Agora is a decentralised non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralised (perpetually) or undercollateralised (one-block liquidity) fashion.
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Agora DeFi is a fork of Compound Money Market, one of the most battle-tested and secure DeFi dapps in existence. The protocol is completely open source, which allows anyone to interact with an user interface client, API or directly with the smart contracts on the Metis network. Being open source means that you are able to build any third-party service or application to interact with the protocol and enrich your product.
In order to use to interact with Agora, you simply deposit your preferred asset and amount. After depositing, you will earn passive income based on the market borrowing demand. Additionally, depositing assets allows you to borrow by using your deposited assets as a collateral. Any interest you earn by depositing funds helps offset the interest rate you accumulate by borrowing.
Interacting with the protocol requires transactions and so transaction fees for Metis Blockchain usage, which depend on the network status and transaction complexity.
Your funds are allocated in a smart contract. The code of the smart contract is public, open source, formally verified and audited by third party auditors. You can withdraw your funds from the pool on-demand or export a tokenised (kTokens) version of your lender position. kTokens can be moved and traded as any other cryptographic asset on Metis.
No platform can be considered entirely risk free. The risks related to the Agora platform are the smart contract risk (risk of a bug within the protocol code) and liquidation risk (risk on the collateral liquidation process). Every possible step has been taken to minimise the risk as much as possible-- the protocol code is public and open source and it has been audited.
AGORA is used as the centre of gravity of Agora Protocol governance. Agora is a fully fair launch token with no pre-mine, private sale investors, or any form of allocation prior to the public release.
The purpose of Agora is to serve as a governance and incentive token which will be used to:
Incentivise liquidity providers for Agora via bonding
Incentivise liquidity providers for Agora via farms