About the coin

The Ajna protocol is designed to facilitate peer-to-pool secured loans without the need for governance or external price feeds. Unlike current lending and borrowing protocols that rely on smart contracts, Ajna eliminates the need for active governance and external price feeds, such as oracles like Chainlink. This approach addresses the solvency and liquidity risks associated with subjective decision-making in collateral pricing and loan parameterization.

Main features

Ajna's unique design includes permissionless pool creation, allowing anyone to create a pool to borrow arbitrary fungible tokens using arbitrary fungible or non-fungible tokens as collateral. This eliminates the need for a governance process to whitelist approved tokens. The protocol also features price-specified lending, where lenders input the price at which they are willing to lend, replacing the need for external price feeds. Prices are organized into predefined buckets to simplify the protocol.

How it works

Ajna pools exist in unique pairs: quote token, provided by lenders, and collateral token, provided by borrowers. Lenders assess borrower demand for their quote token, while borrowers assess lender demand for loans backed by their collateral. Borrowers can borrow from the aggregated liquidity of various price buckets, allowing for a more efficient and decentralized lending process.