Ocean Loan Union | OCEAN Loan Union | Round 16

Project Name

Ocean Loan Union

Project Description

Ocean’s current circulating supply is currently around 613,099,141 OCEAN which accounts for about 43% of the max supply. The liquidity of ocean protocol is therefore limited. Likewise, many token holders do not have mechanisms to trade the time value of their holdings. As a consequence, Centralized Lending solutions have emerged to provide liquidity to the market, however, these lending services are centralized entities that can seize or steal funds and are not easily accessible to everyone.

As a solution to this problem, we propose a decentralized, non-custodial and trustless protocol to allow users to create overcollateralized debt instruments across Ocean and Ethereum Protocols. Thus, users will be able to borrow and lend OCEAN using Ethereum tokens as collateral.

To make this a reality, we are moving to design a cross-chain protocol with Hashed Time-Locked Contracts (HTLCs) to enable debt and repayment between parties. We will also adopt an atomic swap functionality that strategically reveals secrets to stand for actions in the loan chain.

Final Product

Ocean Loan Union will be an API / Plugin that will allow everyone to build a loan application on OCEAN, making it possible for borrowers and lenders to interact and earn with automated APYs. With the final product, users will be able to use Ocean token as collateral for borrowing Ethereum based tokens.

We will also push to go B2C as we scale in order to target normal users in a bid to reduce the barriers to entry by making fast, appealing and simple to use interfaces - Making borrowing and lending OCEAN/ETH as easy as sending a text message.

Core Team

Name: Steven Petras



Seasoned Entrepreneur with a robust wealth of knowledge and experience in building and managing several IT firms and other startups including Jetbrain, Mainteny, and Revolut. Also equipped with over 6 years of experience as a crypto veteran. And over 13 years of experience with managing third-party loan infrastructures. A diversified portfolio cutting across both national and international entities. Also gifted with an unmatched passion to grow the crypto community through massive awareness campaigns.

Proposal One Liner

A decentralised, non-custodial and trust less protocol that allows users to create over collateralised debt instruments across Ocean and Ethereum.

Proposal Description

At the moment, available solutions to the lending of crypto assets are centralised. The fact that these services are centralised raises some concerns such as the funds may be stolen, and the funds are not always available. Ocean Loan Union is our unique solution to this problem. It is a decentralised, non-custodial and trustless protocol that allows users to borrow or lend Ethereum based tokens using ocean tokens as collateral or vice versa using a method known as an atomic swap.

Grant Deliverables

  • Design UI/UX files and protocol documentation to enable other devs to implement the systems in their respective application environments.
  • Begin the mobile implementation of the Ocean Loan Union in a compatible wallet infrastructure.
  • Create Marketing Materials to target crypto enthusiasts and traders to utilise our framework.

Value Add Criteria

Creating cross-chain interoperability between Ocean and Ethereum will allow market participants to access liquidity between blockchains by enabling loans to occur between different blockchains without intermediaries.

Some of the benefits to the OceanProtocol ecosystem are:

  • Enabling stable coin/ERC20 tokens to access Ocean holders.
  • Allowing OCEAN holders to exchange the time value of their tokens without selling.
  • Allowing users to Lend and Borrow tokens without intermediaries or giving up custody of their assets.

Some of the risks to the ecosystem if this system is not implemented correctly:

  • OCEAN market volatility due to lack of liquidity.
  • Centralised OCEAN lending services can be hacked or steal the funds of their users.
  • Lack of OCEAN interoperability with other blockchains.

Risks that could make executing this project difficult:

  • Libraries in early development stages.
  • OCEAN specifications / functionality still not implemented
  • Lack of library support for web/mobile environments.

Funding Requested


Wallet Address


Hi there,

Thank you for participating in OceanDAO Round 16!

Your proposal has been registered into the system and is already live for voting here:

We try to make your first grant easy to earn (you are registered in the New Entrant Earmark)

We would also recommend one (or all) of the following steps:

  1. Say hi to the community in #ocean-dao and share your proposal:

  2. Voting period is 4 days, ending Monday, April 11, 23:59 UTC. Talk about your project and ask your community to vote as much as you can. We will share/retweet as much as we can.

  3. Say hi to the members of the #project-guiding WG and find your guide. They have experience in how best to propose and run OceanDAO projects:

  4. Attend a Town Hall or join a working group:
    Notion – The all-in-one workspace for your notes, tasks, wikis, and databases.

  5. Keep your project guide close, they are here to help you. Feel free to ask for a quick call, sharing-sessions, feedback, or contacts to other projects in the ecosystem: Discord

  6. If you win a grant, make sure to claim it yourself within 12 days(!) after voting period ended, right here: https://oceanprotocol.com/web3Tools

  7. When BUIDLing with your grant, feel free to share your amazing updates here: Discord

  8. Welcome aboard! Reach out anytime if you have questions, either to me or in the Project Guiding Working Group. Enjoy yourself and build towards a #NewDataEconomy with us! :ocean::yin_yang::raised_hands: