PembRock Finance is a DeFi protocol built on NEAR’s blockchain and introduces leveraged yield farming. It is designed to allow users to borrow additional liquidity for farming purposes. The app will be released soon and users will be able to make liquidity, stake, governance decisions, provide ranch with leverage and more.
In this interview, the project’s founder and CEO, Igor Stadnik, shares more details about Pembroke, its relationship to NEAR, and what users can expect in the future.
Can you tell us a little bit about yourself? How did you get into crypto?
My name is Igor Stadnik and I am the founder and CEO of Pembroke Finance. My journey in blockchain started back in 2016. At the time, I was mostly into bitcoin and ethereum mining. I saw that the market needed a mining pool, which is why I met some like-minded people who later became part of my blockchain development company, INC4. We created our multi-coin mining pool in 2017 and it has become popular among miners all over the world. Once it was up and running, I began digging deeper into new crypto and blockchain developments, such as DeFi and yield farming strategies.
Seeing the tremendous growth of DeFi, NFTs and decentralized systems as a whole, our brilliant team of blockchain developers at INC4 began building new dapps on Ethereum. Later, I was introduced to the NEAR protocol and I was really impressed by its technical capabilities and rapidly growing community. This was the basis for developing Pembroke, the Near ecosystem’s first leveraged yield farming platform.
Can you explain in simple words what is Pembroke Finance?
PembRock is simply a near-native leveraged yield farming protocol. Leveraged yield farming allows users to borrow external liquidity for farming purposes. In the soon-to-be-released Pembroke app, users will be able to provide liquidity, farm with leverage, stake, and make governance decisions to secure the platform’s smooth operation on NEAR’s fast, secure, and low-fee blockchain will be able My team and I built Pembroke to bridge the gap between those who want to lend and those who want to farm with leverage for great returns. To me, Pembroke represents the type of product that benefits the entire ecosystem – it attracts the bulk of the liquidity and helps DeFi thrive.
I see Pembroke as a leveraged yield platform that can bring in new users with little experience in farming, for the reason that the app puts users first and is easy to work with. We also work on releasing a whole bunch of articles, blogs, etc. to educate participants about Leveraged Yield Farming.
We plan to become the standard for Pembroke in terms of security, UX, and design for the NEAR community and other similar blockchain projects.
With leverage, there is always a risk of liquidation – how does this work with yield farming?
As with any investment, there is always some degree of risk – for farmers with leveraged yields, there is automatic liquidation of a dominant position.
Even though PembRock offers up to 3x leverage, users decide to take the highest offer at their own risk. To minimize the risk of liquidation, users can always monitor and adjust their positions and take advantage of our documentation on all things farming, giving themselves the knowledge to take managed risk in their financial decisions.
Why did you choose the NEAR protocol as the layer-1 blockchain for your application?
Our team relationship with NEAR is close — I and other team members have long been active members of the NEAR community. In fact, INC4 is one of the NEAR guilds.
I like the pass. It is a fast growing L1 solution with a remarkable transaction speed per second, a user-centric wallet design, and a hyper-active community. The NEAR blockchain has expanded greatly, with user-friendly tools for both DeFi users and builders, and the recent introduction of a bridge to Ethereum; But there is still room to grow!
Despite its vast ecosystem, NEAR lacked a leveraged yield farming product, and that’s where Pembroke comes in. I’m excited to release Pembroke in the coming weeks, as it will open up another avenue for investment, adding to the growing ecosystem of services. on the blockchain.
Have you received any grants from Near Foundation?
We are grateful for all the support we have received from the NEAR community. The NEAR Foundation deemed our efforts worthy of a $75,000 grant. This coupled with the enthusiasm of the community means we are working hard to accelerate the launch of Pembroke.
Additionally, through our integration with Ref Finance and Jumbo, users will add to the liquidity of the platform, helping NEAR to mature and grow further.
What can users expect from Pembroke in the near to medium term future?
We recently crossed Milestone 3 of our technical roadmap, developing an application simple front end, basic yield farming, borrow and borrow mechanics, and liquidation of position mechanics. In May, we successfully completed our IDO on Skyward and a fundraiser on MetaYield.
We have just been listed on top NEAR-based DEXs, such as Ref Finance and Jumbo, and our PEM liquidity pool incentive program went live on June 2.
We plan to partner with more near-native projects to further embed Pembroke into the ecosystem. Here’s our progress: developing the reinvestment mechanics, rolling out the ultimate leveraged yield farming mechanics, designing the front-end with full functionality, and deploying smart contracts to the testnet. Mainnet launch is planned for June 2022, so stay tuned!
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