Backd - Earn yield & prevent liquidations

Hey everyone, came here to share some information on Backd. The Backd protocol is still not on mainnet and is currently under audit by ChainSecurity.

What is Backd?
The Backd protocol is similar in a sense to traditional DeFi yield farming protocols. However, normal liquidity pools generally are single-utility. Meaning, from the investors perspective, they are only really useful for earning yield. Backd deploys novel multi-utility pools called reactive liquidity pools. Through Backd, liquidity providers are able to register their LP tokens to their outstanding debt on protocols such as Aave. This allows liquidity providers to earn yield and Backd rewards while protecting their loans from liquidation. In simple terms Backd mitigates liquidation risk while putting your assets to work (yield aggregation). Furthermore Backd will enable users to leverage and hedge assets in a new way as well as decrease both realized and unrealized costs of borrowing!

More info on Backd:

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