Introducing the lending dashboard upgrade
Today marks a milestone for Furucombo and the Lending Dashboard as we upgrade our backend to support our new product, Protocolink! To enhance the security and flexibility of the Lending Dashboard, we replaced the complete back-end system with our new Lending SDK created from our composable API system, Protocolink. This upgrade allows us to increase our security, adaptability and flexibility by utilizing the most elastic API in DeFi today.
Protocolink is an infrastructure solution that enables developers to integrate various applications and functions easily without dealing with smart contracts. This is done through the Protocolink API. This provides flexibility and freedom from the limitations of single protocols and allows easy integration of multiple use cases to leverage the expanding possibilities of DeFi. Whether it’s for seasoned DeFi developers or for those just getting started, our SDK provides a suite of easy-to-use functions and tools that can help build innovative and robust applications quickly and easily.
In short, Protocolink allows us to improve the simplicity of our code by allowing changes without direct smart contract integration. This leads to lower development costs and improved security from smart contract exploitation. Additionally, our API integrates with Permit2, which saves fees for users who have existing allowances on other DeFi protocols, such as Uniswap, from having to send costly token approval transactions. Furthermore, all our contracts and our Lending SDK are open-sourced, allowing anyone to verify our code base.
In supporting this new innovative product, the Lending Dashboard on Furucombo will be upgraded using the new Lending Kit SDK produced by Protocolink. This comes with its own set of changes, including:
- A user’s first use on the new backend will require approving a new contract
- When sending a token approval transaction, the new target will be Uniswap Permit2, unlike the previous Furucombo proxy. This means that a token only needs a one-time approval if you have previously approved it on the Uniswap interface.
- Any subsequent approvals from Permit2 to Protocolink will be done through users signing, not sending out a transaction. Each token requires a one-time signature the first time it’s used, with a default expiration of 30 days (after which re-signing is required).
We know that back-end upgrades are not always the most exciting change, but we believe this upgrade will put us one step closer to increasing the ease of integration of new protocols and providing the most composable protocol in DeFi.
To learn more about our new product, Protocolink, you can click the following links:
