Minterest Weekly Tech Report #5
Welcome to the 5th 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) New and Improved Community Allocation Event Application
The Minterest development team is working hard to bring new innovations and improvements to the pipeline. One of the first things we accomplished this week is the new and improved Community Allocation Event application, which is much more robust and user-friendly. The new application can also track user status based on their on-chain activity.
2) Finalising the Test Structure
Another milestone for this week is bringing a huge improvement to the Minterest’s test structure. The Minterest codebase now has over 10,000 lines of test code, which is now properly refactored and optimised to make it run faster with efficient execution.
Bringing such improvements to the test structure took more than a month which is now being finalised.
3) More Efficient Buy Back Logic
The Minterest Buy Back logic has also been improved with more efficient implementation. The previous implementation of the Buy Back logic involved a user loyalty curve which was very expensive in terms of gas fees.
The Buy Back calculation is more frequent as it happens every time a user enrolls or leaves the Buy Back, the team improved the mathematical model to simplify the calculation of user bonus without losing too much accuracy.
This new mathematical model was built from scratch on Python first, then tested on many sets of data and was finally implemented in the Solidity smart contract.
4) NFT Contracts
This week, the NFT contracts were finalized and merged into the master branch. Minterest NFTs won’t just be used as collectibles; they will boost the emission rewards for using the protocol.
Minterest NFTs aren’t linked to the underlying economy models, this is a work in progress for upcoming weeks.
5) New Error Handling System
The last point of focus during this week was a new error handling system. The new implementation is sophisticated and light-weight that helps the team to reduce the weight of contracts.
Implementing this system involved refactoring of most of the application files; more than 2,000 lines of code were modified.
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.