Ribbon Finance: Repaid the remaining debt on Arbor Finance last week

Ribbon Finance, an on-chain structured product, said on Twitter that it had repaid the remaining debt on Arbor Finance last week. Ribbon Finance issued convertible bonds due on December 4, 2022 on the Porter Finance (later renamed Arbor Finance) platform in June, planning to raise $3 million. In this bond issuance, Ribbon Finance used RBN tokens to lend 3 million USDC at a mortgage rate of 500%, and the USDC provider obtained an annualized rate of return of 7.1%. Porter Finance shut down 4 weeks after launch, and some of the original core developers rebranded the protocol as Arbor Finance and restarted at the end of October.