Introduction to the DeFiPIE lending protocol
The DeFiPIE protocol is a series of interest rate pools running on a variety of blockchains. When users and applications deposit their assets to the DeFIPIE Protocol, they begin earning a variable interest rate instantly. Interest accrues every block (for Ethereum ~13 seconds, for Binance Smart Chain ~3 seconds), and users can withdraw their principal plus interest anytime.
On the other hand, users can borrow tokens from the pool by paying an interest rate to all pool lenders
When users deposit assets, they receive pTokens from DeFiPIE in exchange. pTokens are ERC20 tokens that can be redeemed for their underlying assets at any time. As interest accrues to the assets deposited, pTokens are redeemable at an exchange rate (relative to the underlying asset) that constantly increases over time, based on the rate of interest earned by the underlying asset.
The DeFiPIE Protocol is currently deployed on the following networks: