AskoLend decentralized protocol is a fork of Compound Finance. Compound is a decentralized, overcollateralized loans protocol built on Ethereum. AskoLend differs from Compound in that: it will be launched on Binance Smart Chain (BSC), it’s a multichain lending platform, it’s accessible to low, mid, and high market cap tokens, and its lenders are able to select between high and low-risk lending pools. These differences lead to some benefits of AskoLend over Compound.
With AskoLend’s utilization of BSC, the cost and speed per transaction are significantly lowered compared to Compound and Ethereum. With AskoLend’s accessibility to lend and borrow low, mid, and high market cap tokens, the potential scope of AskoLend’s lending and borrowing markets becomes vast; AskoLend has the capacity to list ~70 assets, compared to the 9 assets currently listed on Compound. Lastly, with AskoLend, lenders can pick their allocation between high-risk and low-risk lending pools for overcollateralized lending, allowing lenders an element of customization in their investment that isn’t available with Compound.
Asko DAO is responsible for governing Asko’s dApps, including AskoLend and its subsidiary, rASKO. This applies to all chains on which AskoLend and rASKO are deployed. To reiterate, these chains will be BSC, Polygon, and Ethereum. As mentioned in the tokenomics section, Asko DAO or the team will control the parameters for rASKO. In regards to rASKO’s variable token allocation, the DAO controls rates of allocation for borrowers and farmers and controls the amount of rASKO used for marketing and development, and for initially listing risk tokens on rASKO Swap. Asko DAO will also manage rASKO Swap’s fee, rASKO Farms, some liquidity on rASKO Swap, rASKO buyback and burning, distribution of AskoLend’s fees between rASKO and Asko DAO stakers.