Jet Protocol, a borrowing and lending protocol built on Solana, today announced the launch of its alpha product on the Solana devnet introducing the ecosystem to its improved cross-margining borrowing and lending experience. Users of Jet will be able to borrow against or earn a yield on their crypto-assets.
Founders of Jet Protocol, Wil Barnes, CEO, and James Moreau, COO, who recently completed a $4.8M seed round, assessed the market in early 2021, and they noticed several projects taking up the challenge, but felt most were not leveraging the intrinsic tech advantages of Solana. Drawing from experiences at Maker, MetaMask, and ConsenSys, they started developing what they believe is a modern lending DAO.
“The goal of Jet is to build a borrowing and lending protocol with market-driven interest rates, instead of the utilization curve-based interest rate models currently seen on Ethereum and Solana. Solana’s low fees and high throughput network gives us an opportunity to create an interest rate market making experience that not only matches, but improves upon the centralized experience that everyone is familiar with, We will foster an ecosystem of developers, designers, marketers, and entrepreneurs to make Jet the best it can be as a front end interface, as well as a base-layer liquidity protocol for others to build on.”
– Wil Barnes, Co-Founder & CEO of Jet Protocol
Development of Jet Protocol
After the inception of the idea, Barnes and Moreau assembled a 12 person team consisting of a majority of back-end system engineers and front-end devs with in-depth knowledge of Rust, financial markets, blockchain UI, and a passion for Solana’s capabilities as a development platform.
Making use of the tooling in front of them, Jet implemented their entire codebase from the ground up, leveraging Anchor for several new code patterns. Jet re-engineers what’s possible in terms of capital efficiency, performance, and scalability on Solana, rather than porting 1:1 versions of EVM-based models.
The Jet Protocol is operating on devnet un-audited. Although the codebase has undergone a review from a team of external white-hat developers provided by the Solana Foundation, high levels of caution when depositing and borrowing will be recommended at mainnet launch as the protocol is still in beta stage, with full-scale audits planned for subsequent releases.
For an indefinite period of time, Jet Protocol will remain deployed on Solana’s devnet while both the Jet Protocol core team and the community perform testing and give feedback. Subsequent information about the mainnet release will be provided as soon as a date is determined.
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