The cryptocurrency market in the world has experienced a remarkable increase in the last year, fueled by the increased participation of institutions and the millions of new retail customers joining the ranks. Aurox is one of the projects that has greatly benefited from the market’s recent expansion, increasing the number of users who use its cryptocurrency trading platform from just a few thousand to more than 51,000 users.
Background Information about Aurox
Giorgi said to the media we were told that “the company was started by three co-founders who have been working together since they were in high school (ninth-grade). And a bunch of other businesses before moving on to bigger industries over time.”
In the year Giorgi first purchases cryptocurrency through Bittrex after referring to by one of his associates Soon after. His friends “were taking some profits from other companies and investing in crypto.”
He went on to say, “We were having problems dealing with cryptocurrency trading. It extremely complicated to make trades. There were issues with data and the user interfaces for a lot of exchanges were extremely light, and there was only the minimum of what need to be a successful trader. In spite of all the issues we were facing we saw a chance as entrepreneurs to build something that we traders could utilize as a source of pride.”
“In 2017 we began working on the terminal. At that time, we were mostly working in the background. However, we released a few beta and alpha releases to allow users on the platform to experience the software and let us know about any problems.”
“In September of 2020 we had the big launch of the terminal and the application. Since then, we’ve seen an increase from a couple hundred users to nearly 51,000 registered users as of now. It’s been an incredible growth in the past few months.”
Why Different From Other Loan Protocols Such as Compounds and AAVE
Existing lending policies force users to pay a sum more than what they wish to be able to. This ensures that the protocol is not liable to default as it allows liquidation of the borrower in the case of a decline in the price that brings the asset below the level of borrowing amount. This is a standard procedure in DeFi. However, Giorgi convinces of the fact that the Aurox Lend protocol is introducing something new.
“On-chain analysis shows that as high as 90% of the funds from lending protocol transfer straight to exchanges. Users are using them to trade , but they must follow this process that requires multiple steps to use the funds. In addition they need to put down all collateral in order before they can use it.”
“The aim of Aurox Lend is to simplify the lending process. Through offering an on-chain loan procedure that protects lenders by being on-chain and having collateral available. In addition, it provides a simplified process for traders to access and make trades using the lending protocol right away.”
It’s a win-win for everyone because lenders can enjoy the highest interest rates and protection from loss of their funds since the transaction done on-chain. Traders are able to borrow and trading is an instant step. This opens the door to a variety of things, including leveraged trading as well as trading short on the market.
Aurox Lend “simplifies the process and provides a fresh use scenario for lending protocols and it can provide large volumes. The more trader use funds from the protocol the more interest rates and the larger the amount that lenders.”
He says that in the process of development, there’s always something new that happens, which makes it challenging to establish an exact date.
Does Aurox Plan To Integrate with Other Chains?
“We’re always willing to be a part of Ethereum.” “We’re always going to support Ethereum network, which is independent from any other network. It is more widely uses than other chains. Therefore, it will always in the forefront.” Giorgi said, after which he went on to discuss recent developments like “ZK-Rollups and Starkware which make it easier for consumers trading.” As well as Ethereum 2.0 which expects to go live in the first quarter of next year in the time when Aurox Lend will go live.
“The initial release could be made on an Ethereum chain. But in thirty days it will be to be available on several other chains simultaneously all EVM-compatible. The contract will design for a cross-chain network. However, our focus will be predominantly on Ethereum. The cryptocurrency will be accessible in other blockchains.”
If asked about the possibility of a launch date, Giorgi stated, “It’s going to be very short. We’re currently in mid-development and working on a handful of smart contracts that focus on loans. What we’re trying do is develop a user interface that we could make available as an update, and, from there, show users how the whole procedure will function.”
Giorgi is also optimistic about Ethereum getting over its fee hurdles quickly, with the many scaling solutions that are being developed.
“I believe that gas costs will be an issue very soon. There are a variety of products that are being developed by other companies that we will use. We’re always looking into these in the process of development. And will utilize them for us to create a process that is easier and less expensive for our customers.”
Will It be Like What Aurox In Five Years?
“We’ve seen lots of attention for our company due to recent increase in sales. The cost of acquisition for us is minimal and we have several ideas for our platform, and there are a lot of special features that we would like to incorporate.”
“There were some adjustments in our agreements that are on the Ethereum chain. These are essential to proceed in the loan protocol. The changes were made so that we could incorporate them into future products.
“I’m convinced that within the next few years we’ll be able to capture an enormous number of users. If we continue to grow at the current rate over the next five years, I’d expect that all cryptocurrency traders will at the very least utilize our platform once, even if not daily. Aurox will become the primary trading platform to trade cryptocurrency.”