Altitude DeFi Hits $10 Million in Net Deposits

• Novel DeFi protocol Altitude hits $10 million in deposited BTC, ETH
• Toward accelerated adoption and capital efficiency in DeFi Altitude, a cost-effective DeFi protocol, shares details of a new milestone in its quest to deliver collateral-optimized on-chain lending. Following its public launch, Bitcoin (BTC) and Ethereum (ETH) deposits have grown drastically, resulting in a TVL (total value locked) of over $10 million in equivalent.

Novel DeFi protocol Altitude hits $10 million in deposited BTC, ETH

According to the official statement by Altitude, a collateral-optimized DeFi protocol on EVM, its aggregated deposits volume hit a massive milestone. As cryptocurrency capitalization surges, the total equivalent of Bitcoins (BTC) and Ethereum (ETH) injected in Altitude eclipsed $10 million.

The record TVL achieved by Altitude was reached less than 30 days after public launch. It follows the successful completion of the DeFi protocol’s private beta, which concluded in mid-June. Since then, Altitude’s deposits jumped, driven by retail users seeking to optimize their crypto collateral to safely maximize borrowed capital.

Altitude’s protocol is designed to enhance on-chain borrowing for greater capital efficiency while safeguarding loans against under-collateralization. By automatically rebalancing borrowing based on fluctuations in the price of collateral such as BTC and ETH, Altitude ensures optimal loan-to-value (LTV) ratios. Its intuitive dashboard displays loan health tied to LTV and allows users to fine-tune parameters effortlessly.

Traditional on-chain lending protocols are characterized by significant inefficiency, with typical DeFi borrowers maintaining LTVs of 30-40%, leaving up to half of all capital unused. Altitude’s growing user base has embraced its ability to maximize capital efficiency and simplify borrowing complexities, enabling them to prioritize yield generation and explore diverse DeFi opportunities.

Toward accelerated adoption and capital efficiency in DeFi

When collateral values rise, Altitude leverages the increase to borrow additional funds, channeling them into yield-generating strategies that help reduce the loan balance. Conversely, if collateral values drop, Altitude reallocates funds to the lending pool to maintain an ideal LTV. The protocol also dynamically adjusts positions to secure the most competitive lending rates, ensuring cost-effective financing for users.

As covered by U.Today previously, backed by $6.1 million in funding from high-reputable Web3 VCs like Tioga Capital, New Form Capital and GSR, Altitude has garnered strong support for its innovative approach.

Hitting eight figures in Bitcoin (BTC) and Ethereum (ETH) deposits within weeks of the public launch validates Altitude’s vision of making DeFi more user-friendly and capital-efficient.

Through addressing market inefficiencies coupled with a superior UI/UX, Altitude is helping accelerate mainstream adoption of decentralized finance.