What is Jet Protocol? a decentralized borrowing & lending protocol on the Solana blockchain. Let’s find out with Weakhand.
To understand more about Jet Protocol, please read the articles below:
- Complete Guide to DeFi | Episode 3: What is Lending & Borrowing? The Essential Puzzle Piece in DeFi
- What is AAVE (AAVE)? Overview of AAVE Cryptocurrency
What is Jet Protocol?
Overview of Jet Protocol
Jet Protocol is a decentralized lending and borrowing protocol (Lending & Borrowing) built on the Solana blockchain, which leverages the power, speed, scalability and low fees of Solana.
Users can deposit their assets into the protocol to lend and receive interest, or mortgage assets into the protocol to borrow and pay interest.
Jet Protocol allows users to deposit supported crypto assets into Jet Protocol, while users will receive interest in return. Those deposits will be in a pool that will also be used for users who want to borrow money against supported crypto assets.
Jet Protocol is a decentralized DeFi protocol governed by jetDAO. The protocol can create rules to regulate rates, supported tokens, and many other needs.
Jet Protocol product
Jet Margin: The Jet Margin account is the hub for all borrowing and lending activities on the platform and connects users to:
- Margin lending and borrowing: access to traditional lending pools for cross-collateralized lending and borrowing.
- Lending & borrowing has term, fixed interest rate: through the protocol’s innovative new bond products.
- Margin trading is fast and seamless (Blazingly fast and seamless margin trading) integrates with lending and borrowing solutions on Serum.
- Credit swap (Credit swaps): Aims to generate significant returns on crypto assets that typically do not have much borrowing demand.
- Integrates with many DeFi protocols further and corresponding liquidity.
Jet Bond tickets: When a user deposits an asset into the protocol, they are given back a token representing their base deposit and a token representing their earned interest. From there, users can trade their deposit interest rates against other interest rates on Serum’s central limit order book.
Credit Swaps: A credit swap is created by a borrower who wants to make an unsecured loan.
Savings and Yields: Jet Protocol offers several products for users to earn profits from their tokens. These products are designed to gain productivity in a sustainable manner that benefits both the user and the protocol.
- Margin pools: users will automatically earn a compound interest on their collateral.
- Bond funds (Bond funds): are new savings pools that invest in secured debt through Jet Protocol’s bond market to generate returns for users.
- Credit funds: are savings groups that stake deposited tokens as collateral for authorized borrowers to access secured capital. Depositors bear the risk of borrower default.
Borrowing: Jet has simple loan products for users to borrow against any collateral recognized by their margin account, including tokens they have deployed to supported protocols other aid.
- Margin lending: are flexible loans from the Jet margin pool, with flexible interest rates depending on pool usage.
- Term loan: use Jet’s bond market for loans with a fixed upfront interest rate for a fixed period of time. These loans can be repaid automatically or repaid in full or in part at any time.
- Unsecured loan with fixed term: For users who are reputable organizations and individuals
Margin Trading and Portfolio Management: Jet Protocol supports seamless spot margin trading across multiple locations with maximum capital efficiency. Jet Protocol supports trading venues such as Serum and Raydium.
Jet Protocol Project Roadmap
- Q4/2021: Launch of Jet Protocol’s MVP lending protocol
- Q1/2022: JET token airdrop, staking, rewards and governance go live.
- Q2/2022: Partnership, Launch Jet Protocol V2
- Q3/2022: Upgrade lending team and margin accounts
- Q4/2022: Jet Bond Markets
- Q1/2023: Provide many new features
Core Team
Wil Barnes – CEO & Co-founder:
- Wil Barnes earned a Bachelor of Science, Political Science, Global Security from Clemson University (South Carolina) in 2013.
- Wil Barnes has held positions at large organizations: Technology Consulting (from 2015 -2017) in New York City.
- Software engineer at Kauri organization, Software engineer at ConsenSys (from 2017 – 2019).
- Blockchain engineer at MakerDAO (2019 – 2020); CEO & Co-founder Jet Protocol from 2021 to present.
James Moreau – Co-Founder:
- James Moreau graduated from the School of Communications and Public Relations Suffolk University (Boston, USA) 2006.
- James Moreau has held the following job positions: Senior Support Engineer at ConsenSys (2019 – 2020).
- Community support and leadership at Lunie (2019 – 2020).
- Community manager at Blockdaemon (2021).
- Co-founder Jet Protocol from 2021 to present.
- Chairman and CEO jetDAO from 2022 to present.
Investor
Jet Protocol raised $11.8M in capital from major investors Paradigm, Sino Global Capital, CMS, Alameda Research, …
Tokenomics
Information about JET Token
- Token name: Jet Protocol
- Code: JET
- Blockchain: Solana
- Contract: JET6zMJWkCN9tpRT2v2jfAmm5VnQFDpUBCyaKojmGtz
- Total supply: 1,700,000,000 JET
Tokens Allocation
- Seed Round: 15%
- Private Round: 10%
- Public Round: 0.235%
- Core Team & Advisors: 25%
- Liquidity Mining: 2.82%
- Development: 21.5%
- Tresury: 25.5%
Tokens Release
- Seed Round & Private Round will be locked for 12 months from the time TGE is then paid in installments at a rate of 4.17%/month.
- Core Team & Advisor will be locked within 12 months from the time TGE is then paid in installments at a rate of 4.17%/month.
- Public Round will be 100% open at the time of TGE.
- Liquidity will be 100% open at the time of TGE.
- Development will be opened 25% at the time of TGE then paid in installments at a rate of 3.12%/month.
- Tresury will be opened at 3% at the time of TGE then paid in installments at a rate of 4.04%/month.
Token Use Case
Users who own JET can participate in voting on the project’s DAO.
Jet Protocol Project Information Channel
- Website: https://www.jetprotocol.io/
- Twitter: https://twitter.com/jetprotocol
- Discord: https://discord.gg/RW2hsqwfej
- Medium:
Summary
Above is information about the Jet Protocol project and the JET token. Hope this article provides useful information about Jet Protocol.