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Archimedes, an overcollateralized lending and borrowing platform on Ethereum Mainnet, will launch its native token $ARCH on February 17 according to the project official twitter account.
Archimedes offers a dynamic token emission rate, real yield, and leveraged positions with a tradeable NFT. The platform has a novel leverage pricing mechanism, called the "G(r)eek Auction," that finds a fair price for leverage. The auction starts with a preset price that declines periodically, allowing users to buy leverage once they judge the price as fair.
It recently raised $4.9 million in seed funding led by Hack VC. Archimedes aims to provide lenders with sustainable, top-of-market APY and borrowers with up to 10x leverage on yield-generating stablecoins without liquidation.
The $ARCH token has a utility function in Archimedes' lending protocol. To access leverage, a user needs to obtain $ARCH tokens, which are used in an auction to determine the amount of leverage available. In addition to its utility function, $ARCH is also used for governance purposes, enabling token holders to vote on important decisions related to the platform.
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