Jet Protocol is a lending protocol built on Solana, today announced the launch of its alpha product on Solana Development Network Introduce the ecosystem to its improved cross-margin lending experience. Jet users will be able to borrow their crypto assets or earn income from their crypto assets.
The founder and CEO of Jet Protocol Wil Barnes and the COO James Moreau, who recently completed the $4.8 million seed round, assessed the market in early 2021. They noticed that several projects have accepted challenges, but believe that most Did not take advantage of the inherent technical advantages of Solana. Drawing on the experience of Maker, MetaMask and ConsenSys, they began to develop what they thought was a modern lending DAO.
“Jet’s goal is to establish a lending agreement with market-driven interest rates, rather than the rate model based on the utilization curve currently seen on Ethereum and Solana. Solana’s low cost and high throughput network gives us the opportunity to create a The interest rate market-making experience not only matches, but also improves the centralized experience that everyone is familiar with. We will cultivate an ecosystem of developers, designers, marketers and entrepreneurs in order to make Jet the best front-end interface. And a basic layer liquidity agreement for others to establish.”
– Wil Barnes, co-founder and CEO of Jet Protocol
The development of the Jet protocol
After this idea emerged, Barnes and Moreau formed a 12-person team consisting of most of the back-end system engineers and front-end developers. They have a deep understanding of Rust, financial markets, and blockchain UI. Ability to be passionate as a development platform.
Using the tools in front of them, Jet implemented their entire code base from the ground up, using Anchor to implement several new code patterns. Jet redesigned the capital efficiency, performance, and scalability possibilities on Solana instead of porting the 1:1 version of the EVM-based model.
The Jet protocol runs on an unaudited development network. Although the code base has been reviewed by an external white hat developer team provided by the Solana Foundation, it is still recommended to be highly cautious when depositing and borrowing when the main network is launched, because the protocol is still in the testing phase and a comprehensive audit plan is being used. In subsequent versions.
For an indefinite period of time, Jet Protocol will continue to be deployed on Solana’s devnet, and the Jet Protocol core team and community will conduct tests and provide feedback. Once the date is determined, follow-up information about the mainnet release will be provided.