Marmara Credit Loops (MCL) stands out as a unique Decentralized Finance (DeFi) system designed for direct application in the real economy. Unique in its approach, MCL incentivizes participants by rewarding both buyers and sellers who engage in transactions using credit loops instead of traditional cash payments.
Operating as an independent smart chain, MCL features a hybrid coin that is 25% mineable and 75% stakeable, integrating seamlessly with two distinctive DeFi protocols. The platform’s core is powered by a UTXO-based Turing Complete Smart Contracting system, utilizing the technological prowess of the Komodo Platform.
Philosophy
Marmara Credit Loops (MCL) represents a significant shift away from traditional banking systems towards a more equitable economic model. Inspired by the limitations and inefficiencies of conventional banking, where money creation often leads to economic disparity, MCL sought to create an alternative.
This alternative was rooted in the long-standing practices of using post-dated cheques and promissory notes in Turkey and India, which function similarly to blockchain by enabling interest-free, peer-to-peer credit creation. These instruments, significant in managing nearly half of the GDP in these countries, served as a blueprint for MCL’s innovative approach.
History
This groundbreaking project was initiated in 2010. The journey from concept to execution for MCL involved extensive collaboration and research, primarily spearheaded by Marmara University’s Open Innovation Labs in Turkey. Workshops and studies conducted here played a crucial role in understanding the traditional credit systems and conceptualizing a digital platform that could address their shortcomings.
In 2016, a concrete framework began to take shape, revealing the need for a blockchain solution capable of supporting sophisticated smart contracts and catering to diverse legal and cultural requirements. This led to a partnership with James Lee of the Komodo Platform, furthering the development of MCL.
The practical application of MCL’s theoretical framework was realized with the development of a Proof of Concept by James Lee in 2019, rigorously tested by students and researchers. This culminated in the launch of the MCL mainnet on January 17th, 2020, based on the consensus established in the project’s first academic paper. The system has since undergone continuous refinement, including significant improvements implemented in a hard fork in June, underscoring MCL’s commitment to enhancing and expanding its capabilities within the realm of decentralized finance.
Marmara Chain & $MCL
The Marmara Chain, a critical component of the MCL ecosystem, is fortified against potential 51% attacks through Komodo’s innovative delayed Proof of Work (dPoW) technologies. This method enhances security by recycling the hash power of the Litecoin network, thereby backing up independent blockchains like Marmara on Litecoin’s secure ledger.
Staking within the MCL system is uniquely structured. Users can lock their coins in two different funds: “Activated” and “Locked in Credit Loop” (LCL). Particularly innovative is the LCL fund, where both the issuer and holders of credit can enjoy triple (3x) staking rewards. Unlike other staking systems, coins locked in credit loops aren’t static; they remain dynamic, circulating while locked, and still earning 3x staking rewards through an endorsement process. This process ensures meaningful transfers, particularly during shopping activities, aligning with real-world economic transactions.
MCL Coin

Blockchain Technology
MCL’s credit loops mirror the functionality of post-dated cheques in certain cultures, eliminating the need for collateralization before the maturity date of a cheque. The system operates on two main protocols: 100% collateralization and under- or zero-collateralization.
The first protocol is an interest-free system that generates negative entropy through mining and staking rewards, with the issuer providing full collateralization until the credit loop’s maturity. The second protocol enables money creation using various fiat and cryptocurrencies, as well as assets like gold and silver.
This protocol combines the trustless nature of blockchain with community-based trust layers, including escrows, making it universally applicable under a multi-law structure. Additionally, a distributed notarization system acting as a third blockchain layer further secures credit holders against non-redemption, enhancing the reliability and utility of MCL in diverse economic contexts.
The Team Pioneering Decentralized Credit
Marmara Credit Loops (MCL) boasts a diverse group of seasoned professionals and innovators who are pushing the boundaries of what’s possible in the realm of digital credit creation and circulation. Here’s a look at the key players driving MCL’s mission forward:
James Lee (jl777)
As the founder of Komodo Platform and the main advisor and lead developer for Marmara Credit Loops, James Lee brings a wealth of knowledge and experience to the table. Known in the community as jl777, his deep understanding of blockchain’s potential is instrumental in guiding MCL’s strategic direction and technological development.
Prof. Dr. B. Gültekin Çetiner
A pivotal figure in the MCL ecosystem, Prof. Dr. B. Gültekin Çetiner is the founder of the Marmara Open Innovations Community and serves as the Director of Komodo Turkey. His academic insights and leadership are vital in nurturing the community and fostering innovation within the platform.

Dmitriy Menshchikov (Dimxy)
Dmitriy Menshchikov, known as Dimxy, stands as a core developer at Komodo Platform and is directly involved in the development of the Marmara Smart Chain Custom Consensus (CC). His technical acumen ensures that MCL’s underlying technology is robust and capable of supporting the platform’s ambitious goals.
Anton Lysakov (TonyL)
Anton Lysakov, or TonyL, is the QA lead at KomodoPlatform and the project manager for AtomixDEX layer. His meticulous approach to quality assurance and project management helps MCL maintain high standards and reliability.
DeckerSU
In charge of the Marmara Ocean QT Wallet Development, DeckerSU is focused on providing users with a seamless and user-friendly experience. His work is critical in facilitating access to MCL’s services and ensuring the platform’s interface is intuitive and secure.
Pbca26
Integral to MCL’s infrastructure is Pbca26, responsible for integrating the Marmara Chain with advanced blockchain explorers. This role is crucial for transparency and accessibility, allowing users to track transactions and engage with the platform effectively.
Abdülkadir Yılmaz
As a network engineer, test developer, project manager, and the lead developer for the Marmara Connector, Abdülkadir Yılmaz, or aklix, is a linchpin in the platform’s functionality. His expertise in business integration positions MCL to align with real-world use cases and business needs.
Emine Rumeysa Yılmaz
Emine Rumeysa Yılmaz, known as ryilmaz, contributes as a design engineer, business integrator, and database developer. Her role in developing the Marmara Connector and integrating databases ensures that the platform’s backend is as strong as its front, providing a sturdy foundation for MCL’s operations.
Together, this team represents the brain trust behind Marmara Credit Loops. With such a strong lineup of blockchain experts and thought leaders, MCL is well-equipped to tackle the challenges and opportunities of the DeFi sector, driving innovation in decentralized credit and beyond.
Events
Marmara Credit Loops participates in various blockchain and fintech events and also hosts community-driven events and workshops. These events serve as a platform for networking, showcasing platform updates, and educating the public about blockchain’s potential in the credit sector. On January 17, 2024, Marmara Credit Loops (MCL) celebrated its fourth anniversary with an event that underscores its evolution. The “Blockchain in Real Life” event, was held at Teknopark Istanbul, to bridge the gap between blockchain’s potential and its tangible benefits to society.
Marmara Credit Loops, a pioneer in leveraging Komodo Blockchain Technologies for peer-to-peer credit creation and circulation, is at the forefront of these transformative changes. The MCL 4th Anniversary Event is more than a celebration; it’s an exhibition and conference that gathers industry leaders, innovators, and enthusiasts to discuss, demonstrate, and collaborate on blockchain’s real-world applications.
From Theory to Practice
Attendees had a day rich with activities:
- Keynote Speeches: Influential figures in the blockchain space will discuss the state of the technology, its future, and its current real-world applications.
- Panel Discussions: Experts will delve into the depth and breadth of blockchain’s impact across various industries.
- Interactive Workshops: Hands-on sessions will provide participants with practical experience in using blockchain technologies.
- Networking Opportunities: Entrepreneurs and attendees will have the chance to connect, exchange ideas, and foster collaborations.
MCL extends an invitation to entrepreneurs and innovators to showcase their blockchain-related products and services, providing a unique opportunity for real economy shopping and networking.
The event reflects MCL’s commitment to making blockchain technology practical and beneficial for a broad audience. It coincided with a global shift towards the acceptance of cryptocurrencies. MCL’s anniversary event, with its theme of “Blockchain in Real Life,” offered a chance for attendees to engage with and contribute to this paradigm shift, highlighting the platform’s dedication to bringing blockchain technology into everyday use.
A Global Shift Endorsed by MCL
Reports in 2023 indicated that cryptocurrencies have gained official status in nearly 40 countries, with expectations for a global paradigm shift by 2024.
Marmara Credit Loops represents a significant step forward in the DeFi landscape. By providing a decentralized credit system, MCL not only broadens access to financial services but also paves the way for more innovative uses of blockchain technology in the real economy.
Author Profile

- Ex-community moderator of the Banano memecoin. I have since been involved with numerous cryptocurrencies, NFT projects and DeFi organizations. I write about crypto mainly.
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