Minterest Weekly Tech Report #4
Welcome to the fourth 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
This week was one heck of a busy week for the entire Minterest team as we were working on the upcoming community allocation event. The team built the website and all the underlying systems that are essential to support the community allocation event and facilitate our users with an intuitive and comfortable experience.
Check out our community allocation website here.
2) Smart Contracts for Vesting and Whitelisting
Aside from our major community allocation event, the team has also finalised the development of two more smart contracts: The Vesting contract and The Whitelist contract.
Vesting Contract: This contract deals with the allocation of MNT tokens to a wallet address, but with a vesting mechanism that limits the available amount and slowly releases the MNT tokens during a set period of time. Vesting is a common mechanism that limits the selling pressure on the token, especially during the early stages of the protocol launch.
Whitelist Contract: This contract deals with the permissions, and limits who can use the Minterest protocol. When the protocol will be at its initial stages with limited functionality, only whitelisted users will be able to use the Minterest protocol.
3) Access Control System
During this week, the team also built an access control system on top of admin functions of the Minterest protocol. With the new access control system, only a consensus of council of Minterest executives can apply changes to the protocol economy and setup, e.g., adding new currencies or disabling them before the whitelist mode can only be done once 3 out of 5 executives sign the transaction.
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 passes on liquidation surpluses with users.