Ajna Protocol PriceAJNAInactive

What is Ajna Protocol (AJNA)?

Ajna Protocol (AJNA) is a noncustodial, peer-to-pool, permissionless lending, borrowing, and trading system that operates without governance or external price feeds. The protocol is built around pools, which are pairings of quote tokens supplied by lenders and collateral tokens supplied by borrowers. Ajna supports both fungible tokens (ERC-20) and non-fungible tokens (ERC-721) as collateral, allowing anyone to create a lending market for arbitrary assets without a whitelisting process. The protocol is designed to be fully automated and immutable: pools are not upgradeable, and once deployed the team does not update or maintain them. AJNA has a maximum supply of 1 billion tokens, with a total supply of approximately 992.79 million and a self-reported circulating supply of roughly 776.26 million. Ajna Protocol's launch date is recorded as September 5, 2022 in CoinDesk listing data; the protocol was publicly announced as launched on July 13, 2023, and relaunched on mainnet and Layer 2 networks on January 11, 2024 after security audits.

Key Specifications & Tokenomics

• Name: Ajna Protocol
• Ticker/Symbol: AJNA
• Category: Decentralized Lending & Borrowing
• Smart Contracts: Ethereum (ERC-20), with pools deployed via ERC20PoolFactory and ERC721PoolFactory
• Contract Address: 0x9a96ec9B57Fb64FbC60B423d1f4da7691Bd35079 (Ethereum, ERC-20, 18 decimals)
• Max Supply: 1,000,000,000 AJNA
• Total Supply: 992.79M AJNA
• Self-Reported Circulating Supply: 776,265,351 AJNA
• Consensus: Not applicable (smart contract-based protocol on Ethereum and L2s)
• Official Website: https://www.ajna.finance/
• Whitepaper: https://www.ajna.finance/pdf/Ajna_Protocol_Whitepaper_01-11-2024.pdf
• GitHub: https://github.com/ajna-finance
• X (Twitter): https://x.com/ajnafi
• Security: Code audits from industry-leading agencies with verified reports; audit reports are published by the Ajna team.

Who created Ajna Protocol?

Ajna Protocol was co-founded by Joseph Quintilian and Gregory Di Prisco. David Utrobin serves as VP of Grants & Community. The Ajna Protocol Whitepaper dated January 11, 2024, titled "AJNA PROTOCOL: Automated Lending Markets," lists the following authors: Akash Patel, Ed Noepel, Gregory Di Prisco, Howard Malzberg, Ian Harvey, Joseph Quintilian, Matthew Cushman, and Michael Hathaway. The whitepaper, dated January 11, 2024, was periodically updated until December 18, 2023 to reflect changes to the protocol source code. Gregory Di Prisco is active on X under the handle @g_dip, where he has publicly discussed the protocol's immutable and permissionless design.

How does Ajna Protocol work?

Ajna replaces external price feeds with a price-specified lending model. Lenders input the price at which they are willing to lend, expressed as the amount of quote token per unit of collateral. These prices are organized into predefined buckets, each representing a fixed ratio between quote and collateral tokens. Borrowers draw from the aggregated liquidity of these buckets. Interest rates are market-derived and determined by deterministic rules based on pool utilization, specifically the ratio of debt to total deposits, using a short-term exponential moving average. The protocol employs key metrics such as the Lowest Utilized Price (LUP) and Highest Threshold Price (HTP) to manage liquidity and determine liquidation eligibility. Liquidations are executed through a Dutch auction, where the first actor to accept the continuously lowering price wins. Pools are created permissionlessly and are not upgradeable, ensuring immutability. Lenders should keep deposits in buckets slightly below market price; an inappropriately high price will likely cost the lender their deposit for a potentially trivial amount of collateral.

What makes Ajna Protocol unique and valuable?

Ajna Protocol distinguishes itself through its fully permissionless and governance-free architecture. Unlike traditional lending protocols that rely on governance for rate-setting and contract upgrades, or external oracles for pricing, Ajna requires neither. This design eliminates subjective decision-making and reduces solvency and liquidity risks associated with governance overhead. The protocol supports both fungible and non-fungible tokens as collateral, enabling lending markets for a wide range of on-chain assets, including NFTs, without the need for price estimation within the protocol. All pools are immutable, meaning no central authority can alter or pause them. This "Uniswap of Lending" model emphasizes maximum freedom and self-custody for DeFi natives and power users. Liquidation and reserve auction game theory relies on multiple actors; with a single actor, collateral or reserves may be purchased at a trivial price close to zero. Passing blanket parameter values (e.g., limitIndex_ of 7388 to drawDebt) can let an MEV bot move liquidity to a price that makes the loan liquidatable on the next block.

What is Ajna Protocol used for?

AJNA is the native token of the Ajna Protocol ecosystem. The protocol itself is used for permissionless lending, borrowing, and trading of crypto assets. Lenders deposit quote tokens into price buckets to earn interest, while borrowers use fungible or non-fungible collateral to draw loans. The protocol also facilitates liquidations and reserve auctions. The AJNA token is described as part of a mechanism allowing ecosystem participants to deploy a communal treasury into the public on a quarterly basis. The protocol operates without governance; AJNA's role is tied to the ecosystem's communal treasury mechanism rather than to protocol governance.

How Is the Ajna Protocol ecosystem developing?

The Ajna ecosystem includes third-party front ends and applications. Ajnafi.com, built by MOM, offers a full interface for deploying permissionless pools for ERC-20 or NFT assets and for borrowing or lending into existing pools. Arb Capital (ajna.arb.capital) is a third-party front end offering curated vault access and a dedicated interface for direct protocol access. The Ajna Labs website lists support for a wide range of ERC-20 and ERC-721 tokens, including wbtc, eth, usdc, dai, usdt, bayc and ajna, among many others. Resources such as an SDK, documentation, FAQ, blog, and grants are available. The protocol relaunched on mainnet and L2s in January 2024 after completing audits.

How to mine Ajna Protocol?

Ajna Protocol does not use a traditional mining mechanism. It is a smart contract-based lending protocol deployed on Ethereum and Layer 2 networks. There is no proof-of-work or proof-of-stake mining process for AJNA. Users participate in the ecosystem by lending, borrowing, or providing liquidity to pools. Lenders deposit quote tokens into price buckets to earn interest determined by market-derived rates. Borrowers provide collateral to draw loans. There is no staking mechanism for securing the network, as the protocol is immutable and operates without governance or external maintenance.

How to keep your Ajna Protocol Coin safe?

To keep AJNA tokens safe, use a noncustodial wallet that supports ERC-20 tokens on Ethereum. Store your private keys or seed phrase securely offline and never share them with anyone. Since Ajna pools are immutable and lack a pause function, users should exercise extreme caution when interacting with the protocol. Avoid purchasing Ajna position NFTs from open markets, as they are vulnerable to front-running attacks where a seller could redeem the position before transfer, leaving the buyer with a worthless NFT. Always verify contract addresses and interact only with official interfaces. Be aware of token limitations: fee-on-transfer and rebasing tokens are not explicitly prevented from pool creation but are incompatible and used at the actor's own risk. Tokens with more than 18 or 0 decimals, or whose decimals() function is non-constant or missing, are explicitly prevented. Regularly monitor protocol communications for security updates and postmortem reports. As with any permissionless lending protocol, users should review audit reports and postmortem communications before interacting.