GARD V2 Live on Testnet w/ GARDIAN Bounties!

The GARD Protocol team is excited and humbled to share that the V2 of GARD Protocol is now live on testnet. Since the Summer of 2021, the GARD team has been building and innovating for the Algorand community and all of our work has culminated in this new launch. The burgeoning ALGO DeFi ecosystem has changed a lot since the team first started building and that’s what prompted the refinements and additional features that are found on V2.

Rather than only focusing on truly decentralized, overcollateralized ‘hard money’ while unlocking ALGOs that were previously locked via commitment to Algorand Governance, the team listened to feedback from users and added features that complement the more robust Algorand ecosystem. The new V2 features add tremendous value for its stakeholders and should add compelling reasons for both new and existing DeFi participants to utilize the protocol. Key features include upgrading our smart contracts, changing how fees work for borrowing $GARD, buying up LP ALGO/GARD LP tokens to ensure ample trading liquidity, streamlined and more fair liquidations, stablecoin staking, a WebApp redesigned from the ground up, the ability to leverage additional ASAs as collateral, partial repayment, and more. See below for more details about each of these features:

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Functionality

Borrowing GARD: Switched to an annual fee rather than a fixed fee (paid in $GARD).

DeFi 2.0: A key feature of our V2 is purchasing and locking ALGOs in perpetuity with protocol revenues as well as selling $GAIN at a discount for LP tokens. This will materialize in the form of the protocol purchasing our users ALGO/GARD LP tokens at a premium on an ongoing basis to create a moat of protocol-owned liquidity.

Streamlined Liquidations: Adding pooled liquidations as a means to level the playing field for our users looking to take advantage of arbitrage opportunities when CDPs are up for liquidation. This is in addition to our traditional dutch auction method and will serve as a means for arbitrage opportunities to be split evenly among those contributing to liquidation pools.

Stablecoin Staking: Both locked and no-lock staking of $GARD.

Redesign: Our web application has received significant enhancements to both the design as well as overall user experience.

Derivative ASAs: With the V2 users can now borrow against other derivative ASAs such as gALGO and many others to be added soon.

Partial Repayment: Users can now partially repay their debt borrowed against their CDPs as a means to lower liquidation prices rather than having to pay back all $GARD borrowed or adding collateral to their CDPs to achieve the same result.

Incentives

GARD Protocol team is offering significant GARDIAN incentives to users who take our V2 for a spin! We will be airdropping 1,000 GARDIAN tokens to each user who completes key actions on the GARD Protocol’s V2 Testnet. The more active users are, i.e. actions taken on platform, days used, and feedback submitted, the more likely a user is to be eligible for the airdrop. Airdrop is at the team’s discretion to prevent airdrop farmers. Please make sure to use your mainnet address and opt-in to GARDIAN in order to receive the airdrop. For more details on the GARD Protocol’s GARDIAN program please visit: GARD: Incentive Program.

Redeeming Incentives

Users need to opt-in to GARDIAN (ASA: 692432647) and use the same Algorand Account used for Mainnet in order to receive the airdrop for participating in the GARD Protocol’s V2 Testnet.

Feedback

After listening to a significant amount of feedback from the Algorand DeFi community on our V1 we baked in the most important features and functionalities into our V2 and are excited to share what we have built once again with the world! We warmly welcome feedback from the community on our V2 and would suggest doing so via Discord (our #verified-holders channel), Telegram, Reddit, or Twitter. You can also contact our team directly via email at hello@algogard.com.