CVP Proposal: Eris Finance, #1 Metis native lending-borrowing protocol

Introduction

Eris is a groundbreaking decentralized lending and borrowing protocol, dedicated to bringing a versatile and efficient liquidity infrastructure to Metis ecosystem.

We aims to become the premier (#1) Metis native lending and borrowing platform, envisioning a space where users can effortlessly deposit any major asset and access a diverse range of supported assets for borrowing. Our mission is to establish a robust financial ecosystem within the Metis network, providing users with unparalleled flexibility, efficient capital deployment, and innovative borrowing options.

Eris’ Feature Set and Utility

Eris incorporated powerful features to deliver a comprehensive lending and borrowing experience :

  • Universal Asset Deposits:
    Eris enables users to deposit a wide array of major assets within the Metis ecosystem.

  • Multi-Asset Borrowing:
    Users can access a variety of supported assets and the upcoming Metis LST tokens. This feature enhances the platform’s utility, providing borrowers with a comprehensive set of options, along with expanding to the LST token utility.

  • Liquidity Mining:
    Eris introduces liquidity mining, allowing users to earn additional rewards by using Eris protocol. Incentivizes users to contribute to the platform’s liquidity, enhancing overall market depth.

  • Revenues Sharing:
    Staking is integrated into Eris, providing users with an additional opportunity to earn rewards. Users can stake or lock up $ERS tokens and participate in the platform’s success by earning a share of generated revenues.

  • Decentralized Governance:
    Eris places governance in the hands of its community, allowing users to actively participate in decision-making processes within the platform.

  • cTokens:
    Representing users’ deposited assets, cTokens accrue interest in real-time, providing a dynamic and yield-generating element to users. Additionally, protocols within the Metis ecosystem can leverage cTokens for various purposes.

  • Flash Loans:
    Empowering users with instant, uncollateralized loans for efficient arbitrage, liquidation, and yield farming strategies.

  • Metis Ecosystem Integration:
    Eris is closely integrated with the Metis network, making the most of its efficiency and ability to scale.
    The platform seamlessly connects with other Metis-based decentralized applications (dApps), such as the soon-to-be-launched HerculesDEX, to optimize synergistic opportunities.

  • Collateral Optimization:
    A sophisticated collateral management system ensures users can optimize their asset portfolios for improved financial stability.

Eris’ Unique Value Proposition

Eris prioritizes community engagement through decentralized governance, ensuring that the platform evolves in tandem with user needs. Lenders who provide liquidity to Eris are interacting and providing utility to the platform and Metis ecosystem. In addition, lenders can capture the added value from the communities’ engagement through the native token $ERS. Borrowers can withdraw against collateralized assets to obtain liquidity (working capital) without selling their assets.

Eris’ Roadmap

The roadmap is designed to advance Eris into a leading decentralized lending and borrowing platform:

  1. Strategic Partnerships with Metis Projects: We’ll be unveiling major collaboration announcements with both established and upcoming key projects within the Metis network.

  2. Grant and Fundraising: To support project development (LPs, lending pools, development, treasury, etc.) and onboard key players, Eris will apply for the grant program (MetisEDF) and plan fundraising campaigns.

  3. Public Launch:

  • Launch of Eris Protocol platform
  • Liquidity Provisioning and Token Generation Event (TGE)
  • $ERS Staking
  1. Governance Implementation: Activation of decentralized governance mechanisms, giving users a voice in shaping Eris on Metis.

  2. Eris Integration with Metis dApps: Seamless integration with other Metis-based decentralized applications, fostering a cohesive ecosystem.

  3. Community-Led Initiatives: Launch of community-driven initiatives, and programs to encourage participation within the Metis-Eris community.

  4. Security Audits: Regular security audits and ongoing improvements to ensure the highest standards of security for users on the Metis network

  5. Continuous Improvements: Continual enhancements are underway to introduce new features such as Isolated Lending Pool and ensure the highest standards for our users (liquidity optimisation, staking system improvement and many more…).

Security and Assurance

Eris is built upon Radiant Capital’s V1, which was audited by PeckShield and Solidity Finance (audits reports are available under this link Audits - Radiant). This choice was influenced by its secure AAVE overlay and advanced token features, such as revenue sharing, governance, and a robust liquidity mining distribution scheme.

Eris places a high priority on the security of its platform. It’s important to note that we adapted the code to our platform without making changes to the codebase. Additionally, we undergo thorough security audits, implement robust smart contract practices, and maintain continuous monitoring. These steps are integral to our pledge to provide users with a secure environment.

Multisignature Approach: Adopting a multisig (multi-signature) approach to enhance security, mitigating risks associated with centralized single-key wallets.

Token Utility

Eris operates on a single-token framework with a limited supply. $ERS serves as the native utility token, offering various benefits such as governance participation, revenues sharing.

Lenders and borrowers have the opportunity to earn and accumulate $ERS tokens based on their involvement and contributions to the platform (=liquidity mining).

Eris’ Team

  • Team:
    With over 5 years of experience in the crypto space, our core team comprises two full-stack developers, a project manager and DeFi strategist, a business developer, and a graphic designer overseeing UX/UI and assets. Furthermore, we’re supported by contributors who help us with various technical and marketing tasks.

  • Operational methodology:
    Just a heads up on our development approach – we’ve adopted a V model. This involves diving deep into functional and non-functional requirements specific to the unique features of Metis’ blockchain. We kick off with a detailed analysis, progress to a high-level system design outlining how the protocol interacts with Metis.

Conclusion

In summary, Eris is set to redefine decentralized lending and borrowing on Metis, offering a robust, customizable, and community-driven platform. We aim to provide advanced features, promoting financial inclusivity and user empowerment.

Thank you for considering Eris!

OFFICIAL LINKS:

2 Likes

I don’t agree with a system project like this.

Hi there,

This kind of comments might interesting with a bit of details, could you say me more?

Thank you,

Eris Team.

Thanks for the offer. please reply;

1-How will the integration of Eris into the Metis ecosystem take place and what unique opportunities will this integration offer to Metis users?

2-What are Eris’ security controls and risk mitigation strategies and what precautions do you take for the security of the platform?

3-How does Eris’ token utility work and how can users access the opportunity to earn and accumulate $ERS tokens?

4-How does Eris’s decentralized management system work and what opportunities are offered for the community to contribute to the development of the platform?

5-In addition to the features and advantages that Eris provides to its users, what are the platform’s sustainability strategy and future development plans?

1 Like

Hey there, really detailed proposal guys. I see you’ve undergone audit by Peckshield and have clear plans and a detailed roadmap. However, I have one question.

We already have a borrowing & lending platform on Metis like Aave as well Stablis Protocol (who has just passed CEG). What will you do differently from these platforms in terms of providing unique utility compared to the existing lending/borrowing choices already available on Metis. Will also love to know ways you aim to drive user adoption and engagement.

Thank you.

1 Like

1 - How will the integration of Eris into the Metis ecosystem take place and what unique opportunities will this integration offer to Metis users?

Eris is about to become Metis native lending-borrowing protocol driving growth and adoption throughout the Metis ecosystem, How we do? Implementing features such as seamless integrations with ecosystem DApps, one-click loop, isolated lending pool…

This means we’re partnering with projects such as LPs, LST, LSD… to create a liquidity ecosystem within Metis.

2 - What are Eris’ security controls and risk mitigation strategies and what precautions do you take for the security of the platform?

Regarding Data Encryption, all sensitive data stored is encrypted using standard algorithms. Data transmitted between the client and a potential backend uses TLS/SSL encryption.

  • We’ve implemented Role-Based Access Control (RBAC) to ensure that only unique team members can access sensitive data.
  • Multisig is used for accounts dedicated to production.
  • An incident response plan is in place.

Regarding developments, we conduct Test U and 2a2 (end-to-end) testing.

  • +Testnet
  • +We monitor flow and potential issues (using sentry.io)

3 - How does Eris’ token utility work and how can users access the opportunity to earn and accumulate $ERS tokens?

Our official doc is about to get live within 48 hours. Informations regarding $ERS utility, use and mechanisms are about to get disclose.

4 - How does Eris’s decentralized management system work and what opportunities are offered for the community to contribute to the development of the platform?

Eris employs a decentralized management system that empowers the community to actively contribute to the platform’s development. Our governance model ensures that key decisions regarding protocol upgrades, feature enhancements, and ecosystem developments are made through community consensus. Community members can propose improvements, vote on governance proposals. This inclusive approach fosters transparency, decentralization, and collective ownership of the platform among its users.

5 - In addition to the features and advantages that Eris provides to its users, what are the platform’s sustainability strategy and future development plans?
In terms of sustainability and future development plans, Eris is committed to ensuring the long-term viability and growth of the platform. Our sustainability strategy revolves around several key pillars, including robust tokenomics, deflationary mechanisms, strategic partnerships, and continuous innovation. We also plan to implement the Isolated Lending Pool feature, which sets us apart in the DeFi space. This feature allows users to create customized lending pools with their preferred tokens, anchored by base assets like ETH or stablecoins. By providing this flexibility, Eris empowers users to tailor their lending strategies according to specific token pairs, maximizing returns and optimizing their financial strategies.

What Stablis brings to the table is different. Their approach is interesting—you deposit LST and borrow their stablecoin. Could be a potential partnership. :eyes:

With Eris, whatever assets you can deposit, you can borrow as well. One big feature coming along is the isolated lending pool.

Metis projects biggest challenge is to attract the highest TVL to the Metis Ecosystem, driving growth and adoption, and this will be possible with features such as seamless integrations with ecosystem DApps, isolated lending pool, one-click loop…