Permissionless Pools allow anyone to create an isolated pool on Solend. The creator decides and earns 20% of origination fees generated in that pool. Therefore, a successful Permissionless Pool means fees generated for the pool creator.
Permissionless Pools unlock the following:
Ability to list tokens faster: The core Solend team can only list so many tokens. Allowing anyone to list Permissionless Pools themselves means opening the floodgates for anyone to list any asset.
Utility for any token: The idea that any token can be listed is a powerful one. With this, any asset wrapped as an SPL token has utility in being accepted as collateral for a loan.
Protocol owned market: With 20% of origination fees generated in the pool going to the creator, user growth of the pool rewards both Solend and the pool creator. Protocols and influencers can create their own pools and promote it to their audience. Similar to what Uniswap did for tokens in DeFi Summer, Permissionless Pools unlock utility for the long tail of assets.
If you have any questions, ask us in the #permissionless-pools channel on Discord!
Solend relies on oracles to retrieve the price of a token for liquidation or account health calculations.
Creators can create Switchboard V2 oracle fees relatively easily by following this guide. Permissionless Pools will be powered by Pyth and Switchboard oracles.
All Pools Page
With this launch, a UI revamp is coming on our “All Pools” page! You can easily see which pools are permissionless and which ones are created by the Solend team. As Permissionless Pools have higher levels of risk and due diligence needed.
You can also click “Create Pool” to create your own pool via this UI.
Liquidations are important to maintain pool health and keep deposits safe. It is the pool creator’s responsibility to ensure the health of these pools and ensuring liquidators are operating in the pool.
As it is possible for anyone to create a permissionless pool and list it on Solend, it is important for users to take extra caution. In the event of bad debt or wrongful liquidations, Solend will not be able to compensate users. Solend's team have built an open sourced liquidator here, which should serve as a starting point for you.
Feel free to reach out on Discord if you have questions!
At pool creation, creators can specify the configs for their pool. Some examples include Loan-To-Value or Max Borrow APRs. These configs will be displayed on the supply/borrow pages; be sure to review them before depositing or borrowing!
Verify the configs and oracles here
There’s a fee of 100 SLND to create a Permissionless Pool. This fee serves to prevent spam pools from being created. In return, pool creators get 20% of borrow fees according to the host fee priority here.