NEW YORK, Sep. 13, 2021 /PRNewswire-PRWeb/ — Jet Protocol, the highly anticipated borrowing and lending protocol on Solana, today announced the launch of its alpha product on devnet introducing the ecosystem to its improved cross-margining borrowing and lending experience. Jet users will be able to effectively and easily borrow against their assets or earn yield on their crypto-assets. Jet founders Wil Barnes, CEO, and James Moreau, COO, who recently completed a $4.8M seed round, were inspired by the rising tides of DeFi Summer in 2020 and the proven models of borrowing and lending markets. These markets were shown to be integral base-layers to any other financial products across decentralized financial ecosystems.
Jet was designed, developed, and launched to be the premier lending protocol on Solana. When Barnes and Moreau assessed the market in early 2021, they noticed several projects taking up the challenge, but felt most were not leveraging the innate tech advantages of Solana. Drawing from prior experience at Maker, MetaMask, and ConsenSys, they started implementing what they believe to be the modern lending DAO.
“The goal of Jet is to build a borrowing and lending protocol with market-driven interest rates, instead of the utilization curve-based interest rate models currently seen on Ethereum and Solana. Solana’s low fees and high throughput network gives us an opportunity to create an interest rate market making experience that not only matches, but improves upon the centralized experience that everyone is familiar with,” said Wil Barnes, Co-founder and CEO of Jet Protocol. “We will foster an ecosystem of developers, designers, marketers, and entrepreneurs to make Jet the best it can be as a front end interface, as well as a base-layer liquidity protocol for others to build on top of.”
After inception of the idea, Barnes and Moreau assembled a 12 person team consisting of a majority of back-end system engineers and front-end devs with in-depth knowledge of Rust, financial markets, blockchain UI, and a passion for Solana’s capabilities as a development platform. Making use of the tooling in front of them, Jet implemented their entire codebase from the ground up, leveraging Anchor to give flight to several innovative new code patterns. Jet re-engineers what’s possible in terms of capital efficiency, performance, and scalability on Solana, rather than porting over 1:1 versions of EVM based models.
Jet Protocol differentiates itself through thoughtful and careful design decisions. Decisions include how liquidity is onboarded and incentivized to stay within the protocol because the team sees decentralized borrowing and lending on blockchains is on a path towards commodification. Jet’s focus is on a user-friendly UI, powerful liquidation market incentives, strong governance, and battle tested collateral onboarding processes.
Jet Protocol is built for users of DeFi who wish to borrow against their assets or earn yield on their crypto-assets. Jet is exploring retroactive rewards to early users of the protocol who add liquidity and borrowing to the protocol.
The Jet Protocol alpha is operating on devnet un-audited. Although the codebase has undergone a review from a team of external white-hat developers provided by the Solana Foundation, high levels of discretion when depositing and borrowing will be recommended at mainnet launch as the protocol is still in the beta stage, with full-scale audits planned for subsequent releases.
Jet Protocol will remain deployed on Solana’s devnet for an indefinite period of time while both the Jet Protocol core team and the community perform testing and give feedback. Subsequent information about the mainnet release will be provided as soon as a date is determined.
About Jet
Jet Protocol is an open source, non-custodial, borrowing and lending protocol on the Solana blockchain. Users are able to put their crypto-assets to work by borrowing against them or earning yield via lending. At its core, Jet is more than a front-end interface, it is a liquidity protocol that other entrepreneurs are able to use to build financial products and protocols of their own. Follow us on Twitter or join our Discord to join the community!
For more information about Jet Protocol, please email press@jetprotocol.io or visit the website https://jetprotocol.io
Media Contact
James Moreau, Jet Protocol, +1 (508) 615-7010, press@jetprotocol.io
SOURCE Jet Protocol
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