Collateral-Optimized DeFi Lending Platform Altitude Tops $10M in Deposits

DeFi protocol Altitude has announced a new milestone in its quest to deliver collateral-optimized onchain lending. In a press release shared with Cryptowisser, Altitude revealed that  BTC and ETH deposits have grown rapidly, resulting in a TVL (total value locked) of over $10M following its public launch. 

This milestone was achieved in less than a month. It follows the successful completion of the DeFi protocol’s private beta, which concluded in mid-June. Since then, Altitude’s deposits have doubled to $10M, driven by retail users seeking to optimize their crypto collateral to safely maximize borrowed capital.

The team explained that its protocol is designed to enhance onchain 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.

Altitude stated that its growing user base is embracing its ability to maximize capital efficiency and simplify borrowing complexities, enabling them to prioritize yield generation and explore diverse DeFi opportunities.

With collateral value increasing, Altitude takes advantage of 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.

Altitude raised $6.1 million in funding from prominent web3 VCs like Tioga Capital, New Form Capital, and GSR. Investors have been impressed by its ability to offer DeFi borrowers both peace of mind and the opportunity to safely maximize yields.

Hitting $10M in BTC and ETH deposits within weeks of the public launch validates Altitude’s vision of making DeFi more user-friendly and capital efficient. 

Altitude is a decentralized protocol on Ethereum that optimizes collateralized lending, ensuring both the lowest possible cost of borrowing as well as generating yield from users’ dormant collateral. By actively managing debt and collateral in real-time, Altitude optimizes capital efficiency.