在 日本 購買 Ajna Protocol (AJNA)

Ajna Protocol is a decentralized finance platform designed for peer-to-pool lending and borrowing. It operates as a non-custodial and permissionless system on the Ethereum Virtual Machine and other compatible networks. A defining characteristic of the protocol is its reliance on an oracle-free and governance-free architecture. Unlike traditional lending protocols that require external price feeds or active management to set interest rates and collateral requirements, Ajna automates these parameters through market-driven mechanisms. The protocol functions through the creation of individual pools consisting of a quote token provided by lenders and a collateral token provided by borrowers. This system allows anyone to create a lending pair for almost any fungible ERC-20 token or non-fungible ERC-721 token. This permissionless nature enables the creation of markets for a wide variety of assets, including those that may not be supported by larger, more centralized platforms. In place of oracles, Ajna uses a price-specified lending model. Lenders deposit their quote tokens into specific price buckets, effectively stating the maximum price at which they are willing to value the collateral for a loan. This approach allows lenders to manage their own risk and eliminates the vulnerabilities associated with price feed manipulation. Interest rates are determined by pool utilization, adjusting automatically based on the balance between lender supply and borrower demand. Loans within the protocol are perpetual and do not have a fixed expiration date. To ensure solvency, the system employs a unique liquidation process involving reverse Dutch auctions. Liquidators, known as kickers, are required to post a bond to initiate an auction. This bond acts as a safeguard against unnecessary liquidations, as kickers may lose their bond if the auction determines the loan was sufficiently collateralized. The AJNA token serves as the governance and utility token for the ecosystem. While the core protocol code is immutable and cannot be changed by voters, the token is used to manage a protocol-owned treasury and a grants program. Additionally, AJNA is integrated into the protocol’s economic model through reserve auctions. In these auctions, excess assets from pool reserves are used to purchase and burn AJNA tokens, effectively reducing the total supply over time. Developed by a team with roots in the MakerDAO ecosystem, the project has undergone multiple security audits by reputable firms such as Trail of Bits and Quantstamp. Its design prioritizes decentralization, censorship resistance, and the elimination of external dependencies to create a more robust and scalable lending infrastructure. 瞭解更多