PembRock Finance is a DeFi protocol built on NEAR’s blockchain and introducing leveraged yield farming. It was designed to allow users to borrow additional liquidity for farming. The app is about to be released and users will also be able to provide liquidity, place bets, make governance decisions, farm with leverage and much more.
In this interview, the project’s founder and CEO, Igor Stadnyk, shares more details about PembRock, its connections 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 Stadnyk and I am the founder and CEO of PembRock Finance. My journey into the blockchain started in 2016. At that time I was mainly dealing with Bitcoin and Ethereum. I saw the market need for 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 became popular among miners worldwide. Once it was up and running, I started digging deeper into new crypto and blockchain developments like DeFi and yield farming strategies.
With the huge growth of DeFi, NFTs and decentralized systems in general, our cool team of blockchain developers at INC4 started building new dapps on Ethereum. I was later introduced to the NEAR protocol and was really impressed by its technical prowess and fast-growing community. This was the basis for the development of PembRock, the NEAR ecosystem’s first leveraged yield farming platform.
Can you explain in simple terms what PembRock Finance is?
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 PembRock app, users will be able to provide liquidity, leverage, contribute equity and make governance decisions to ensure the smooth operation of the platform on NEAR’s fast, secure and low-fee blockchain. My team and I created PembRock to bridge the gap between those looking to lend and those looking to leverage leverage for big returns. To me, PembRock represents the kind of product that benefits the entire ecosystem – it attracts large amounts of liquidity and helps DeFi thrive.
I see PembRock as a leverage platform that can attract new users with little farming experience as the app puts users first and is easy to use. We are also working on publishing a whole series of articles, blogs etc. to educate participants about leveraged yield farming.
We plan for PembRock to become the standard in terms of security, UX and design for the NEAR community and other similar blockchain projects.
There is always a risk of liquidation with leverage – how does that work in yield farming?
As with any investment, there is always some risk – for leveraged yield farmers, automatic position liquidation is a prominent risk.
Although PembRock offers up to 3x leverage, users opt for the highest bid at their own risk. To minimize the risk of liquidation, users can monitor and adjust their positions at any time and use our documents on all aspects of yield farming to gain the knowledge to take controlled risks in their financial decisions.
Igor Stadnyk. Courtesy of the PembRock team
Why did you choose the NEAR protocol as the Layer 1 blockchain for your application?
Our team’s connection to NEAR is strong – 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 NAH. It’s a fast-growing L1 solution with a remarkable transaction speed per second, a user-centric wallet design, and a super-active community. With easy-to-use tools for both DeFi users and developers, and the recent launch of a bridge to Ethereum, the NEAR blockchain has expanded greatly; but still has room to grow!
Despite its vast ecosystem, NEAR was missing a leveraged yield farming product, and that’s where PembRock comes in. I look forward to releasing PembRock in the coming weeks as it will provide another avenue for investment and expand the growing ecosystem of services being built on the blockchain.
Have you received grants from the NEAR Foundation?
We are grateful for all the support we have received from the NEAR community. The NEAR Foundation thought our efforts were worth $75,000. This, coupled with the excitement of the community, means we’re working hard to push the launch of PembRock forward.
Additionally, through our integration with Ref Finance and Jumbo, users will increase the liquidity of the platform and help NEAR mature and drive further development.
What can users expect from PembRock in the near to mid-term future?
We recently surpassed Milestone 3 of our technology roadmap by developing an application that includes a simple front-end, basic yield farming, borrowing and lending mechanisms, and position liquidation. In May we successfully completed our IDO on Skyward and a fundraiser on Meta Yield.
We also just got listed on the leading NEAR based DEXs like Ref Finance and Jumbo and our PEM Liquidity Pool incentive program went live on June 2nd.
We plan to partner with other NEAR native projects to further embed PembRock into the ecosystem. Here’s what we’re currently in the process of: developing reinvestment mechanisms, rolling out the final leveraged yield farming mechanics, designing the front-end with full functionality, and deploying the smart contracts to the testnet. The mainnet launch is scheduled for June 2022, so stay tuned!
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