About

Jet Protocol is a decentralized lending and borrowing platform built on the Solana blockchain. It offers fixed rate borrowing and lending with term structure, as well as variable pooled lending with interest rate curve design. Users can trade with leverage and automatically route trades through various venues. The platform is audited for security and governed by token holders. Jet Protocol provides a forum for community engagement and offers resources for developers.

History

Jet aims to utilize Solana's fast block time, transaction speed, and throughput for efficient trading, tight collateral ratios, and dynamic pricing. Solana's throughput allows actionable market data to be propagated across the network to all market participants in seconds, a feature infeasible on most blockchains. Jet uses this speed to render price and interest updates on a seb-second timescale. Extremely low transaction costs and high speed relative to Ethereum allow Jet to update positions with greater efficiency and allow for dynamic collaterization ratios updated every block (400ms) from high speed oracles. Jet utilizes Serum's CLOB for partial and full liquidations. Jet's founders, Wil Barnes (CEO), and James Ryan Moreau (COO), met in 2017 while working on Consensys. They worked together on scaling Metamask and MakerDAO, protected Maker against flash loan attacks, defended the DAI peg during times of high volatility, and helped on board over $3B of digital asset collateral into Maker without loss of value. The founders pivoted from building on Ethereum to Solana in order to avoid high gas fees, slow transaction time, and other technical delinquencies prohibiting Ethereum dApps from allowing mass participation. Jet closed their seed round in June 2021 and in October launched their IDO partnered with Ascendex, launched on mainnet, and closed an additional financing round.