Jet Protocol Is Now Live On Mainnet!
On Wednesday October, 6, 2021, Jet Protocol, founded by Wil Barnes (CEO) and James Moreau (COO), launched their Alpha product on mainnet, offering an improved cross-margining borrowing & lending experience to the Solana ecosystem.
Jet Protocol was 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 on blockchains such as Ethereum and other EVM chains. When the founders assessed the market in early 2021, they saw several projects taking up the challenge, but felt most were missing the mark. Drawing from prior experience at Maker, MetaMask, and ConsenSys, they started implementing what they believe to be the modern lending DAO.
The founding team fastened their seatbelts and prepared for a long-haul flight of researching, hiring, experimenting, and developing. Making use of the tooling in front of them, Jet implemented their whole codebase from the tarmac 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 seeks to differentiate 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 interest on their crypto-assets. Jet is exploring retroactive rewards to early users of the protocol who add liquidity and borrowing to the protocol.
Founded in April 2021, Jet Protocol assembled a 16 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.
The Jet Protocol Alpha is operating on mainnet 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 are recommended as the protocol is still in the beta stage, with full-scale audits planned for subsequent releases.
For more information about Jet Protocol, the team and their flight path email press@jetprotocol.io or visit the website https://jetprotocol.io
Disclaimer: The statements, proposals, and details contained above are informational only, and subject to change. We are in early stage development and may need to change dates, details, or the project as a whole based on the protocol, team, legal or regulatory needs, or due to developments of Solana.
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