Minterest Weekly Tech Report #6
Welcome to the sixth 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.
At Minterest, the security of the protocol is one of our main priorities. This week, the backend development team spent a lot of time on fixing and improving the security of the Minterest protocol.
The team modified hundreds of lines of code to fix even the smallest potential weak points and also optimize the contracts to consume less gas and be more efficient. The team will continue working on these improvements in the coming weeks.
2) Emission System Contracts
The team also finalized a new contract for the Emission system; the logic responsible for distribution of MNT tokens for using the protocol. This Emission system takes into consideration the amount of lent and borrowed assets, share of each user in a market, and distributes the rewards on a per-block basis.
As this logic for the Emission system is ready, the team will now start integration of NFT boosts into the contract.
3) Dripper Function for the Buy Back Contract
The team has added dripper functions to the The Buy Back contract, responsible for the process of distribution of MNT tokens during the Buy Back.
These dripper functions will also define how much of all the MNT tokens in a treasury will be distributed in the next month, and how frequently this will happen. The plan is to have it drip a minor amount of MNT tokens on an hourly basis – thus the name Dripper.
4) Improved Layouts
The web development team has been busy improving the layouts for the Minterest products and the upcoming community events. For the mobile-only users, the team has implemented a mobile view for community events and added support for some of the mobile wallets to make the experience seamless for users.
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 the protocol 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 rewards with users.