Frequently Asked Questions
Themis is an open-source protocol and will be the first platform to bring in-demand DeFi services to both the Metaverse and GameFi economies.
Users can easily access NFT collateral and GameFi liquidity. They’ll be able to earn DeFi yields that are driven by playing and consumption, not trading and speculation.
Themis enables users to collateralize holding UNI v3 LP NFTs to borrow stablecoins.
Themis brings liquidity to the otherwise illiquid metaverse.
We're oversubscribed with our strategic investor raising more than $2 million from our institutional investors like Dao Maker, Chain Financial, LD Capital, Banter Capital, and NfX. For more information, please visit our blog at: https://blog.themis.exchange/themis-the-first-defi-nft-lending-protocol-raises-2m-with-multiple-backers-including-dao-maker-4554fb9f578f
We’re thrilled to announce that we partner with the number 1 launchpad; DAO Maker. Our TGE will happen through DAO Maker’s Strong Holder Offering （https://blog.themis.exchange/dream-of-being-a-vc-fbf45acea8fd) $DAO holders will be eligible to win multiple allocations of $TMS at Venture Capital valuation — i.e. the best pricing available!
To use Themis Protocol, simply lend your preferred assets and set the amount. You’ll earn passive income based on the market demand. You can also use your UNI v3 position as collateral to take out a loan.
Interacting with the protocol requires transaction fees for Ethereum Blockchain usage. This depends entirely on the current 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 tokenized (SP-Tokens) version of your lender position. SP-Tokens can be moved and traded like any other cryptographic asset on Ethereum.
SP-Tokens are proof of your deposit used in a private vault. If you deposit 1 token, you will get 1 SP-Token; If you withdraw 1 token, 1 SP-Token will be destroyed.
Themis currently does not have a mobile app available. If you find one, it is a scam. Themis Protocol will never ask for your seed phrase or password.
No platform can be considered entirely risk-free. Smart contract (risk of a bug within the protocol code) and liquidation (risk on the collateral liquidation process) are the top two priorities for Themis. Every possible step has been taken to minimize the risk as much as possible-- the protocol’s code is public and open-source and has been audited.
Go to the "Deposit to Lend" section and click on "Supply" for the asset you want to lend. Select the amount you'd like and submit your transaction. Once the transaction is confirmed, your lending is successfully registered and you begin earning interest.
Each asset has its own market of supply and demand with its own APY (Annual Percentage Yield) which evolves with time. You can find the average annual rate over the past 30 days to evaluate the rate evolution and you can also find more data on the reserve overview of each asset in the home section of the app.
There is no minimum or maximum limit.
Go to the "Deposit to Lend" section and click on “Harvest”. Select the amount to withdraw and submit the transaction.
Before borrowing you need to get a Uniswap V3 position in Uniswap. After this, simply head to the "Borrow" section and click on “Borrow” for the asset you want to borrow and confirm your transaction.
The maximum amount you can borrow depends on the value of your UNI-V3 position. In most cases, you can borrow up to 50% of the value of your UNI-V3 position.
Users must borrow the asset to complete collateralization. The Oracle feed price will be obtained before being collateralized by using the Uniswap V3 position as collateral to borrow USDC.
You repay your loan on the same asset you borrowed. For example, if you borrow 1 ETH you will pay back 1 ETH + interest accrued.
The interest rate you pay for borrowing assets depends on the borrowing rate. This is derived from the supply and demand ratio of the asset. Moreover, the interest rate changes constantly. You can find your current borrowing rate at any time in the ‘Borrowings’ section of your dashboard.
The outstanding principal and interest value/collateral value = liquidation factor.
You can pay back your loan any time prior to liquidation.
Simply go to the “Borrow” section and click on “Repayment” for the loan you want to pay back and confirm your transaction.
There’s actually quite a big range in possible interest rates when using Themis.
That’s because the rates are determined by the utilization rate of the lending supply, which can change over time.
Initially, interest rates can be anywhere from 0% to 21.5% on launch.
If the value of outstanding borrowings/collateral on an account reaches a certain threshold, Themis Protocol executes a liquidation process to eliminate the risk of the agreement. This creates an auction market with a spread between the liquidated asset and the outstanding asset. If the price of the collateral continues to fall during the auction, a forced liquidation process is triggered.
The protocol will incentivize 130% of the gas limit equivalent of governance tokens to the liquidator for the transfer of the assets to be liquidated to the auction contract.
Liquidation Factor Trigger
The liquidated assets will have 4 hours of bidding time after the auction starts. If no one bids for four hours, then the starting price adjusts to 0.95*previous round price and resets the 4 hours of bidding time. The auction process is as follows:
Bidders bidding will initiate a transaction to the contract and lock in the funds and refund the last locked-in funds. Bidders can remove assets from the contract at the end of the round. A one-bid bidder will receive the lot directly at CurBidprice/0.95 A successful auction will return the designated outstanding assets to the Lending Pool, and the excess will go to the Treasury.
If the collateral price / outstanding principal and interest ≤ the risk factor (currently the risk factor is 1.03), then the liquidator is allowed to enforce the liquidation of the contract against the DEX agreement.
In order to avoid liquidation of the asset, users can adjust the liquidation risk by making partial repayments or increase the collateral. The collateral is redeemed when the borrowing account is fully repaid. Interest and incentives are settled once per reconciliation.
Yes, you can participate as a liquidator.
For a deep dive into the details please see the article below: https://blog.themis.exchange/tms-tokenomics-just-dropped-powering-defis-first-and-only-uni-v3-lending-protocol-984c5a27c716
We will allow the community to vote on this matter!
$TMS has not been issued yet, so no contracts are live. Please be aware of this scam. You can participate in the DAO Maker SHO, or wait for a listing on a CEX or DEX. Follow us on tksocial for the latest updates and announcements.
The arbitrage margin for liquidation can be up to 20%, Themis Protocol will share these gains with liquidators.
Yes, we’re starting with ETH because of the Uniswap V3 TVL. But, we will integrate with different chains as we allow V2 collateral and Staked LP collateral.
TBD
TBD
Themis attaches great importance to our community. The token of Themis $TMS is a utility token, which allows the community to vote for the protocol’s future.
Please send your proposal to 📧 marketing@themis.exchange. In the future, we will have a google form to simplify the process.
Our testnet event has closed. Stay tuned for our product launch.
There won't be testnet events any more.
By the end of 2021, we’ll have our main features launched and ready to use! That means you’ll have access to collateralized UNI-V3 NFTs, Yield Farming, Auctions, and our native Money Market.
In 2022 we’ll really ramp things up by incorporating features like an NFT Workshop to create your own NFTs! We’ll also be adding an NFT Market Maker Mechanism. Additionally, you can expect diversified crypto lending, LP migration to DEXs, an optimized receiving pool, and we’ll be releasing an even further optimized oracle as well.
Looking further into the future, we plan to have vaults, derivatives, data services, and digital copyright protection finished by 2023.
Our mission is to bring liquidity to an otherwise illiquid Metaverse.
Testnet Whitelist winners from our community will get $TMS rewards, also people can participate in SHO on Dao Maker, or take part in our open competition coming soon.
The details are to be determined. Please stay tuned and follow our announcement channel and Twitter for any updates.
Fix the auction function problem, make sure the pricing oracle works well.
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. The funds are in multi-signature wallets. Also, Themis will be led by DAO in 2 years.
From day one, the most important aspect of our protocol is security. Our smart contract is currently being audited. We have extreme security parameters to follow in order to ensure that our codes pass the audit and our internal safety measures.
Yes, we’ve design our DAO to be as inclusive as possible =)
Come join our discord : https://t.co/DX6pCorda4?amp=1
To learn more about our DAO
Timing: they have been talking about this for quite some time and due to the large scale of their current infrastructure with more than 20B worth of assets on it. They will have to be very careful when it comes to security aka very long time
Execution ability: we are much more flexible and are willing to work with “smaller” and newer projects and are actively working with all different launchpads which adds up to more than $5b in TVL if you look at all the different launchpads.
Yes, we do get the value through TWAP oracle. In the latest version, we use Uniswap V3's TWAP quotation. Time weighting can target price attacks to a certain extent, but more importantly, we have adopted a whitelist mechanism for addresses that directly call LendingPool. That is to say, Themis allows lightning loans to be made by protocols in the whitelist, thereby realizing Lending Pools Protocol-to-Protocol, and because of this setting, ordinary addresses cannot directly bypass the front-end to activate lightning loans. If there is a price break, we will also have a correction time of about 30 minutes. During this time, users will be allowed to adjust the risk through prepayment or Increase position. This prevents attackers from maliciously liquidating the borrower's assets.
