers, will likely lose some of their bond, while borrowers suffer liquidations and gets charged penalty fees even if they were not below their liquidation price.

Deposits and withdrawals on Ethereum Mainnet are very gas intensive and can be too expensive for regular users during periods of high gas demand. When only portions of their deposit are available this leads to larger potential costs for exiting positions.

These frictions reduce the appeal to lend on Ajna.

Solution
A gasless market for Ajna lender positions was proposed and approved. This tool would give lenders the ability to exit their positions by selling them at book value or a discount. It would create a win-win scenario by enabling new lenders to enter positions advantageously, avoiding the lender deposit fee and potentially getting a discount.

Update
The code is complete. Kiril is working with Ajnafi.com to have a front end developed to support this marketplace. ETA Q2 2025.

NFT Pools Struggle to Gain Users

Problems
There has not been much NFT activity on Ajna since launch. It’s hard to find lenders, max 10% rate is a blocker, and single lender/single borrower pools are easy to manipulate. On top of that, NFT collection and subset pools don’t make sense unless all the NFTs are the same value.

Solutions
Engage leads for NFT markets and kickstart the first NFT pool.

Update
We deployed Ajna onto the Rari Chain, in hope to see more NFTs used as collateral. We also ran an incentive campaign for a few months to attract activity. Unfortunately, no NFT pools were launched.

L2s Struggle to Gain Users

Problem
Ajna deployments on L2s are struggling to attract significant activity. While the previously mentioned issues also affect L2s, specific concerns related to them are listed below.

Solution
Besides continued marketing and direct outreach to asset originators and holders on those networks, solutions should be pursued for the issues below.

Update
We integrated Merkl.xyz so that these chains have an incentive system and have done a ton of outreach to kickstart new pools with some small successes.

Lack of Liquidation Coverage

Problem
There is not enough guaranteed liquidation coverage across Ajna deployments. Known parties only cover Ethereum and Base, and soon Avalanche. While all network deployments have liquidation features available on Ajnafi.com, they do not have guaranteed constant monitoring for opportunities. No guaranteed coverage affects the confidence of potential users who stand to lose money if liquidations are not attended to. We only know of two known parties that have liquidation bots and several parties running bots privately. For them to run them on a new chain takes persuasion. Deployments without coverage are a risk to Ajna users, handicapping growth and confidence.

Solution
One part of the solution is to make sure liquidations are visible to the public. I worked with Block Analitica to set up a channel on the Ajna discord that pushes messages about liquidation events from all the Ajna deployments.

Another part of the solution is to get an Arbtake bot running on all these chains. Arbtake matches lender liquidity at the highest price buckets against debt balances in liquidation. Arbtake can earn the person who runs it a profit, and requires no external capital except to pay for the transaction fees. There are many paths to achieving this goal. One is to make such a bot open source and available to the public through grants or a willing stakeholder and then to try to convince a few parties to run them.  Another is to integrate with a cross-chain vault protocol that can automatically execute a strategy that generates yield when it sees a profitable arbtake opportunity.

We also need an open source liquidation bot released so that the barrier to entry would be lowered for new participants.

Update
The discord channel runs well, and there haven’t been any missed liquidations in the last 6 months. There is no Arbtake bot running, our efforts to set this up have been unfruitful so far–We have an open RFP for the Arbtake bot.

Newly Discovered Problems & Solutions

Difficulty Servicing Large Borrowers

Problem
Many of the most impactful borrowers in Defi are “whales” who borrow millions of dollars against their assets. Ajna’s design makes it difficult to facilitate borrow positions in large sizes because if there is a large amount of available lender liquidity the lend rate in the pool is very low. This results in the withdrawal of that lender's liquidity after a short time. It requires the lender to take on opportunity cost while they wait for their deposit to be utilized.

Solution
We are targeting stablecoin issuers to become large lenders in Ajna since they are less sensitive to opportunity cost than retail users.

Statistics

+2m        AJNA tokens burned
+189       Number of pools
+5           Number of Blockchains
+~100    Leads Engaged
+1            New Tools
+3          Incentive Campaigns
+~200   Twitter Followers
-9.2m     TVL difference
-6.73m  Total Lent
-4.2m     TVB difference
<100       Total Users on Ethereum Mainnet

Conclusion

The issues raised in the Q1-Q2 2024 report still affect the protocol because the solutions have not yet come to market. As I mentioned in the previous report, to achieve product-market fit and fulfill its vision, Ajna must improve UX. The challenges are solvable, and numerous solutions are in progress. I am eager to see them come to market.

Authorship Credits:
David Utrobin, Business Developer
Akash Patel, Co-Founder
Joe Quintilian, Co-Founder

Henry J. Kaiser, "Problems are only opportunities in work clothes"

Summary

Ajna’s vision is to provide users with a platform to borrow or lend almost anything in a systematically less risky and more accessible way. However, there are challenges to overcome for this vision to be realized.

The Ajna Protocol launched in January 2024 and quickly gained momentum, reaching $44 million in TVL by early March. The decline in protocol TVB and TVL began on March 10th, when MakerDAO adjusted their Dai Savings Rate to 15%, offering liquidity providers a higher yield than most Ajna pools. Ajna’s metrics have since steadily declined through to today.

Attracting users continues to be a challenge due to a handful of issues. Ajna’s stakeholders are working on solutions and exploring new ways to provide value to end users. Below are the problems, solutions, strategies, and results from the first two quarters post-launch.

Problems & Solutions

Active Management User Experience Puts Off Lenders

Problem
This is the most critical issue. The active management needed for lender positions makes Ajna unappealing, particularly to large lenders who require minimal hands-on interaction. Ajna's oracleless design poses a significant user experience challenge: lenders cannot passively provide liquidity but must actively monitor and adjust the price bucket of their assets, effectively assuming the role of an oracle. This friction is further compounded in situations where deposits freeze or lenders are left holding collateral.

Active management reduces Ajna's appeal compared to platforms with passive experiences, despite the removal of oracle exploit risk and easy access to new pools. Lenders seem to prefer the risk associated with relying on an oracle over the burdensome task of position management.

There is currently no product built on top of Ajna that offers an automated, trustless, passive lender experience. Juiced attempted to address this with their vault product but faced scalability issues and did not develop a viable solution to this problem.

Solution
An automated lender position management tool would significantly enhance the user experience and encourage greater adoption of Ajna by lenders. Prototech Labs is developing ARK, which can manage lender positions across single or multiple pools. The tool is expected to be released sometime in Q4 2024.

High Yield Environment Affects Ajna’s Competitiveness

Problem
Lenders leave when there is more money to be made in easier fashion elsewhere. The Ajna Protocol TVL began a major downtrend when MakerDAO hiked the Dai Savings Rate above what the majority of Ajna pools were paying. Lenders could now get a near risk-free, fully liquid, passive product to generate 15% returns on their capital.

New pool creation was also affected. Since new pools could only offer a maximum starting rate of 10%, it was difficult for them to attract lenders in such a high yield environment.

When a pool is no longer attractive to lenders they leave, utilization spikes, borrow rates rise, and borrowers close positions. As liquidity becomes available to withdraw, more lenders leave. This negative feedback loop where lenders and borrowers exit resulted in a 80% decrease in TVL and an 86% decrease in TVB from our March 10th peak.

Solution
There is no clear solution to this problem, though the DSR has dropped to 8% at the time of writing, making a handful of Ajna pools attractive again from a rate perspective. One approach could be the growth of the long-tail asset market segment. These assets theoretically command higher interest rates, offering lenders an option for higher yield, higher risk products. However, when high yield is offered for low risk it is very difficult for Ajna to compete, though such conditions are not expected to last.

New Pool Chicken and Egg Problem

Problem
New pools require a lender to commit quote tokens, pay a small lender deposit fee of 8 hours of interest, and earn 0% lend APR until a borrower appears. These conditions discourage lenders from entering due to the opportunity cost, small upfront expense, and lack of guaranteed borrowers.

Solution
Since Ajna targets assets that don’t have lending or borrowing facilities, it’s important to have a tool that can match borrowers and lenders off-chain. For this, my colleague Artem Gordon and I released ajnamatch.com, a way for borrowers and lenders to advertise or find opportunities without needing to commit on-chain.

Another solution is to partner with a lender who is willing to take chances in search of new lending opportunities. Such a party has recently become available and is hunting for new high yield pools to lend in. Post your opportunities!

Lender Deposit Availability & Cost

Problem
Rephrasing what Kfedoseev wrote here; Withdrawals can be unavailable due to ongoing liquidations, high utilization or long periods of rate inefficiencies. Multiple days of near 100% utilization are very likely to happen due to how Ajna is designed. Unavailability of withdrawals  for lenders increases the risk of forced liquidations, which are counterproductive for both sides: lenders, since they act as kickers, will likely lose some of their bond, while borrowers suffer liquidations and gets charged penalty fees even if they were not below their liquidation price.

Deposits and withdrawals on Ethereum Mainnet are very gas intensive and can be too expensive for regular users during periods of high gas demand. When only portions of their deposit are available this leads to larger potential costs for exiting positions.

These frictions reduce the appeal to lend on Ajna.

Solution
A gasless market for Ajna lender positions is proposed. This tool would give lenders the ability to exit their positions by selling them at book value or a discount. It would create a win-win scenario by enabling new lenders to enter positions advantageously, avoiding the lender deposit fee and potentially getting a discount.

Max Starting Rate of 10% for New Pools

Problem
New pools have a difficult time finding product-market-fit due to the 10% maximum starting interest rate. This makes it difficult to attract lenders in cases where the desired rate is greater than 10% or during periods of low-risk 10%+ yields.

Ajna targets long tail assets, which, in theory, should command higher rates than large liquid assets like ETH and BTC. These long tail asset pools can’t start at their implied market rates.

Solution
The current solution is for someone to lend and borrow a small amount to create the conditions for interest rate hikes and then hike the rate themselves. This is far from easy UX, and could cost a considerable amount in transaction fees. The alternative is for a lender to enter into a pool at the 10% rate, expecting borrowing utilization to be high enough that the rate will reach its true market price in a reasonable span of time.

A possible solution is to create a system that automates the rate adjustment process for a new pool. Noone is working on this yet.

Unappealing Incentives Caused by Low AJNA Liquidity and Price

Problem
The effectiveness of incentives is declining due to a lack of liquidity to sell into and a low AJNA price. The underlying problems are low AJNA demand and low liquidity due to insufficient market making.

Solution
A solution for the low token price is to grow protocol usage so more AJNA gets burned, increasing demand for the token. If this happens, speculative demand could also rise.

There are a few solutions for improving liquidity: One approach is to provide permanent liquidity on a decentralized exchange using tokens from the protocol’s treasury. The Ajna Perpetual Market Maker(PMM), which was deployed in March, is set up to do just that. This smart contract system holds AJNA and makes it available for flash loans resulting in better efficiency and UX for Claimable Reserve Auctions. More related, the PMM can create permanent AJNA liquidity by LPing its holdings permanently on Uniswap once a specific AJNA price is reached. The PMMs have not released any AJNA yet, but will in the future when the price hits 20,000 AJNA per ETH & 1,000 AJNA per ETH.

Another approach is to make AJNA liquidity available in new places like L2s and centralized exchanges. This would enable the purchase of AJNA without incurring large transaction costs associated with Ethereum Mainnet and it would provide exposure to new groups; namely those who aren’t using Ethereum Mainnet. One proposal requests to incentivize Arbitrum AJNA liquidity through a protocol called double2win which awards the bid side liquidity with all of the LP fees. The proposer noted that it will be submitted in the next grant cycle. As for getting a CEX listing, I have been working to get a deal approved and funded. Good news should be coming soon!

Friction Setting Up Incentives

Problem
Setting up incentives is hard.

There are two ways to set up incentives for specific pools. One is to negotiate with Summer.fi or Juiced.app, who are only able to offer incentives on certain networks and according to their own discretion. The second is to use an alternative method to utilize pool usage data and distribute tokens or points through an airdrop or claimable token tool. Both paths are time consuming and introduce friction to the process of setting up incentives.

The lack of an automated and permissionless system for pool incentivization reduces the amount of incentives available to Ajna users and prevents interested parties from having a smooth experience setting them up.

Solution
One solution is to complete the last mile of development for a “rewards manager” smart contract system. The code is complete but hasn’t been audited and there is no front end application for the tool.

NFT Pools Struggle to Gain Users

Problems
There has not been much NFT activity on Ajna since launch. It’s hard to find lenders, max 10% rate is a blocker, and single lender/single borrower pools are easy to manipulate. On top of that, NFT collection and subset pools don’t make sense unless all the NFTs are the same value.

This analysis is anecdotal. I have not spent much time analyzing ERC-721 usage on Ajna due to the lack of live examples and my own lack of testing.

Solutions
None that I am aware of.

L2s Struggle to Gain Users

Problem
Ajna deployments on L2s are struggling to gain any traction. While the previously mentioned issues also affect L2s, specific concerns related to their lack of growth are listed below.

Solution
Besides addressing the issues above and continuing outreach to asset originators and holders on those networks, solutions should also be pursued for the issues below.

Friction Around and Lack of Incentives on L2s

Problem
Incentives are difficult to set up on L2s because there is no ready tool available and because existing integrators who run incentives on Mainnet don’t support this capability on L2s. Even Summer.fi’s Base incentives must be claimed on Ethereum Mainnet.

Solution
As mentioned above, one solution is to complete the last mile of development for a “rewards manager” smart contract system. The code is complete but  hasn’t been audited and there is no front end application for the tool. Having incentives available on L2s could be a powerful tool for kickstarting activity on those deployments.

Lack of Liquidation Coverage on L2s

Problem
Guaranteed liquidation coverage across Ajna deployments is lacking. Known parties only cover Ethereum and Base, and soon Avalanche. While all network deployments have liquidation features available on Ajnafi.com, there is no guarantee that parties are constantly monitoring pools and acting on opportunities. This affects the confidence of potential users who stand to lose money if liquidations are not attended to.

I am aware of only two parties that operate liquidation bots. Persuading them to run these bots on a new chains is difficult given the lack of activity on those chains. Bad liquidation performance poses a risk to Ajna users.

Solution
One part of the solution is to make sure liquidations are visible to the public. I worked with Block Analitica to set up a channel on our discord that pushes messages about liquidation events from all the Ajna deployments. More can be done on the visibility front.

Another part of the solution, at a minimum, is to get an Arbtake bot running on all these chains. The Arbtake function is built into the protocol, it matches lender liquidity at the highest price buckets to debt in liquidation. Running Arbtake can earn a profit, and requires no external capital except to pay for the transaction fees. One path is to make such a bot open source and available to the public through grants or a willing stakeholder and then to try to convince a few parties to run them. Another is to integrate with a cross-chain vault protocol that can automatically execute a strategy that generates yield when it sees a profitable arbtake opportunity.

Strategies

1. Deploy Ajna on popular EVMs

2. Approach and educate potential users and integrators

   1. Approached large lenders

   2. Approached new projects with tokens

   3. Approached assets offboarded from other Defi protocols

   4. Approached memecoin communities

   5. Approached token issuance platforms

   6. Approached vault protocols

3. Explore novel use cases

   1. Token Launchpad

   2. Stablecoin issuance

   3. Perps

   4. Permissioned pools

   5. Fixed Rates

4. Push for solutions to key problems

   1. Passive lender UX product (soon)

   2. Notification tools

      1. Domino (live)

      2. TG notification bot (live)

      3. Discord Liquidation Notification Channel (live)

   3. Ajnamatch.com (live)

   4. Open source liquidation bot (in progress)

5. Improve Token Liquidity

   1. Pursue CEX Listing (soon)

   2. Approve grant for the PMM (live)

   3. Attract proposals for additional solutions (in progress)

Results

Failures

Lack of L2 traction

Ajna is deployed on nine networks, yet Ethereum mainnet and Base account for 98% of Ajna TVL. Marketing and outreach have had little impact to attract users.

Lack of Shorting and NFT Markers

Two of Ajna’s most hyped use cases have not gained any traction. I mentioned above why NFT pools have struggled to take off. As for shorting markets, they are also subject to the above issues and have had a difficult time finding willing lenders.

Juiced Pools, Vaults, and Incentivization are Falling Short

While Juiced is successful in attracting a lot of lender deposits, it is failing as a long term driver of Ajna activity and success.

Juiced.app provides incentives on select Ajna pools and builds two products around that. The first is Juiced Vaults, providing lenders with a passive UX that manages their liquidity across multiple incentivized Ajna pools. The second, a permissionless incentivization tool where market creators incentivize pools of their choosing.

The first product could not scale due to the manual nature of vault management, the team is not planning to release any additional vaults. The second product only supports incentivization of vaults. Unfortunately, there is no plan to support permissionless incentives for any Ajna pools.

Contango

Contango decided not to integrate Ajna afterall. Their proposal to integrate Ajna as a source of liquidity for Contango’s perps was approved for a Grant in April. They posted an update on June 6th backing out of the proposal due to changes in their priorities and poor performance of the AJNA token. On June 17th, they refunded the tokens to the treasury.

Lack of Lead Conversion

Out of 132 engaged leads, 8 converted, for a 6% conversion rate. Conversion was defined as an integration of Ajna or an action taken on the protocol such as starting a pool, depositing lender liquidity, borrowing tokens, or participating in auctions. Of these engagements most were attempts to start new pools and gain lender deposits. Those conversations usually stalled around finding willing lenders and setting up incentives. I suspect it will be a lot easier to convert after the release of an automated lender position management tool like ARK or once there is an easy tool to incentivize pool usage.

Successes

Despite the challenges, Ajna stakeholders have had several successes: multiple front ends; five additional blockchain network deployments; several tools launched by the community to improve user experience; and a few new verticals are being explored.

Ajna Front End- Ajnafi.com

MOM, the team behind Ajnafi.com, is one of three teams that received AJNA tokens as part of an integration deal. Their frontend application successfully launched alongside the protocol, attracting users by offering Ajna’s full range of functionality, including access to liquidations and claimable reserve auctions.

Ajna Front End - Summer.fi

Summer.fi is another of the three teams that received AJNA tokens as part of an integration deal. Their frontend application launched successfully alongside the protocol, attracting borrowers and lenders with a simplified interface for interacting with Ajna, a Multiply feature that enables users to leverage their positions for increased exposure, and an attractive incentives program. Approximately 70% of Ajna’s TVL comes through Summer.fi.

Lender Front End - Juiced.app

The creators of Juiced.app are another of the three teams that received AJNA tokens as part of an integration deal. Their products attract approximately 80% of Ajna’s lender deposits, demonstrating the power of incentives and a passive lender experience.

Multiple New Deployments

The Ajna Protocol has been deployed on Avalanche, Blast, Filecoin FVM, Mode, and Gnosis Chain thanks to community members and integrators. Ajnafi.com supports these deployments and has several other chains in the queue, including Linea and Binance Smart Chain.

Token Launch Platform - Moon Inc

The creators of Ajnafi.com developed Moon Inc, a token launch platform built on Ajna. The platform enables rug-proof memecoin launches, facilitates trading, and offers non-believers a way to short the memecoins right out of the box. The first version, which went live on Base in June, is very basic. A number of features and upgrades are in the pipeline. This new vertical may bring Ajna an entirely new segment of activity and a significant source of TVL and TVB.

Gnosis Pay Expansion that uses Ajna - Defi Balance Booster

Poolpi from the Juiced team cooked up an interesting project in April. A Gnosispay expansion using DeFi protocols like Safe, Yearn.fi, CoWSwap and Ajna in Gnosischain. Read more about it and watch a demo here. The idea is to enable two use cases; A savings account that mimics rebalancing from saving to checking using yield from Yearn, and a debit account that mimics a credit card that uses the user’s yearn vault as collateral to get a line of credit.

The setup involves users borrowing EURe from Ajna. Try it out here.

Matching Tool - AjnaMatch.com

Ajnamatch.com is a tool that enables borrowers and lenders to share opportunities off-chain so they can find a match on-chain. Visitors to the site can view or submit borrow and lend requests.

Domino Discord Notifications

Domino is a notification tool that enables users to get discord messages about important on-chain events related to Ajna pools and their positions on Ethereum mainnet.

TG Bot Notifications

The community requested a position notification system for those who don't use Discord, and a community member named Perrier provided one that works for Ethereum Mainnet. Perrier is interested in expanding coverage to additional networks.

AjnaJsonified

AjnaJSONified provides a text-only blockchain-sourced data feed in JSON format for each pool pair on Ethereum Mainnet. This reduces the complexity of pulling this data and allows for automation. The site recently became private and requires a paid subscription to access.

Ajnaburn.io

The creator of Makerburn.com created Ajnaburn.io, an aesthetically pleasing data dashboard that displays information about AJNA supply and token burn.

Dune Dashboard - Treebeard - Token

Treebeard’s Dune dashboard provides the community with key data about the AJNA token, namely: price, total supply, fully diluted value, circulating supply, market cap, tokens burned, DEX trades, and distribution through airdrop programs and grants.

Dune Dashboard - GunBoats - Claimable Reserve Auctions

Gunboat’s Dune dashboard provides the community with transaction data related to Claimable Reserve Auctions.

SummerFi Ajna Rewards Calculator & Reserve Auction Calculator

Moneyprintergobrrr created https://ajnarewards.vercel.app/ to calculate reward emissions related to Summer.fi’s AJNA incentive program. The site also contains a reserve auction calculator that helps users see the data for live CRA auction.

Ethena Airdrop

In March, we learned that Ethena included USDe and sUSDe holders who used Ajna in their Shard/ENA airdrop campaign. Unfortunately, the airdrops were not accessible due to a technical issue; users were about to miss out on nearly $40,000 of value. To ensure users received what was rightfully theirs, I reached out to Ethena to coordinate a solution. They were able to reassign the airdrop to another address. I then worked with Summer.fi and Ajnafi.com to push the claimed tokens to Ajna users in accordance with the terms of Ethena’s program. This successful operation resulted in many of those holders staying on the protocol, even until today. The sUSDe/DAI pool is now the fifth largest pool on the Ajna Protocol with over 500k TVL.

Lendvest Permissioned Fixed-Rate Ajna Pools

Lendvest is pioneering a different type of product on top of Ajna, namely a permissioned fixed rate product that is currently in beta.

Statistics

+7.33m TVL
+2.12m TVB
+389     Number of Pools
+9           Number of Blockchains
+11         New Tools or Integrations
+~200    Total Users
+~4000 Twitter Followers
+132       Leads Engaged
+8 Leads Converted

Conclusion

Ajna possesses significant potential with its innovative approach to borrowing and lending, unlocking new possibilities and use cases in DeFi. However, it is facing challenges. The primary issues relate to user experience, particularly for lenders. Lenders are our most critical stakeholders; without them, there would be no activity on the protocol. To achieve product-market fit and fulfill its vision, Ajna must improve UX. The challenges are solvable, and numerous solutions are already in progress, offering positive prospects for the future.

Authorship Credit:
David Utrobin, Business Developer

Intro

In this summary article, we cover the basics of deploying the Ajna Protocol onto the EVM chain of your choice. It's not as simple as pressing a couple of buttons and forgetting about it due to several considerations and requirements to be aware of. All of this information can be found on GitHub, in the Ajna-core Readme.md file.

Requirements

The full details are here. To summarize;

Third parties may deploy The Ajna Protocol so long as:

1. No other functional and successful deployment of Ajna is available on the target chain.

2. No modification to Solidity source files in the protocol is made, and no changes are made that conflict with the Business License.

3. Before deployment, the canonical burn-wrapped AJNA token (bwAJNA) on Ethereum mainnet is bridged to the target chain using the L2’s canonical bridge.  For untrusted bridges, consider double-wrapping on L1.

4. Upon deployment, the protocol is configured to use the bwAJNA token from step 3 on the target chain.

Deploying the Contracts

The full details are here. To summarize;

1. Create some bwAJNA.

Do so by going to ajnafi.com and navigating to any pool's "manage pool" section, then go to the "reserves", then interact with the "Wrap AJNA for L2s" widget on the bottom left.

2. Bridge bwAJNA to the target chain.

1. Choose a bridge

2. Bridge the token to the target chain.

3. Configure deployment to use the bridged bwAJNA token

Do so by setting theAJNA_TOKEN environment variable to the L2 token address.

4. Update Makerfile and run the deployment script

A deployment script exists to help automate the deployment of all the libraries and contracts.  Before running, update the Makefile with any specific configuration for the target chain, such as the --verifier-url.  You may need to create a new account and API key using the chain’s explorer GUI and set your ETHERSCAN_API_KEY accordingly.

5. Run the script

Use make deploy to run the script.

Getting Integrated

Recommendations

These make it easier for frontends to integrate your network's Ajna Protocol instance:

1. Give them access to a node.

2. Consider paying frontends to integrate your instance.

Frontend Apps & Info Sites

To get your deployment listed on frontends and info sites you will need to get in contact with them. The parties are under no obligation to list new deployments. In all cases, they will do their own verification that the deployment is done properly. Frontends may seek financial and/or infrastructure support (ETH-RPC node, subgraph deployment) for integrations. Below are some of the popular sites and contact info of their representatives.

Summer.fi

Frontend App
Summer.fi/ajna
https://discord.gg/summerfi
Contact Lucian | https://t.me/Lucianken

Builtbymom

Frontend App
ajnafi.com
https://discord.gg/zp8aJBkwBY | visit the ajnaficom-support channel
Contact Facu | https://t.me/saltyfacu

Block Analitica

Info site
info.ajna.finance
https://discord.gg/zp8aJBkwBY | visit the partnerships channel
Contact Keen | https://t.me/xcommanderkeen

https://faqs.ajna.finance/info/deployment-addresses

Works on Ethereum Mainnet, Arbitrum, Base, PolygonPOS, and Optimism!!!

https://x.com/ajnafi/status/1745447994890264628

The Ajna Protocol, which was initially deployed in June of 2023 and was subsequently upgraded to address a griefing vector, has completed an additional series of security audits and relaunched. While the initial deployment was limited to the Ethereum Mainnet, further deployments have now been made to Arbitrum, Base, Optimism, and Polygon, making the Ajna Protocol the only place on Mainnet and EVM sidechains/L2s where users can borrow and lend against almost anything in their wallet.

The Ajna Protocol is a suite of permissionless, immutable smart contracts that allow users to create lending markets for both ERC20 and ERC721 tokens. The contracts do not rely on governance or external price feeds (“oracles”) to function, which opens up an entire universe of previously infeasible asset pairings. For example, users can create lending markets that allow them to borrow against NFTs, real world assets, blue chip tokens, or “meme-coins.”

The mission of the Ajna Protocol is to improve on the existing DeFi borrowing and lending space by giving users a truly decentralized system with more options and less systemic risk. When using the Ajna Protocol, users are entirely in control of their own risk decisions. While it’s anticipated that front end service providers will abstract much of the complexity away from end users, the protocol’s designers believe this is a critical component of a scalable DeFi system.

“We designed the Ajna Protocol to remedy the deficiencies we saw in DeFi lending markets, namely that they were not actually decentralized and were not built to scale. Ajna lets users experience truly permissionless and nearly limitless borrowing/lending arrangements. We look forward to Ajna becoming a new building block for the DeFi ecosystem.”
- Greg Diprisco, co-founder of Ajna Labs LLC

Ajna is immutable and built without governance, which means that the protocol cannot be altered or updated once it has been launched. It’s also designed without price feeds, commonly referred to as “oracles,” in order to remove a common point of failure and to facilitate the borrowing/lending of “long-tail” assets that lack available price feeds. The Ajna Protocol should be considered experimental software and users should carefully research the protocol’s design and study its codebase before interacting with its contracts.

Many audits were conducted on the Ajna Protocol over its two years of development. Prior to the first deployment, its core pools contracts were audited by Sherlock (public contest), Prototech, Trail of Bits, Code4rena (public contest), and a subsequent Sherlock (public contest) audit. Its periphery contracts, including its innovative grant coordination fund, were audited by Sherlock (public contest), Quantstamp, Trail of Bits, Prototech, Code4rena (public contest), and a subsequent Sherlock (public contest) audit. The new deployment had its pool contracts audited once again by Sherlock (public contest), Certora, Prototech, and by Kirill Fedoseev, the independent security auditor who discovered the initial griefing vector. Some periphery contracts were audited again by Prototech. In its audit, Certora provided formal verification for several predefined rules. Cumulatively, the Ajna Protocol has undergone 10 separate security audits on the various components of its codebase.

As of the redeployment, two front-end service providers offer access to the Ajna Protocol: Summer.fi and Mom.

About

To learn more about the Ajna Protocol, visit ajna.finance. For media inquiries, please contact David Utrobin at Davidfromajna@gmail.com. Ajna Brand Kit | What is Ajna Video | Token Tunes Video

Numbers contained herein should be considered estimates and should not be relied on for any decision. There could be mistakes in the data. Some numbers are approximations. Information is subject to change. We are not responsible for any actions taken upon this information.

Name: Ajna

Symbol: AJNA

Supply (current and maximum): 999,999,999

Address: 0x9a96ec9B57Fb64FbC60B423d1f4da7691Bd35079

What is the AJNA Token?

The AJNA token is the internal currency of the Ajna Protocol. It is the exclusive currency which can be used in reserve auctions. Reserve auctions occur when an Ajna Pool has accumulated reserves. Reserves accumulate through the accumulation of three fees in a pool – (1) the net interest margin, which accumulates on debt outstanding, (2) the origination fee, which accumulates on new debt, (3) the deposit fee, which accumulates from any lender deposit. These fees are necessary to discourage manipulation of the pool by bad actors. The AJNA token is a way to extract these reserves without incurring a significant and wasteful economic loss. Once reserves exist, anyone can trigger a reserve auction as long as 120 hours have passed since the previous one began.

The initial supply of AJNA is 1 Billion (1,000,000,000) tokens. There is no ability to mint new AJNA tokens, 1 Billion is the maximum supply. Note that the supply is currently 999,999,999 as 1 AJNA token was burned for testing purposes.

When AJNA tokens are used to purchase reserves in a reserve auction they are irreversibly burned. This means that over time, as AJNA tokens are used to purchase reserves, the supply of AJNA can only decrease.

Initial Distribution

The AJNA token was distributed at the end of 2023, shortly before the dissolution of Ajna Labs.

The distribution is approximately:

Team-Funders: Ajna Labs was self-funded for the majority of its existence by its founders. The founders who contributed capital to the project were given tokens for doing so.

Team-Builders: All team members and advisors of Ajna Labs LLC, regardless of whether they contributed capital to the project, also received tokens.

Voters-Funders: Towards the latter stages of development, when it became apparent that the ecosystem would require competent voters to participate in the onchain grants program, Ajna Labs permitted trusted individuals and entities to contribute capital in exchange for their commitment to voting in the grants process. These individuals and entities were given tokens proportional to their capital contributions.

Integrators/Contractors: Several external contractors and companies have integrated or are working towards integrating various components of the Ajna Protocol into their own product suites. Some have provided services such as security audits. These groups were primarily paid in AJNA tokens.

Incentives: Summer Finance was awarded 5.5% of the AJNA token supply to distribute to users of the Ajna Protocol through the Summer.fi front end (www.summer.fi) as they see fit. A Yearn Finance core contributor was awarded 3% of the AJNA token supply to distribute to users of the Ajna Protocol through Yearn Finance products as they see fit (www.yearn.finance). The Mom team was awarded 3% of the AJNA token supply to distribute to users of the Ajna Protocol through their front end (www.ajnafi.com) as they see fit.

Grant Treasury: The Ajna Grant Process is a permissionless, onchain process that is not in any way intermediated by a centralized counterparty. This treasury will release up to 3% of its supply every 90 days to the top 10 most popular proposals, in accordance with the votes of AJNA tokenholders.

Lockup Schedule

Many holders of AJNA tokens will be under some kind of lockup agreement for at least the first year following the token’s distribution. The intention of the lockup schedule is to ensure that there is sufficient available liquidity for Ajna pools to sell their reserves while preserving fairness and maintaining appropriate incentives for the recipients who will continue to provide services to the ecosystem (e.g. voting). As reserves accumulate and reserve auctions are triggered, holders of AJNA tokens can exchange these tokens for reserves directly with the pools once their balance is unlocked. Having an insufficient available supply of AJNA tokens would result in the Ajna pools effectively selling reserves at a discount.

The schedule is estimated* as follows. As a reminder, each grant cycle is anticipated to be roughly 90 days and thus the following schedule and chart represent a two-year time horizon. Certain lockups may exceed two years but do not represent a material amount of tokens. Lockups for integrators and contractors align with the length of services which they have agreed to provide and thus may fall into this category. The first grant cycle should conclude approximately 90 days after the grants contract is deployed (targeting Monday Jan 8, 2024). The relevance of grant cycles will become apparent in the following section on lockup conditions.

*Assumes incentives are distributed evenly over the course of a year, and that Summer.fi allocations for initial deployment users are distributed immediately.

Lockup Conditions

Note: All token lockups that are tied to the grant cycle are considered unlocked only when the following grant cycle begins.

Voters-Funders/Integrators/Contractors: This group is subject to a “vote based unlock” where they will unlock (based on their specific agreement) between 12.5%-25% of their tokens per grant cycle in which they participate. They will only unlock tokens that they vote with and must participate in both the screening and funding stages of the grant process. If they fail to vote with any of their tokens, these tokens will not unlock for 4 years.

Team-Funders/Team-Builders: In order to preserve the decentralized nature and integrity of the grants process, all tokens associated with Ajna Labs team members are not subject to voting requirements. Team member tokens will unlock 25% at the end of each grant cycle. This aligns with other groups whose lockup is based on voting.

Incentives/Grant Treasury: No lockup is placed on these tokens.

What will happen to the Ajna Labs team after the wind-down?

The team at Ajna Labs are true believers in decentralization and its efficacy. Upon completion of our work, we intend to wind down the Ajna Labs entity and leave further development of the Ajna ecosystem entirely in the hands of its users. As of now, our official winddown is targeted for January 11th, 2024. After this date, Ajna Labs LLC will cease to exist and cease its contributions to the protocol and/or ecosystem. The primary method by which ecosystem growth is intended to occur is through the grant process.

In early September 2023, users were advised to repay outstanding borrow positions in the Ajna Protocol. This recommendation was due to the discovery of a vulnerability by a whitehat hacker on ImmuneFi which allowed a third party to generate debt on a borrower's behalf. The team has since analyzed the attack, designed a fix, and is moving forward with an updated Ajna Protocol implementation that simultaneously removes the problem and simplifies the protocol.

The vulnerability was not due to an error in the protocol’s code, but rather due to a flaw in the mechanism design of the liquidation system. Note that this was all possible in a single block by using a flash loan.

The Attack

1. Push the lowest utilized price (LUP) below the target loan’s threshold price (TP) by borrowing available quote token (or depositing quote token yourself to borrow) to render the target loan liquidatable.

2. Kick the loan into liquidation, causing the loan to incur 90 days of interest as a penalty for being kicked.

3. Move the LUP back above the target loan’s TP by repaying the debt incurred in step 1, pushing the loan back into a fully collateralized state.

4. Repay a dust quantity of the target loan’s debt, removing it from liquidation.

5. Repeat steps 1-4, repeatedly incurring the kick penalty.

6. As the attack proceeds, the TP of the loan moves up and the LUP moves down due to the increase in borrower’s debt. The attack ceases once they reach each other.

7. Since this increases the pool’s reserves, the attacker could profit by triggering a claimable reserve auction and claiming the 1% reward. This profit is trivial compared to the amount of debt generated on behalf of the borrower, hence the categorization as a grief.

TLDR; Overcollateralized borrowers in underutilized pools could find themselves with excessive debt burdens that they did not agree to.

What's been done to fix this?

The Ajna Labs team decided against applying a quick fix for the specific issue, instead, it would address the larger problem of griefing attacks towards both borrowers and liquidators by dramatically simplifying the liquidation mechanism. The new design requires each to incur a cost.

Planned Changes
Adjustments could still happen since new code is still under audit at time of publishing

1. There is no longer a kick penalty.

2. The calculations for the NP and the bond_factor were changed.

3. The reference_price of the auction becomes max(HTP, NP).

4. The grace period has been eliminated.

5. Loans in liquidation cannot be recollateralized or repaid.

6. If any take function is called above the NP of the loan, a take_penalty is applied to the amount of debt cleared The penalty is calculated as the take_amount * (bond_factor * 5/4 - ¼ * bond_payoff_factor).

7. The auction price decay rate has changed.

8. The auction now begins with a starting price of 256 * reference_price.

9. The 1% Claimable Reserve Auction kick_reward was removed.

10. The max interest rate has been capped at 400% APR.

Please see the latest whitepaper for specific details.

Most notable of the changes are the removal of the grace period and ability to recollateralize or repay loans that are in liquidation. The only way to remove a loan from liquidation is to complete the auction. The original logic for a grace period, the ability to repay, and recollateralize was to give borrowers the ability to save their positions in distress scenarios and to create a defense against spurious kicks. However, this opened several opportunities for borrowers and liquidators to grief each other. If a borrower used on-chain automation or demonstrated a pattern of recollateralizing after being kicked, the grief attack detailed above could be performed even without step 4. If they provably could not recollateralize their loan, there would be no reason for the grace period. Even after a loan is in auction the protocol needs to further prevent the borrower from griefing the kicker. If the borrower recollateralizes their loan, the kicker loses tx fees on their bond with no reward, and if the borrower purchases their own collateral above the NP, the kicker loses some portion of their bond. The previous solutions to this were the kick and take penalties which had the goal of preventing auctions altogether but were still insufficient. The vulnerability demonstrated a need for simplifying the mechanism, requiring both borrowers and liquidators to incur inescapable costs by being credibly committed to the auction.

The new implementation has a payoff curve for both borrowers and kickers that avoids the ability to grief without proportionate costs. Kickers now always face the credible threat of auction and a guaranteed loss if they kick spuriously. Borrowers are now proportionately disincentivized to allow auctions to clear at an artificially high price, and maximally benefit if they clear at the lowest price.

Closing Remarks

Overall this issue was a learning experience in process, complexity, and analysis. After implementing the fixes above, Ajna Labs had the protocol audited once again by Prototech Labs.

Today we are starting our public audit contest on Sherlock, in addition to audits by Certora and the whitehat who found the vulnerability. We encourage participation and thank everyone who helps make Ajna a more secure protocol. New Implementation payoffs visualization

Closing Remarks

Overall this issue was a learning experience in process, complexity, and analysis. After implementing the fixes above, Ajna Labs had the protocol audited once again by Prototech Labs.

Today we are starting our public audit contest on Sherlock, in addition to audits by Certora and the whitehat who found the vulnerability. We encourage participation and thank everyone who helps make Ajna a more secure protocol.