Lumen Proof grants lenders certainty of a borrower’s financial health without disclosing any sensitive borrower information with its privacy-preserving proof of funds system.
MIAMI, Feb. 28, 2024 /PRNewswire-PRWeb/ — Decent Labs, a Web3 accelerator and venture studio, launches Lumen Proof, a proof-of-funds system for institutional, on-chain credit that makes DeFi safer without violating user privacy.
In a world where there’s automated lending based on smart contracts, there need to be tools that allow for trust based on transparency rather than third party opinion of a borrower’s financial health. We’re excited to bring that vision to market with Lumen Proof and help grow and mature DeFi
Lumen Proof addresses the critical need for transparent and verifiable proof-of-funds in DeFi by allowing borrowers to confidentially verify the funds they hold at a lender’s request without revealing position or trade history. Leveraging Lumen Proof’s “Secure Enclave,” where sensitive operations and confidential computing are conducted, ensures privacy, security, and compliance for all parties involved. With privacy-preserving borrower fund attestations, lenders can more accurately price lending pools, extend credit limits, and reduce default risk, transforming the landscape of institutional lending.
“Lumen Proof was founded amidst the aftermath of the FTX crisis of 2022,” said Michael Chiang, CEO of Lumen Proof.” We saw the vulnerability of on-chain credit and the need for a way to verify borrower ownership of on-chain assets and accurately account for liabilities. We believe that in a world where there’s automated lending based on smart contracts, there need to be tools that allow for trust based on transparency rather than third party opinion of a borrower’s financial health. We’re excited to bring that vision to market with Lumen Proof and help grow and mature DeFi.”
Lumen Proof also benefits both real-world assets and under-collateralized lending markets by offering more competitive Annual Percentage Rates (APRs) and decreasing default risk. By fostering liquidity and trust, Lumen Proof aims to build a more efficient and accessible lending environment for institutions.
“Helping Lumen Proof launch this groundbreaking project has been an exhilarating journey,” shared Parker McCurley, CEO of Decent Labs. “Together, we’ve harnessed cutting-edge technology and deep industry expertise to create a solution that addresses the pressing needs of institutional players in the DeFi space. With Lumen Proof’s launch, we’re proud to offer a platform that sets new standards for transparency, security, and efficiency in on-chain credit.”
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About Decent Labs and Decent DAO
Decent Labs is a Web3-focused venture studio that aims to create a more equitable society by building groundbreaking projects with decentralization and transparency at their core. Since 2017, Decent Labs has incubated over 30 products in its design & technology agency, with customers including Celsius, Portis, and BRD, the latter of which was acquired by Coinbase. Decent Labs now functions as Decent DAO, to identify gaps in digital financial markets and develop solutions from the ground up, from vision through development, design, launch, and scale. Decent DAO strives to set the standard for how things should be done in Web3 by building, funding and governing decentralized, open-source tools that enable everyone to work in more transparent, equitable, and humane systems.
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SOURCE Melrose PR
