Minterest Weekly Tech Report #1
04.22 UPDATE: Due to significant market support to prioritise Ethereum as the protocol’s launch network, we are launching on Ethereum first and will launch on Moonbeam later.
Welcome to the first issue of the Minterest weekly updates where we provide key insights to our community for our weekly progress. At Minterest, we are building a truly fair and community-centric DeFi Lending protocol, starting the era of #NextLevelDeFi.
1) Economic model
This week, the Minterest development team has designed and developed a series of smart contracts for the implementation of a preliminary economic model for a token market. The smart contracts can process ERC20-equivalent tokens for Moonbeam and accurately track the interest rates for supply and borrow.
Users can now lend and withdraw assets with properly calculated income, as well as borrow and supply assets with properly calculated interest rates. The current economic model is linear, where the utilization rate on individual pools directly affects the interest rates.
Our design team has worked tirelessly to draft the application UI for the MVP that covers a key set of features. Our front-end developers have already started the implementation of the application UI, and successfully developed the landing page with market information. The five basic operations are now available for the users.
To streamline the development operations and sanity checks, our team at the DevOps department has built a pipeline with code analyzers and security checks to maintain the security and stability of our smart contracts code.
To help our vibrant community, our team has also launched a Telegram bot that allows community members to sign up for our future events. A lot of things are in the progress for the upcoming community event, so stay tuned.
So welcome to Minterest, in your best interest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.