What is Silo?
Silo is a decentralized finance platform that facilitates lending and borrowing of digital assets. It works by creating distinct markets, known as silos, where users can deposit assets, either for borrowing by others or for secure storage. Deposits are represented as unique ERC-20 tokens (sTokens or spTokens), depending on whether they are borrowable or protected.
Silo’s approach to DeFi allows it to enhance liquidity in the digital asset space. At the same time, it gives users control and flexibility over their assets by allowing them to choose between borrowable and protected deposits. All this empowers individuals to optimize their financial strategies in the ever-growing DeFi space.
That said, you might be wondering what it is you’ll find on Silo that you won’t find anywhere else.
Silo’s Unique Features
- Silo-based Markets: The platform creates distinct markets, referred to as “silos,” for various token assets.
- Protected Deposits: Silo also offers an option for protected deposits that can’t be borrowed by others, offering users added security.
- Borrowable Deposits: Deposits can be made available for borrowing by others, which earn interest over time.
- Interest Accrual: The sTokens representing borrowable deposits accrue interest over time, increasing in value.
- SILO: This is the native token of SILO. It is used for governance and incentives.
- XAI: This is an overcollateralized stablecoin native to the protocol. It is soft-pegged to the dollar.
These allow you to do a variety of things on the platform.
What can I use Silo for?
- Earning Farming Rewards: If you become a liquidity provider in specific pools, you can earn SILO tokens as farming rewards.
- Earning Buyback Rewards: The SiloDAO has allocated a certain number of SILO tokens to incentivize lending in specific markets.
- Lending: Deposit assets into silos, earning interest and sTokens.
- Borrowing: Obtain a loan of crypto assets from Silo after providing appropriate collateral.
Leaderboard
Only Top 10 users qualify for monthly $100 drawing.
| Rank | Points | |
|---|---|---|
 1 | Jillianne R. |  119 |
| 2 | Phillip W. | 119 |
| 3 | Baffa O. | 119 |
| 4 | James C. | 119 |
| 5 | Male T. | 119 |
| 6 | Ron B. | 119 |
| 7 | Moses O. | 119 |
| 8 | Saifu A. | 119 |
| 9 | Lidya I. | 119 |
| 10 | Kofi K. | 119 |
| 11 | Mustafe O. | 119 |
| 12 | Musa S. | 118 |
| 13 | Dany T. | 118 |
| 14 | Lalisa F. | 118 |
| 15 | Ernest L. | 118 |
| 16 | Eric A. | 118 |
| 17 | John P. | 118 |
| 18 | David D. | 118 |
| 19 | Barry S. | 118 |
| 20 | Dan B. | 118 |
| 21 | James A. | 118 |
| 22 | Menelik G. | 117 |
| 23 | Kyakonye S. | 117 |
| 24 | Asfaw I. | 117 |
| 25 | Khaleeq A. | 117 |
| 26 | Wayne C. | 117 |
| 27 | Mohamed N. | 117 |
| 28 | Hamza K. | 117 |
| 29 | Genuine C. | 117 |
| 30 | ALIYU Y. | 117 |
| 31 | Soly N. | 117 |
| 32 | David B. | 116 |
| 33 | Nathan H. | 116 |
| 34 | Nour E. | 116 |
| 35 | Bello U. | 116 |
| 36 | Nazeeh K. | 116 |
| 37 | Anselme D. | 116 |
| 38 | Muhammmad H. | 116 |
| 39 | Sherry D. | 116 |
| 40 | Abubeker A. | 116 |
| 41 | Kenneth J. | 115 |
| 42 | William M. | 105 |
| 43 | Okello A. | 105 |
| 44 | Obey T. | 101 |
| 45 | Michael R. | 101 |
| 46 | Lucy A. | 99 |
| 47 | David C. | 98 |
| 48 | Hilik T. | 98 |
| 49 | Gabrielle G. | 97 |
| 50 | Kimberley S. | 95 |
| 51 | Mich O. | 94 |
| 52 | Oyetunji S. | 93 |
| 53 | Latrice S. | 92 |
| 54 | THEOBALD S. | 92 |
| 55 | hanad A. | 84 |
| 56 | Pavan C. | 84 |
| 57 | Michael M. | 82 |
| 58 | Rosalio S. | 82 |
| 59 | Tha H. | 82 |
| 60 | Hossana E. | 82 |
| 61 | John H. | 82 |
| 62 | PaulShultis S. | 64 |
| 63 | Gashaw N. | 63 |
| 64 | Jeremiah A. | 63 |
| 65 | Alam Z. | 62 |
| 66 | FRANK I. | 61 |
| 67 | Melkamu A. | 61 |
| 68 | Akeem A. | 58 |
| 69 | OSAMEDE O. | 56 |
| 70 | Isaac O. | 56 |
| 71 | Olorunwa M. | 56 |
| 72 | Yashin S. | 55 |
| 73 | Erbs M. | 55 |
| 74 | John S. | 55 |
| 75 | Shiferaw T. | 54 |
| 76 | Richard P. | 54 |
| 77 | Mbongiseni S. | 54 |
| 78 | Christian C. | 54 |
| 79 | james_bolinda | 54 |
| 80 | Ronald H. | 53 |
| 81 | Sean S. | 43 |
| 82 | Kenneth B. | 42 |
| 83 | Aimee B. | 40 |
| 84 | Muhammad I. | 37 |
| 85 | Expert E. | 36 |
| 86 | Raz E. | 36 |
| 87 | Juma G. | 35 |
| 88 | Shom S. | 35 |
| 89 | Somadina O. | 35 |
| 90 | Carlos P. | 35 |
| 91 | Kenneth J. | 35 |
| 92 | Ade N. | 35 |
| 93 | jtcraw | 35 |
| 94 | Carlos M. | 33 |
| 95 | Bekele W. | 32 |
| 96 | Glen M. | 32 |
| 97 | DAVISON P. | 31 |
| 98 | Martins M. | 31 |
| 99 | Sayid A. | 31 |
| 100 | Husniyah D. | 31 |
 | 0 |
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