Introducing Jet Protocol, Borrowing and Lending Made Easy

The platform offers lower fees and convenient services compared to its competitors, and will leverage the ever-growing Solana blockchain for maximum user benefit.

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June 13, 2021
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Introduction

One of the major issues with borrowing and lending from centralized institutions is the presence of an intermediary. These figures often serve no purpose other than unnecessary verification of details and cost both parties more to use. This is where DeFi steps in. Decentralized lending platforms give out loans to businesses or the public with no intermediaries. Decentralized Finance (DeFi) lending protocols give anyone the chance to earn interest on supplied stable coins and cryptocurrencies. In this light, borrowing and lending protocols are essential in the DeFi space. There are many lending protocols available on different blockchains. However, we will discuss one of the best protocols built on arguably the best network — Solana. Jet protocol announced its development on the 26th of April, and since then, its team has been making modifications in preparation for launch. 


Announcing Jet Protocol 

Jet Protocol is a borrowing and lending protocol built on the Solana blockchain. It is a “lending protocol built by DeFi users for DeFi users.” The protocol focuses mainly on innovative lending products and cross-chain interest rate arbitrage. 

Source

The most widely used DeFi protocols are built on the Ethereum blockchain. Jet protocol, however, decided to leverage Solana’s bleeding-edge tech, low transaction costs, speed, and scalability. With all these in place, Jet users can look forward to fast innovations. These innovations comprise interest-bearing products used to create markets on Serum.


Features of Jet Protocol 

As part of launch preparations, the protocol dropped a preview of its user interface on the 25th of May via Twitter. Jet did this to give users a sneak peek of their front-end development. There is also big work being done on the back-end development. However, the team is highly concerned about showing its users how the actual application would look when developed, due to security purposes as well as setting unrealistic expectations. 

Solana offers brilliant features such as low transaction fees, fast transactions of about 50,000 transactions per second, and scalability. Therefore, an exemplary user interface would be a perfect complement to Solana’s rich offerings. Jet will offer its users fast and cheaper transactions along with a smooth user interface to maximize the efficiency of borrowing and lending markets in DeFi.


What Next For Jet Protocol?

Jet Protocol announced a $4.8 million seed round on the 10th of June that will develop its project. A deeply liquid borrowing and lending protocol could produce value to users and other protocols built on Solana looking to integrate borrowing and lending. Jet Protocol hopes to become a community-driven, decentralized organization managed by users in the DeFi space. Venture Capital Investors on the seed round include Sino Global Capital, CMS Holdings, MGNR, Alameda Research, ParaFi Capital, Robot Ventures, Defiance Capital, Kenetic Capital, and Stablenode. 


Concluding Thoughts

Offering borrowing and lending services is not innovative in of itself, but offering them with a simple interface that minimizes stress levels is certainly noteworthy. While Jet Protocol faces stiff competition in the DeFi space, it can leverage Solana to maximize benefits for its users. Assuming the project achieves successful take-off, there is a wealth of possibility just around the horizon.

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