Minterest Weekly Tech Report #2
Welcome to the second 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) Buy Back Logic
After several months of thorough research and modelling, the Minterest development team has finalised the underlying logic for the Buy Back mechanism and has approved the release version of the Buy Back smart contracts, which will be sent for an internal security audit.
The Minterest application is now capable of calculating the shares of all the users in a pool who stake MNT tokens, and accurately calculating the current exchange rate of MNT to Minties (the virtual discounted money used in the Buyback mechanism).
2) Dynamic Economic Model
Last week, we developed a linear economic model for a token market, where the utilization rate on individual pools directly affects the interest rates.
This week, we worked on a second type of an economic model for a market that is more dynamic.
In this new dynamic economic model, a multiplier is applied to the rates as the utilisation ratio reaches a kink point. These dynamic rates prevent protocol insolvency during extreme volatility.
3) MetaMask Integration
The frontend team has finally integrated Metamask and developed the initial draft of the application that allows us to test our economic models and market behavior from users’ perspective.
The development team has been constantly wiring up the frontend to our backend, and the application already shows real on-chain data about markets (total borrowed, total lent etc).
4) Telegram Community Bot
Our Telegram community bot allows the community members to sign up for our future events. To better facilitate our community, we have added a /help function to our community bot, with more refined texts and a notification feature.
The bot will remind people to fill in their email if they haven’t done so already, or remind them to use the referral link if a user hasn’t referred anyone yet. The reminder has proven very effective – it has reduced the amount of users with no emails by 7% after its first launch.
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 its own on-chain liquidation and buyback mechanisms, the Minterest protocol automatically distributes the value it captures from interest rate, flash loan and liquidation fees to users. It does this via MNT tokens that it acquires on-market, ensuring your highest long-term yields.
12, November 2021