Egoras V2 Upgrade To Revolutionize The Platform, Here Is What To Expect

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Egoras microfinance protocol has announced a V2 upgrade to amplify its services and make loans accessible to users. Many users of the protocol are already enjoying low-interest loans, which is not possible through the traditional microfinance banks.

Another solution that Egoras offers is the ability to collect these loans without any form of collateral. Usually, people requesting loans from microfinance institutions provide collateral as a security for the loans they receive. But Egoras eliminated those conditions and instead offered loans with low interests and non-fungible token collateral.

Egoras protocol follows on-chain governance that doesn't require the interference of the government or intermediaries. As such, Egoras users are responsible for choosing the interest rates on loans. Also, with its on-chain treasury system, the protocol has zero liquidity issues, and with its collateral lending, small business assets are converted to NFTs and serve as collateral against a defaulting borrower.

Egoras Protocol Achievements

The protocol has grown a lot since its inception. It has managed to increase the total loan given to borrowers from 15% to 40%. Also, it has recorded a very flexible and stable loan repayment given the 2% only interest fee. Egoras protocol has also improved on the Know Your Customer processes to ensure compliance for a sustainable ecosystem.

Another notable achievement is the partnership with an ecosystem DAPP, Paid Network, for more efficient services. Paid Network uses blockchain technology to provide SMART Agreements on the Egoras Protocol. The PAID SMART agreements will promote transparency in all loan agreements by bringing them on-chain. Also, the PAID unique scoring system will help Egoras to rank the users and protect transaction values with PAID’s insurance mechanism.

In June 2021, Egoras also announced a collaboration with ICO Pantera group, a growth accelerator operating in Korea. The group has spearheaded the marketing operations of top shots such as Kucoin, OKEx, and other projects. Since Korea has been a significant market for DeFi, Egoras must use ICO Pantera to facilitate a seamless entrance into the market.

In the same month, Egoras also joined forces with Xendcredit to extend loan facilities to businesses interested in government-backed loans through Nigerian banks such as Sterling bank. With this partnership, users can collect loans and even repay the same through their mobile phones. XendCredit will rely on Egoras microcredit protocol to facilitate these loans.

The Egoras V2 Is Set To Improve Services

Egoras Protocol has come a long way since its establishment in 2019. The upcoming V2 upgrade will definitely improve a lot of its services.
The protocol upgrading to a higher version will introduce many functionalities to support its users further. Also, it will integrate more solutions to mitigate the issues that users faced in its first version. With the upcoming advanced features, users can enhance their overall experience on Egoras.

The platform will also have a simple but clean interface that will be easier to navigate, even for new users. Moreover, there will be more staking activities on the Egoras V2 as people will have more exposure to the native token EGR. Also, buying and staking the token will allow you to decline or approve loans and make more than 12% APR.

The Bottom Line

The community expects that the V2 will facilitate more attractive loan offers to small businesses that meet up the requirements. By combining the power of community and decentralized finance, Egoras will facilitate entrepreneurial developments in all sectors. Moreover, the V2 is expected to increase transaction speed on the network. With new upgrades to both the website and the network, Egoras will make using the service both easier and faster, bringing microfinance loans closer to those in need.  
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The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.