Helping crypto asset holders increase liquidity and lower risks is one of the main goals of Nitrogen, a decentralized loans network.
A representative of the company told Cointelegraph:
Nitrogen’s goals are to stimulate interest in cryptocurrencies and their markets […] and to act in the general interests of the professional trader community.
Using the Nitrogen platform, users can lend their own assets to other people with the intention to earn interest. The project hopes to increase crypto liquidity in that way and allow for easier trades between digital assets.
Nitrogen uses MetaMask so everything happens right in the user’s browser. The project is focused on trustlessness as it does not store any private keys on its servers. Instead, MetaMask takes care of all that and acts as a bridge between users and the Nitrogen smart contracts.
Loans agreed upon using Nitrogen are backed by collateral, which the lender would receive if the borrower defaults on the loan. At the same time, borrowers benefit from an intuitive notifications system, warning them of everything important through the platform itself or email.
Currently, Nitrogen works only with the Ethereum blockchain and more specifically, ERC20 tokens. However, the team is developing a cross-chain solution based on atomic swaps. This will enable users to choose assets from other blockchain as well e.g. Bitcoin or Ripple.
With the crypto market inevitably moving towards a growth phase, the popularity and prospects of lending networks like Nitrogen will only increase.
Positive about the future of crypto, the Nitrogen team is gearing up to attract a wide range of users to a platform that suits their diverse needs.